A: Third party insurance is a liability only insurance, which is mandatory for all vehicles before they can run on the road as per the Indian Motor Vehicle Act. Third party insurance offers protection towards any legal liabilities for damages to a third party or a third party's property on account of any accident or mishap.
A: A comprehensive cover is an additional cover available for all vehicle owners apart from the mandatory third party insurance cover. A comprehensive insurance plan offers more protection to your bike including protection against theft and any damages to the bike because of any accidents, fire, flooding or other such losses due to various natural calamities.
A: Since a comprehensive cover is a more all around protection offering cover for losses due to multiple factors including a theft cover, it is recommended over a third party insurance. Being a more secure insurance cover, the premium charges for a comprehensive insurance plan are higher than the mandatory third party cover. But with the rising costs of repair and increasing cases of bike theft, the extra premium can be worth it when faced with any such eventuality. You can also choose to make the comprehensive insurance plan more protective by offering for various add-ons like zero deprecation and protection for the pillion rider etc.
A: A bike theft is a real possibility and an ideal insurance plan should offer protection towards any such happenings. The theft protection however is available only in a comprehensive insurance plan and not with third party covers which offer a very limited liability oriented at third party damages.
A: The amount of money that will be paid to you on account of a bike theft will depend on the insured declared value of your two-wheeler. The insured declared value or IDV is the maximum amount you are liable to get and is based on the age, manufacturer, model, your location and other parameters as fixed by IRDA.
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