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Third Party Insurance for Two Wheeler

By Finserv MARKETS - Aug 14,2019
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Third Party Insurance Bike Insurance

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.

  • No Financial Obligations 

You will be covered for the damage expenses caused to a person, vehicle or property by your insured bike.

  • Easy Online Process 

Bike insurance can be bought online by submitting a few essential documents. The application process is easy and quick.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522