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Types of Two Wheeler Insurance explained in a most simpler manner

Comprehensive –

The word comprehensive means dealing with all or nearly all elements or aspects of something.

The word comprehensive means dealing with all or nearly all elements or aspects of something.

comp Insurance two wheeler insurance provides coverage for third party liability as well as protection for the insured two-wheeler and rider. Comprehensive two wheeler insurance covers damage to the vehicle arising out of natural and man-made calamities as well as coverage for the owner and rider.

Comprehensive two wheeler insurance provides coverage for third party liability as well as protection for the insured two-wheeler and rider. Comprehensive two wheeler insurance covers damage to the vehicle arising out of natural and man-made calamities as well as coverage for the owner and rider.

Comprehensive bike insurance provides complete protection in the event of an accident resulting in partial or total damage to the insured vehicle. It also covers the owner and the co-rider (included as an add-on) through personal accident cover.

He damages covered by a comprehensive two wheeler insurance policy are listed below:

Natural calamities: partial or total damage arising out of the following are covered:

  • Flood.
  • Fire.
  • Earthquake.
  • Lightning strike.
  • Self-ignition.
  • Landslide.
  • Cyclone.
  • Storm.

Man-made calamities: partial or total damage arising out of the following are covered:

  • Theft.
  • Burglary.
  • Riots.
  • Aggressive acts by an external force.
  • Wilful damage.
  • Malicious acts.

Third party/liability only insurance – As the name suggests, liability only insurance provides insurance coverage in case of damage caused by the insured vehicle to a third party. Third party insurance is compulsory under Indian law and all two-wheelers are required to have this form of insurance.

Liability only insurance covers the legal cost arising out of damage resulting in personal injury, property damage or death to a third party due to the insured vehicle.

Along with covering the cost of damage due to an accident or incident, most insurance companies also offer accidental death cover to the owner of the insured vehicle. This is an additional benefit that is offered to two-wheeler owners. This serves as an additional cover in the event the owner is injured, with the insurance company covering the cost up to a certain limit.

Liability only insurance policies provide coverage largely to the third party and do not offer much in the way of protection for the two-wheeler or the rider. However, premiums for liability only cover can be purchased from a number of leading insurance companies at an affordable rate. The cover can be purchased for a year and renewed annually.

Rakshit Nair

Rakshit Nair

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About Me

I’m a Commerce Graduate & CFP Professional, engaged in blogging since 3 years. I’m not affiliated with any financial product. The purpose of writing blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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