Third-party bike insurance is the primary type of insurance policy for two-wheeled vehicles that protects you from financial liabilities declared by a third party, property or vehicle resulting from an accident where the insured bike is at fault. Third-party two-wheeler insurance is compulsory under the Motor Vehicles Act, which helps cover the loss and damage of your two-wheeler.
Why Do You Need Third Party Bike Insurance?
Third-party insurance for bike is compulsory in India under the Indian Motor Vehicles Act 1988. You cannot drive any vehicle without this cover. The owner is liable to pay a significant fine if he drives the vehicle without insurance. Therefore, it is necessary to have adequate insurance coverage to provide the required financial protection in the event of liability to a third party.
The whooping road fatalities have increased the importance of insuring your bike as it provides financial security in the event of any problem. It also includes quality healthcare when you don’t have to worry about wasting money.
According to the latest official data, 4,670,920 accidents were registered in 2017. The average annual number of deaths in India over the past decade has been 1,369.
Key Features of 3rd Party Bike Insurance:
Third-party bike insurance is a type of vehicle insurance that only covers third party liability arising from accidental damage, death or injury to a third party. But above all, the policy ensures that you don’t pay a fine while driving on the road. Below are the main features of third party bike insurance:
No Financial Commitment:
Third-party two-wheel insurance covers your financial liability for damage caused to a third party, especially related to medical needs. This removes your financial obligations to a third party when providing them with emergency medical care.
Compensation for Damage To property of third parties:
If you accidentally damage a third party’s property or vehicle, the third party’s two-wheeled vehicle insurance policy covers up to Rs.1 lakh.
Personal Accident Cover:
You can opt for a personal accident with an affordable premium with lacquer insured amount of Rs.15 lakh.
Simple Online Process:
You can complete almost any transaction online with insurance companies without stepping out to get the work done. It takes virtually no time to buy or renew bike insurance from third parties from online insurance providers.
What is not covered by a third party bike insurance policy?
- The Third-Party policy does not protect you from the cost of any damage to your vehicle or property in the event of an accident.
- The damage will not be covered in the event of drunk driving or driving without a license.
- A comprehensive plan is recommended, not just third party liability coverage.