When it comes to safeguarding your two-wheeler, having the right insurance coverage is crucial. Many bike owners often get confused between third-party insurance and zero depreciation cover. Understanding these two aspects will help you make an informed decision. In this article, we will explore how to buy Third-Party Insurance Online for Two-Wheelers and explain What is Zero Depreciation in Bike Insurance means.

Understanding Third-Party Insurance for Two-Wheelers

What is Third-Party Bike Insurance?

Third-party insurance is a mandatory requirement for all two-wheeler owners in India. It covers damages caused to a third party, including bodily injury, death, or property damage. However, it does not cover any damage to your own vehicle.

Benefits of Buying Third-Party Insurance Online for Two-Wheelers

1. Legal Compliance: As per the Motor Vehicles Act, 1988, having at least third-party insurance is mandatory for all vehicles.

2. Financial Protection: Covers expenses for injuries, damages, or death caused to a third party.

3. Affordable Premiums: Since it provides basic coverage, third-party insurance is cheaper than comprehensive policies.

4. Easy Online Purchase: Many insurance providers, including Insuremile, offer hassle-free online policy purchase and renewal.

5. Instant Policy Issuance: Once you fill in your details and make payment, the policy document is issued immediately.

How to Buy Third-Party Insurance Online for Your Two-Wheeler?

Buying third-party insurance online is simple and convenient. Follow these steps:

1. Visit the Official Website: Go to the insurer's website, such as Insuremile, and select the two-wheeler insurance section.

2. Enter Vehicle Details: Provide details like the bike’s registration number, make, model, and year of manufacture.

3. Choose Third-Party Coverage: Opt for third-party insurance and check the premium amount.

4. Make Payment: Complete the payment using online banking, UPI, credit, or debit card.

5. Receive Policy Document: After successful payment, you will get the policy document instantly in your email.

What is Covered Under Third-Party Insurance?

• Injury or Death of a Third Party: Compensation is provided for medical expenses, disability, or fatality of a third person due to an accident.

• Property Damage: Covers damages caused to a third party’s vehicle, house, or any other property (up to Rs. 7.5 lakh as per IRDAI guidelines).

What is Not Covered Under Third-Party Insurance?

• Damage to Your Own Bike: Any repairs required for your own vehicle are not covered.

• Personal Accident Coverage: This is not included in third-party insurance but can be purchased separately.

• Theft of Your Bike: Third-party insurance does not cover vehicle theft.

Understanding Zero Depreciation Cover in Bike Insurance

What is Zero Depreciation in Bike Insurance?

Zero depreciation, also known as bumper-to-bumper insurance, is an add-on cover that ensures full claim settlement without considering depreciation on bike parts. This means that in case of an accident, the insurer will cover the entire cost of replacing bike parts without deducting depreciation.

Benefits of Zero Depreciation Bike Insurance

1. Higher Claim Amount: Since depreciation is not deducted, you receive a higher claim amount.

2. Covers Plastic, Rubber, and Fiber Parts: Standard policies deduct depreciation on these materials, but zero depreciation cover pays the full cost.

3. Ideal for New Bikes: If you own a new or premium bike, this add-on can help you save on repair costs.

4. Multiple Claims Allowed: Some insurers allow multiple zero depreciation claims during the policy tenure.

How Does Depreciation Affect Bike Insurance Claims?

Here’s how depreciation is calculated on bike parts under a standard insurance policy:

With zero depreciation cover, these deductions do not apply, and you receive the full claim amount for replacements.

How to Buy Zero Depreciation Bike Insurance Online?

Follow these steps to get zero depreciation coverage for your two-wheeler:

1. Choose a Comprehensive Policy: Go to Insuremile or any preferred insurer’s website and opt for comprehensive insurance.

2. Select Zero Depreciation Add-On: While customizing your plan, add the zero depreciation cover.

3. Check the Premium: The cost of zero depreciation cover is slightly higher, but it provides extensive financial protection.

4. Make Payment: Complete the online transaction and receive your policy instantly.

Who Should Opt for Zero Depreciation Cover?

• Owners of new bikes or high-end models.

• Riders in accident-prone areas.

• People who want maximum claim settlement.

• Those who frequently ride in harsh road conditions.

Third-Party Insurance vs. Zero Depreciation: Key Differences

Conclusion: Which One Should You Choose?

If you are looking for basic and legally required insurance, Third-Party Insurance Online for Two-Wheelers is a must-have. However, if you want maximum claim settlement without depreciation deductions, a zero depreciation add-on is the best option.

For comprehensive protection, it is recommended to buy a comprehensive policy with zero depreciation cover. Platforms like Insuremile offer easy online policy purchases, renewals, and add-ons to enhance your bike insurance coverage.