Get up to 70% off on your two-wheeler insurance renewal!
Comprehensive Bike Insurance offers complete coverage to bike owners. Even though premium rates are higher as compared to third-party insurance, comprehensive insurance offers coverage for a wide range of contingencies and unforeseen circumstances such as accident, theft, natural calamity, and man-made disasters. The insured stands to gain far more than the additional premium paid.
These two wheeler insurance policies can be differentiated based on the appended factors which can help you take an informed decision based on your personal needs and circumstances -
Premium Rate: - A comprehensive bike insurance provides cover up to 15 years whereas Zero depreciation cover provides cover for a period of up to 5 years
Claim Settlement: - In case of comprehensive insurance, the insurer factors in the depreciation on bike at the time of claim settlement. While in case of zero depreciation, the claim is settled without considering the depreciation which is why it is called zero or nil depreciation cover
Repair Expenses: - Under Zero Depreciation Insurance, the insurer covers total repair expenses. However, under Comprehensive Insurance there is no such provision. The insured must bear the extra cost for repairs
Priority: - Comprehensive bike insurance is suitable for individuals who want complete protection for their bikes. Full protection is their ultimate priority. A two-wheeler zero depreciation add-on cover is suitable for those who want to recover more at the time of claim settlement and for whom depreciation is a big consideration.
Before we understand the difference between comprehensive and third-party bike insurance, let’s take a look at what exactly is comprehensive two-wheeler insurance!
Comprehensive two-wheeler insurance is a policy that provides a wide range of covers and benefits to bike owners. It priced higher than a regular third-party insurance but the insured stands to gain more coverage and benefits from the additional payments. It mainly provides cover for unforeseen circumstances or contingencies of own damages like theft, fire accidents, natural calamities, etc. and third party damages
A few benefits of comprehensive bike insurance are as follows:
It’s important to understand the process by which one initiates a claim for the policy. Let’s understand how to file an own damage bike insurance claim:
People generally mistake Comprehensive bike insurance and third-party bike insurance, when in reality, the two policies differ in terms of certain important features. Difference between Comprehensive and Third-Party Bike Insurance is as follows:
Understanding the differences between policies is very important to make a well-informed choice. Certain policies have similar covers, explore them in detail to find the plan best suited to your needs!
Many people tend to have very special memories attached to their two-wheelers. From long drives to even the routine quick trips, they play a very important part in our lives. So to make sure your bike is safe and secure, bike owners are advised to get two-wheeler insurance.
When you’re on the road with your bike, the exposure to risk is much higher than that of someone in a car. Hence, having a comprehensive bike insurance in place will help protect you from the financial burdens that may arise due to any potential road accidents or mishaps.
Having a motor-vehicle insurance is also mandatory for any vehicle to function on Indian roads, as per the Motor Vehicles Act 2019.
The law requires a driver/owner to have third-party insurance in place. The third-party coverage of two wheeler insurance protects you against liabilities towards a third party incase of an accident. This includes expenses that have to be paid for personal injuries and also property damage.
A comprehensive two-wheeler insurance plan, not only covers the required third-party coverage but also gives you the own-damage cover benefits. The own-damage cover takes care of all liabilities incurred due to theft, explosion, fire, burglary, man-made disasters (riots, strikes, etc.) and natural disasters such as floods, earthquakes, etc.
Comprehensive covers also come with the huge benefits of additional-cover. Paying an extra premium let’s you add more covers to your policy that protect your vehicle from a further range of risks. You can even avail certain discounts such as the No-Claim Bonus at the time of renewal. With a strong comprehensive cover in place you can get maximum coverage for your two-wheeler and worry less about the financial liabilities incase of a mishap.
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals and corporates.
For individuals, there are products like Car Insurance, Travel Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Crop Insurance and Home Insurance. For SME's and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects Insurance, Engineering Operations Insurance, Liability Insurance, Marine Insurance, Fire Insurance and other Miscellaneous Insurance Solutions.
All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” (formerly known as TI financial holdings limited) and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. CIN : U66030TN2001PLC047977.
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The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale
Cholamandalam MS General Insurance will:
Contact Chola MS - In India 1800-208-5544
Outside India +91-44-6166 3400
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