two-wheeler-insurance

Third Party vs. Comprehensive Two Wheeler Insurance

Finance

Do you love to thrive on speed on your bike? While it’s a good thing to love speed, but you also need to know that speed thrills, but it also kills. Thus, unless you don’t have a proper third party bike insurance you will have to pay out of your pockets.

Having a third party two wheeler insurance is vital as it will cover you and damages causes to the third party. However, is a third party bike insurance enough to provide coverage? This post will provide you with some quick insights! Read on!

All two wheeler insurance policies come with a premium. However, the policies come with some pre-decided terms and conditions too. A two-wheeler insurance policy has diverse variants of plans and coverage.

A comprehensive two wheeler insurance policy includes two covers – third party insurance cover and self-damage coverage. It safeguards a vehicle from many damages caused by insured.

  • Third party insurance cover

Under this insurance coverage, if your two-wheeler does any damage to a third party such as physical injury, third party damage, and death, then you will need to borne the damage cost. Nonetheless, it does not offer coverage for injury caused to self and own vehicle. As per the Motor Vehicles Act, you ought to have the third party insurance for your vehicle is mandatory.

  • Self-damage insurance cover

A fragment of the comprehensive motor insurance policy is the self-damage cover which provides you coverage in case of theft or damage to the vehicle. However, you are not obliged to opt for this type of plan as per the norms laid down under the Motor Vehicles Act.

Third Party Insurance vs. Comprehensive Two Wheeler Insurance

Here are the differences between the third party insurance cover and comprehensive insurance cover:

  • A third party liability coverage is 80-85% cheaper as pitted against the comprehensive policy. This is the primary reason why you will treasure it as more lucrative to go for a third party coverage only. Nonetheless, it will take care of only the damages occurring to third-party. As a result, it was called “One-time act only” earlier  
  • You will be unable to ask for compensation more than once for the damage caused to a third party.
  • You need to follow the fine prints set by the insurance service provider for third party insurance claims. Any claims falling outside of the terms and conditions won’t be considered.
  • While comprehensive two-wheeler policy pays for more than vehicular accidents, but, if you have a third party insurance plan, it shall offer coverage for accidental death and physical injuries.
  • The third party cover offers compensation for third party’s property damages. Nonetheless, a comprehensive insurance cover offers compensation for man-made damages as well as natural disasters.

The Bottom Line

Life is unpredictable and accidents can happen anytime, and you must not let unpredictable circumstances impact you financially.

Prevention is better than cure and that’s why you should be financially prepared!

Keep off from accidents and other impulsive circumstances and do not rely on third party insurance cover. Why? It’s because it won’t serve the entire two-wheeler insurance and bike insurance requirements.

It may be the most cost-effective insurance coverage that you can avail for your two-wheeler, but not surely the comprehensive one.

As a result, ensure to match your needs with the fine prints of any such policy and settle for the right ones.

 

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