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Types of Bike Insurance Policy: Comprehensive & Third Party



Bike insurance policies offer financial protection to policyholders in order to cover for financial losses in the case of emergencies. However, owing to the diverse variety of issues that could befall a bike insurance policyholder, there are two different types of insurance, namely Third Party Insurance and Comprehensive Insurance. In this article, we shall be looking at the various similarities and differences between them, including the varying needs associated with them:


Types of Bike Insurance

There are two main types of bike insurance coverage - Third Party Liability Cover and Comprehensive Cover. They both are different and they serve different purposes:


Third Party Liability Coverage

The Third Party Liability Coverage is an insurance policy that has been created to safeguard other people and their property from an accident or road mishap. This means that if you encounter an accident, and if there are any damages to the third party person or property, the insurance company will pay compensation to them instead of you or the government. This type of cover has nothing to do with you, your life, your bike or your property. All it does is protecting you from the unforeseen financial burden due to accidents.


Comprehensive Coverage

This is entirely different from the TPL coverage; in fact it includes all the benefits of TPL coverage along with so many other benefits. This is just like your other insurance policies for property, life insurance, health insurance and general insurance. Comprehensive coverage gives you financial assistance and compensation in case of any accident as well as theft and damage to your vehicle due to natural/ manmade hazards. At the same time, it also protects you from the third party liabilities in case of an accident. So, if you have a comprehensive coverage, the insurance company will compensate you in case of an accident, theft or damage to the vehicle. Also, the insurance company will compensate you for any injuries/ bodily damage.


What is the difference?

The Third Party Liability is the minimum two wheeler insurance coverage that you need to obtain. However, you can have a lot more benefits and better coverage through a comprehensive cover. The Third Party Liability cover does not insure you or your vehicle. It doesn’t provide coverage against natural disasters such as floods and earthquakes; man-made disasters such as rioting, terrorism, and fire.


On the other hand, the comprehensive cover doesn’t include incidents that happen due to illegal use of the vehicle, driving by underage person, driving under the influence of intoxication, wear and tear of the vehicle due to ageing and manufacturer defects. But these things are not covered in any bike insurance policy anyways. So, the best policy here is to drive safely, follow the rules of the land and safeguard yourself from any unwarranted financial burden due to mishaps.

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