Why Should You Buy a Comprehensive Bike Insurance Policy?: Owning a bike is often compared to an emotion because it is always more than a mode of transport. When we ride our bikes in the wind, we can realize freedom. Owning a bike brings out certain responsibilities. The open road has many undesirable happenings like accidents, natural disasters, and vandalism. We need to safeguard our two-wheeler from such happenings. A comprehensive bike insurance policy is the protection shield every two-wheeler driver must have. In this blog, we will shed light on the same.
What is a Comprehensive Bike Insurance Policy?
Let us understand this in simpler terms. If you’re looking for complete financial protection during an unwanted event like an accident, we must go for comprehensive bike insurance.
Third-party bike insurance gives third-party legal protection. Comprehensive bike insurance covers you and other things in case of an accident.
What does it do? It will shield you from any accident, theft, natural calamities, or other things that may befall your bike. The comprehensive bike insurance policy is designed to cover all possible risks related to your bike.
Difference Between Third-Party and Comprehensive Insurance
These two forms of bike insurance policies are mostly preferred worldwide. As bikers, we can make more informed decisions after understanding the difference between them. Here is the difference between third-party and comprehensive insurance.
| Features | Third-Party Insurance | Comprehensive Insurance |
| Coverage | This insurance policy only covers third-party liabilities like bodily damage, death or damage to the property. | This policy covers third-party damage and also damages to your bike. |
| Legal Requirement | It is mandatory as per law. | Although it is not mandatory it is highly recommended. |
| Own Damage Protection | Not covered under this policy | This type of insurance covers damages to your bike in case of any accident, theft, natural disaster or vandalism. |
| Add-on covers | No add-on covers are available | Additional add-on covers, such as roadside assistance, zero depreciation, and engine protection, are available. |
| Best suited for | This insurance policy best suits those looking for budget-friendly, legal compliances. | Those looking for complete bike protection prefer this type of insurance policy. |
Do you know? The premium cost of comprehensive insurance is higher than that of third-party insurance. It may be due to extensive coverage.
Advantages of Purchasing a Comprehensive Bike Insurance Policy
I suggest you buy a comprehensive bike insurance policy. It proves to be more beneficial than third-party insurance. Beloe are some of its benefits.
Extensive Coverage
- This type of insurance policy covers third-party liabilities and owns vehicle damage in case of an accident, theft, or natural disaster.
- You can achieve peace of mind once you buy this insurance policy, as it covers almost everything.
Complete Protection Against Natural and Man-made Disasters
- The insurance covers bike damage from natural disasters like floods, earthquakes, storms, and landslides.
- The insurance policy also covers damages due to riots, vandalism, and malicious acts.
Protection Against Theft and Total Loss
The comprehensive bike insurance policy will protect your bike if it gets stolen or is beyond repair.
Personal Accident Cover
- This type of insurance policy offers financial support for all the medical expenses to the policyholder in case of an accident.
- This policy can also be extended to cover the pillion rider.
Add on Benefits
- Zero depreciation cover: This benefit is very important, especially when an insurance company want to settle a claim. The insurance company will account for depreciation when settling a claim. Simply put, you will be compensated for a part of the repair or replacement cost. A zero-depreciation cover will ensure you get the total amount without a depreciation deduction.
- Engine protection cover: The engine is the costliest part of a bike, without a doubt. This add-on protection will cater for repair cases where the engine has been affected by issues like oil leakages or water ingress.
- Roadside assistance: This is a very important add-on feature. Imagine being stuck in the middle of nowhere with a bike. This add-on will help your motorcycle to be repaired on the spot or transported away to the nearest service centre.
How Much Does Comprehensive Bike Insurance Cost?
The comprehensive bike insurance cost will depend on many factors, and we will discuss them individually.
Average Cost
- If we discuss the USA, we will spend $364 annually for full coverage, including comprehensive and collision insurance.
- The monthly premium is around $33 per month.
Factors Influencing the Premium
| Factors | Premium |
| Type of motorcycle | High-performing bikes like sports bikes can have higher premium costs. |
| Experience and age of the rider | Young riders or those with less experience can have high premium costs. |
| Location | Urban areas or areas with higher theft rates can increase premium rates. |
| Coverage limits and deductibles | If a rider chooses a higher coverage limit or lower deductibles, the premium cost will rise. |
Important Tip: Your premium will be based on various circumstances. You should ask for personalized quotes from insurance providers. This will help to determine the best premium cost.
Conclusion
Secure your rides with Comprehensive Bike Insurance
Whether third-party or comprehensive, bike insurance is more than just a legal requirement. It offers mental freedom and a financial safeguard that offers extensive protection against various uncertainties, unlike third-party insurance that covers external liabilities. Comprehensive bike insurance is more thorough. It covers both your bike and your finances.