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Business News/ Brand Stories / Is Third-Party Insurance Cover Enough for an Electric Two-Wheeler?
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Is Third-Party Insurance Cover Enough for an Electric Two-Wheeler?

Take a look at this article to know whether a third-party bike insurance plan is enough for your electric two-wheeler, or whether you need to get a comprehensive policy and why

Third party bike insurance is a type of two-wheeler insurance coverage where you get coverage for all third-party liability expenses.Premium
Third party bike insurance is a type of two-wheeler insurance coverage where you get coverage for all third-party liability expenses.

When you purchase a new two-wheeler, you need to immediately buy a bike insurance plan for it. This will help keep your vehicle safe and protected at all times. This holds true for a new bike as well as a second-hand bike. But the big question here is whether to rely on a third-party bike insurance plan or to get a comprehensive policy. While a third-party plan is cheaper and keeps you safe against the law, a comprehensive plan offers better coverage. Take a look at this article to know whether a third-party bike insurance plan is enough for your electric two-wheeler, or whether you need to get a comprehensive policy and why.

What is a third-party bike insurance plan? 

Third party bike insurance is a type of two-wheeler insurance coverage where you get coverage for all third-party liability expenses. The covers under this type of policy include:

1. Third-party vehicle damage

If you happen to damage a third-party vehicle with your vehicle, you will have to compensate the owner for the damages incurred. This can be quite expensive. A third-party bike plan helps at such a time as it compensates the other party on your behalf and you are spared the financial troubles. This helps to protect your money and also gives you a lot of mental peace.

2. Third-party bodily injury

At times, a person travelling in another vehicle or standing on the road may be seriously injured due to an accident caused by you. In such cases, you will have to pay for their medical bills. When you have a third-party two-wheeler insurance plan, the insurer takes care of these expenses and you are not required to pay any bills from your own pocket. 

3. Third-party property damage

It is not uncommon to see scooters and bikes being driven into gates and boundary walls of houses. At such times, the owner of the property undergoes a huge financial loss and you are expected to pay for the damages. A third-party two-wheeler insurance cover takes care of this liability and pays for the repairs to the third-party property.

4. Legal expenses 

Road accidents can often get ugly. If things get really bad, the third party involved in the accident can drag you to court. Legal expenses, as you know, can be quite high and paying for them may not be the easiest thing to do. Thankfully, a third-party vehicle insurance plan covers all legal expenses and this proves to be a major benefit.

5. Personal accident cover

There is a personal accident cover available under all third-party bike insurance plans. Under this cover, the victim gets a sum assured if there is loss of life or there is temporary or permanent disability due to the accident.

While these covers are very handy, there is no coverage available for your own vehicle. To get this coverage, you need to buy a bike insurance plan with comprehensive coverage.

Is a third-party plan enough? 

Electric two-wheelers are expensive. Whether you have an e-bike or e-scooter, you will have to insure it properly to ensure it stays safe at all times. This is why a basic third-party plan may not suffice. When you buy a comprehensive cover for your e-motorcycle, you get the following advantages:

1. Covers your own vehicle 

You get coverage for your own vehicle and this is perhaps the biggest reason why you need a comprehensive cover when you buy a new and expensive electric two-wheeler. You can make a claim if your vehicle is damaged or stolen. The insurance provider will compensate for the losses incurred and you can maintain your bike with ease.

2. All-in-one cover

The comprehensive two-wheeler insurance plans are very well-rounded. You get both the third-party cover as well as the one-damage cover, all under one single policy. 

3. Allows you to add riders

Riders are additional covers that you can buy along with your comprehensive plan. You can invest in good comprehensive two-wheeler insurance and get some added benefits in the form of added riders such as the engine cover rider, roadside assistance rider and zero depreciation rider. There are many riders available but you may not need all of them, so choose very wisely. The riders help you to customise your plan and make it tailor-made for your requirements. This is an exclusive benefit of the comprehensive plans.

4. The benefit of network garages 

You can take your vehicle to any network garage and get it repaired seamlessly. This is another handy benefit that you get when you have comprehensive coverage. Since you will need to keep your new e-bike running smoothly, you should be able to address any issue that crops up, without having to worry about the expenses.

As you can see, a comprehensive bike insurance plan is very well-suited for an expensive vehicle like an electric two-wheeler. So, whether you have a brand new e-bike or have bought a pre-used one, getting a comprehensive plan will do you a lot of good.

Making the decision - third-party or comprehensive? 

When you decide which type of plan to get, just keep a couple of things in mind:

1. Age and value of the bike

If you have a brand new vehicle and you paid a heavy price to buy it, you must get a comprehensive cover. This will ensure you can maintain the bike well and pay for any repair that may be needed. If however you got a used second-hand bike for a low price, a basic third-party bike insurance plan may suffice.

2. Intention of use

If you intend to use your bike for many years and don't plan on replacing it soon, you must cover it with a good comprehensive bike insurance plan. Also, if you take your bike out regularly and travel long distances, you must get a comprehensive plan. If however you just use the vehicle sparingly, a third-party plan may be enough.

Conclusion 

Getting a two-wheeler insurance plan is mandatory when you have any vehicle, including an electric two-wheeler. You can go for a third-party bike insurance plan or get a comprehensive cover, based on what your requirements are. Keep all the points mentioned above in mind and choose the most appropriate cover for your vehicle.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. . 

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Published: 08 Dec 2023, 06:29 PM IST
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