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Two-wheeler insurance is a motor insurance which is categorized under General Insurance. Two-wheeler insurance policies are broadly classified into two types viz., (i) Comprehensive Policy coverage, also known as Comprehensive Package Policy and (ii) Third Party Liability Insurance policy coverage.
Comprehensive Two Wheeler Insurance provides complete cover for the two-wheeler and the insured. In other words, the comprehensive plan covers the third party liability as well as your injuries and vehicle damage or theft. Many other add-ons and optional covers are also offered by some Insurance companies, such as zero depreciation coverages, which covers even the cost of consumables. Therefore, in a nutshell, under a comprehensive two wheeler insurance policy, the vehicle will be covered against theft, loss and damage. Further, it also offers personal accidental cover for the owner or rider in event of an accident. In addition, this type of two-wheeler insurance also covers you in the case of third-party liability.
It is called a 'third-party' insurance, since the beneficiary of the policy is someone other than the Insurer ( the Insurance Company) and the insured (generally, the vehicle owner). It’s very important to note that this policy does not provide any benefit to the insured, but covers the legal liability on the part of Insured Person, towards the death/disability caused to the third-party or loss or damage caused by the insured vehicle to the property of the third-party property. Further, this policy also provides personal accident cover for the bike owner. Loss or damage or theft of the insured two-wheeler is NOT covered under this policy. Some important pointers:
To conclude, it may be said that it is usually hassle-free to procure third party two-wheeler insurance and requires minimum documentation. But, it is also true that a Third-Party Liability Policy covers only the injuries/death to the other party involved in the accident as well as their vehicle damages. However, this type of insurance does not protect you in case of accidents. For that, you need to buy a Comprehensive Two-Wheeler Insurance Plan.
Liberty General Insurance offers comprehensive two-wheeler insurance policies. To avail one, click here.
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