There are two types of two wheeler insurance policy:
- Third Party Liability Insurance or Liability Cover only
- Comprehensive Policy or Package Policy
Third Party Liability Insurance
Third party liability insurance is mandatory in India as per the law. This policy covers only the damages or loss caused by the insured bike to the third party or property. It also provides personal accident cover for the bike owner. However, none of the insurers will cover for any loss, damages incurred or theft of the insured bike.
To protect your two wheeler completely, you must opt for a comprehensive two wheeler insurance policy. Because it provides a complete financial protection against bike own damages and also any third party loss or damages caused due to the insured vehicle. You don’t have to worry, if your two wheeler gets stolen, as a comprehensive policy also covers bike theft.