When choosing the best two-wheeler insurance policy for you, you have to keep in mind a few elements. One of the most important one includes the kind of policy you are opting for. You need to take into account the various financial losses different policies cover, the discounts you can obtain and the kind of flexibility and customization you attain when you choose a specific policy. When looking into these factors, you also have to choose between a comprehensive car insurance policy and a third party car insurance policy.
What is Third Party Insurance and Comprehensive Insurance?
This type of insurance offers coverage to a third party against any kind of legal liability, when you are at fault. This includes any damage or injury to property or another person for which the insured is responsible for. It is, in fact, mandatory under the Indian law for every vehicle owner to possess third party insurance.
Comprehensive insurance, on the other hand, provides protection on the whole against any kind of damage or injury that is caused to both parties in an accident or mishap. This policy takes into account theft, damage to vehicle, personal accident cover and legal liability to third party among other things. You can enhance the protection of this policy by signing up for add-on covers such as zero depreciation cover and medical expenses.
Vital elements to take into consideration
When signing up for two-wheeler insurance online, if you go in for a third party insurance, you develop the peace of mind knowing that someone else’s life is not at risk. It protects the owner if death or injury occurs to another person on the road. Legally, a third party claim can be filed under ‘fault liability claims’ and ‘no fault liability claims’ where the person claiming is under no compulsion to prove that the vehicle that caused the accident is at fault.
In a comprehensive two-wheeler insurance policy, the potential losses you face during an accident are covered. It provides a security blanket against damages, even if you are guilty and offers a vehicle end to end protection against damage or theft owing to natural disasters. No kind of added premium is necessary for covering third party liabilities, should an accident occur. This policy usually involves protection against fire incidents, flood waters, damage to third party, vandalism or damage sustained from hitting an animal/bird among others. It even offers protection to pillion riders.
Major differences between the two policies
The main distinctions between the two policies include:
1. The range of protection offered: A comprehensive plan provides multiple protection covers for you and your vehicle, a third party only looks into damage caused to another individual/property.
2. Costs of the cover: Comprehensive policies are more expensive since they offer wider protection.
3. Value of the car: If the value of your vehicle is low, third party insurance is beneficial. If your two-wheeler is brand-new and costly, a comprehensive cover makes more sense.
4. Exclusions: Comprehensive policies do not include mechanical/electrical breakdown, wear and tear, riding without a license or under the influence of alcohol/drugs. Third party insurance does not cover injury caused to the insured and his/her own vehicle, theft, natural calamities, mechanical/electrical breakdown, wear and tear, riding without a license or under the influence of alcohol/drugs.
It is important to compare two-wheeler insurance wisely becuase it guides you to the right process to buy two wheeler insurance online.
What is Third Party Insurance and Comprehensive Insurance?
This type of insurance offers coverage to a third party against any kind of legal liability, when you are at fault. This includes any damage or injury to property or another person for which the insured is responsible for. It is, in fact, mandatory under the Indian law for every vehicle owner to possess third party insurance.
Comprehensive insurance, on the other hand, provides protection on the whole against any kind of damage or injury that is caused to both parties in an accident or mishap. This policy takes into account theft, damage to vehicle, personal accident cover and legal liability to third party among other things. You can enhance the protection of this policy by signing up for add-on covers such as zero depreciation cover and medical expenses.
Vital elements to take into consideration
When signing up for two-wheeler insurance online, if you go in for a third party insurance, you develop the peace of mind knowing that someone else’s life is not at risk. It protects the owner if death or injury occurs to another person on the road. Legally, a third party claim can be filed under ‘fault liability claims’ and ‘no fault liability claims’ where the person claiming is under no compulsion to prove that the vehicle that caused the accident is at fault.
In a comprehensive two-wheeler insurance policy, the potential losses you face during an accident are covered. It provides a security blanket against damages, even if you are guilty and offers a vehicle end to end protection against damage or theft owing to natural disasters. No kind of added premium is necessary for covering third party liabilities, should an accident occur. This policy usually involves protection against fire incidents, flood waters, damage to third party, vandalism or damage sustained from hitting an animal/bird among others. It even offers protection to pillion riders.
Major differences between the two policies
The main distinctions between the two policies include:
1. The range of protection offered: A comprehensive plan provides multiple protection covers for you and your vehicle, a third party only looks into damage caused to another individual/property.
2. Costs of the cover: Comprehensive policies are more expensive since they offer wider protection.
3. Value of the car: If the value of your vehicle is low, third party insurance is beneficial. If your two-wheeler is brand-new and costly, a comprehensive cover makes more sense.
4. Exclusions: Comprehensive policies do not include mechanical/electrical breakdown, wear and tear, riding without a license or under the influence of alcohol/drugs. Third party insurance does not cover injury caused to the insured and his/her own vehicle, theft, natural calamities, mechanical/electrical breakdown, wear and tear, riding without a license or under the influence of alcohol/drugs.
It is important to compare two-wheeler insurance wisely becuase it guides you to the right process to buy two wheeler insurance online.