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Most accidents involve a third party in the majority of the cases. For a two-wheeler owner, this situation can be overwhelming as it can get costly to pay off the loss caused. Hence, having third-party two-wheeler insurance is essential.
In India, having bike insurance is mandatory under the Motor Vehicles Act of 1988 and is something that is highly recommended for one’s safety. With third-party bike insurance, rest assured that you will be covered against the damage expenses caused to people’s vehicles or property.
Many insurance providers offer bike insurance online so that you can apply for the cover from the comforts of your home. You will come across two types of motor insurance – third-party two wheeler insurance and comprehensive insurance.
Keep reading to know about the third-party two-wheeler insurance features and benefits.
Features and Benefits of Third Party Insurance
The third party bike insurance available at Finserv MARKETS has the following features and benefits.
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No Financial Obligations
You will be covered for the damage expenses caused to a person, vehicle or property by your insured bike.
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Easy Online Process
Bike insurance can be bought online by submitting a few essential documents. The application process is easy and quick.
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Affordable Choice
A two wheeler insurance is comparatively cheaper to other insurance policies. Hence, you acquire a higher risk cover at a minimal premium amount.
What Does Third-Party Two-Wheeler Insurance Cover?
Following are the things that are covered by your third-party two-wheeler insurance.
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Death/Damage to the third party
Unfortunately, if any person is dead/injured due to your two-wheeler during the mishap, then the third-party insurance can be used. You can claim the medical expenses or loss of income (due to disability or death) with your two-wheeler insurance.
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Property Damage
You can pay the damage expenses caused by your insured two-wheeler. According to the IRDAI (Insurance Regulatory and Development Authority), property damage of up to INR 1 Lakh is covered under the two-wheeler insurance policy.
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Death of the owner/rider of the insured two-wheeler
If at all the owner/rider of the insured vehicle dies in the accident, their dependents will be covered for the sudden loss of pay.
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Permanent disability of the owner/rider of the insured two-wheeler
If at all the owner/rider of the insured two-wheeler faces any permanent disability in the accident, they will be covered for the sudden loss of pay.
What Does The Third-Party Two-Wheeler Insurance Not Cover?
The third-party two-wheeler insurance does not compensate for the following things.
- Loss/Damage caused to the vehicle due to speeding
- Loss/Damage caused due to irresponsible behaviour
- Loss/Damage caused to the vehicle or third-party liability outside the stated geographical area
- Loss/Damage to the vehicle because of an unauthorized/under-age rider
- Mechanical or electrical failure
- Use of the vehicle in other than the stated purpose
- Loss/Damage to the vehicle due to war, invasion, terrorist, attack, riots, or nuclear weapons
A Final Thought
Before you buy third party two wheeler insurance, make sure that you are carefully going through all the terms and conditions mentioned in the documents. Also, it is advisable to choose a trusted insurance provider.
You should also consider Two Wheeler Insurance from Finserv MARKETS.
Millions trust the Allianz Two Wheeler Insurance from Finserv MARKETS, owing to its features like two-wheeler insurance renewal online, cash-free servicing, and 24×7 bike roadside assistance. No work is outsourced; from verification to the claim process – everything is handled by the in-house experts.
Read our top blogs to know more about bike insurance in India:
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!
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