What are the Advantages of Buying a Comprehensive Two-Wheeler Insurance Policy?
With the increasing traffic situation riding a bike without safety precautions is like throwing caution to the wind. Be it safety gear like a helmet or an insurance cover for your bike; both are equally important and mandatory by the law. Once you have shortlisted your new bike, the next step is to buy insurance coverage for your motorcycle. There are two types of insurance policies that you can buy – third-party and comprehensive plans.
The Motor Vehicles Act of 1988 requires a third-party, whereas a comprehensive plan is an optional upgrade. The balance duration is a choice between third-party and comprehensive strategies. The new regulations make it compulsory for new vehicles to have only one year of the procedure.
Comprehensive policies, also known as ‘package’ policies, provide complete coverage for any losses or damages to your bike. Since third-party or liability-only plans offer a limited range, it is advisable to purchase a comprehensive plan. Here are some of the benefits of a complete policy –
Advantages of comprehensive two-wheeler insurance plan
No insurance plan gives mental peace unless it encompasses all situations your bike can face. A thorough plan does that precisely without you having to worry about damages or accidents. Here are some of the perks of buying comprehensive insurance coverage –
A package policy covers human-made perils like theft, burglary, riots, etc.
Any damage to your vehicle due to natural calamities like floods, earthquakes, hurricanes, etc., beyond your control is also included in the policy coverage.
Damages to your bike:
Comprehensive policy coverage extends to protect against damages to your vehicle too. If your bike is irreparable, the insurance company pays the IDV or insured declared value which is the approximate market valuation of your car. Unlike third-party plans, comprehensive coverage does not limit the extent of its range to third-party liabilities but extends to own injuries.
Personal accident cover:
The package insurance covers not only damages to your bike but any injuries you or any other rider of the vehicle face. This coverage does not require the rider to be the policyholder but must have a valid driving license. Any medical assistance in case of injuries sustained in an accident is covered under this cover.
Coverage for death or disability:
Using a comprehensive cover, the policy also includes death and disability benefits. Comprehensive plans prove beneficial by providing financial assistance to dependents if the rider meets with an accident leading to the demise or even disability. This coverage is helpful if the vehicle’s rider is the family’s breadwinner.
Lastly, your policy coverage can be customized using the various additional riders. Although these add-ons increase the, they benefit the long run by providing a range that even your comprehensive plan is limited.
Suppose you are confused between the various comprehensive plans. In that case, acan help arrive at a cost-benefit analysis, i.e., compare the policy benefits with the premiums charged. Thus, select a comprehensive cover for the benefits mentioned above.