THIRD PARTY BIKE INSURANCE

Have you just bought your new bike? Are you wondering about how to get your first ever third party bike insurance? Then this blog can be immensely beneficial to you as we have enlisted all the value points that can help you get the best 3^rd party bike insurance. Let us start from the beginning and learn about the basics first.

 

What is it?

You must have heard your father or friends talk of online bike insurance third party. It is nothing but a type of basic two-wheeler insurance that offers coverage against damages your bike may cause to a third-party person/property/vehicle, etc. Having this insurance is compulsory as per the law of the land. If you do not get yourself two wheeler3^rd party insurance, you may have to pay a fine worth Rs 1000 to Rs 2000.

 

What does a 2 wheeler insurance 3rd party cover?

• Property damage compensation: If you damage someone's house, vehicle or any other property during a road accident, a third party two wheeler insurance will compensate for the same. The maximum limit depends on your insurer.
• Personal damage to the third party: When an individual gets injured in a road accident, this insurance compensates for the medical expenditures of that person. Also, in case of the demise of an individual, proper compensation is given to his/her family.
• Personal damage to owner-driver: In case you do not have a personal accident cover, the third party insurance will offer coverage to any kind of physical damage, unfortunate demise etc.

 

What are the advantages?

• Compliance with rules and regulations: Having this insurance is compulsory in India. So, having a two wheeler insurance plan can help you adhere to the country’s rules and regulations.
• Absolute peace of mind: Having a two wheeler insurance policy can keep you protected from unnecessary financial burdens in case of bike accidents. Thus you need not keep worrying about your unforeseen expenses.
• Apt legal and financial assistance: When you have the right two wheeler3rd party insurance plan, it offers you adequate financial and legal assistance in case of demise, accident and damage.
• Convenient claim procedure: Placing a claim for a two wheeler 3^rdparty insurance is easy and simple. There is no unnecessary complications.
• No need for renewal every year: There is no need for third party bike insurance renewal every year when you have long term 3^rd party bike insurance.
• Affordability: You need not worry about the third party insurance bike price as these plans tend to be quite feasible.

 

Things to keep in mind

• The Motor Accident Tribunal takes the decision based on the regulations of IRDAI. It finalises the claim amount to be paid to the insurance holder. Know that there is no upper limit in case of personal damages to a third party. However, for the property, house or vehicle of the third party, there is a limitation of up to Rs 7,50,000.
• When the third party files an FIR for the claim, he/she needs to furnish suitable evidence regarding the same.
• Make sure you inform your insurer as well as the nearest police station as soon as the accident takes place. Delaying the thing can lead to cancellation and rejection of your claim.

 

Comprehensive v/s 3rd party insurance

1. A comprehensive bike insurance policy covers third party damages as well as own damage. On the other hand, this insurance just covers the damages that have been done to the third party.
2. Multiple add-ons such as return to invoice cover, zero depreciation etc., can be added to a comprehensive policy. In contrast, the 3^rd party insurance plan only offers personal accident cover as an add-on.
3. You will get extensive coverage in the form of compensation for your bike as well as the third party's bike. However, this insurance will compensate for only the third party and his/her property.

 

FAQs

Q. My bike is quite old, and I rarely use it now. Should I buy a third party two wheeler insurance or a comprehensive one?

Ans:  You should invest in a reliable third party two wheeler insurance policy.

Q. Is it possible to buy third party bike insurance online?

Ans:Yes, of course! You can very easily buy third party bike insurance online as well as offline.

Q. What will the third party two wheeler insurance policy not cover?

Ans:It will not compensate for any damage to the bike of the insurance holder.

Q. What are the man-made disasters which 3rd insurance does not cover?

Ans:This insurance does not cover damages due to radioactive contamination, war or testing of nuclear weapons.