Third-party Bike Insurance

Third-party bike insurance covers all financial losses suffered by a third-party or person following an accident caused by an insured two-wheeler. The insurer covers all the expenses required to meet the financial liabilities. In case of damage to a property, the insurer shall release ₹1 Lakh as compensation to the owner. Also known as Liability Only Insurance, third-party two-wheeler insurance was made mandatory under Section 146 of the Motor Vehicles Act, of 1988. It is a basic risk coverage provided by the insurer and does not provide insurance protection to the bike or its owner.

 

It is a good idea to select an all-round bike insurance policy that provides coverage for third-party legal responsibility as well as financial protection against losses brought on by natural or man-made events.

Key Features of Third-party Bike Insurance

Here are a few key features of third-party bike insurance.

 

• Avoid legal consequences

• Get financial coverage for third-party legal liability

• Enjoy a zero documentation, online application process

• Stay covered against unforeseen bike-related expenses

Bike Insurance Plans available on Bajaj Markets

Reasons to buy a Third-Party Bike Insurance

Now that you understand what third-party bike insurance is, it is time to understand the reasons behind buying them. While it is mandated by law, there are other reasons too. A motorcycle third-party insurance policy offers the bike owner, financial and legal protection against losses incurred by a third-party person or property involved in an accident with the insured bike.

 

Given below are the benefits of buying third-party bike insurance.

1. Cost-effective

As regulated by the Insurance Regulatory and Development Authority of India (IRDAI), third-party bike insurance provides maximum benefits with attractive and affordable premium rates.

2. Quick and Easy Policy Purchase

Most third-party two-wheeler insurance policies are available online with minimum documentation formalities.

3. Financial Assistance and Legal Coverage

Third-party bike insurance covers any financial and legal expenses arising from any third-party damage. 

4. Helps to Avoid Unnecessary Penalties

As per the Motor Vehicle Act, all the two-wheelers must be insured upon purchase. Third-party two-wheeler insurance protects you from unwanted legal hassles and penalties.

5. Personal Accident Cover

The IRDAI has made Personal Accident Cover compulsory for all forms of automobile insurance coverage in India. This covers medical and hospitalisation costs in case of an accident. In the event of your unfortunate demise in an accident involving the insured bike, the aforementioned coverage also offers a death benefit to your family.

How to Buy a Third-Party Bike Insurance Policy Online?

The digital age has made all types of online transactions easier and faster. You can also buy third-party two-wheeler insurance instantly online. Several insurers offer bike insurance policies on Bajaj Markets. It is a comprehensive platform where you can see third-party bike insurance prices from multiple insurers and compare them. Here are the steps you need to follow to buy third-party bike insurance online.

 

• Head over to the ‘Bike Insurance Premium Calculator’ page on the Bajaj Markets 

• Fill up the details by entering your two-wheeler registration number and mobile number

• Click on the ‘Get Quote’ tab and see 3rd party bike insurance price listings

• Enter all required details and choose a bike insurance plan that suits your needs

• Pay your premium online according to the third-party bike insurance price

Your bike insurance policy will be sent to your email address within a few hours.

How to Renew a Third-Party Bike Insurance Policy Online?

Renewal of your third-party two-wheeler insurance is a pretty straightforward process. It is easier if you do it online. Check your policy’s expiry date to avoid penalties and fines. Follow the steps given below to do so.

 

• Visit your insurer’s official website

• Enter details like your existing insurance policy number, vehicle registration number and mobile number

• Check your insurance renewal amount

• Make the premium payment online

Your renewed bike insurance will be sent to you instantly

 Read More: Bike insurance renewal

How to Claim Third-Party Insurance for a Bike?

In case of an accident, there are two possibilities. You may have caused the damage or incurred it. In both cases, the third-party bike insurance claim procedure is simple. Both are mentioned below.

1. If You Have Caused the Damage

• Click clear pictures of the damages caused due to the accident and note down all the required details

• Inform your insurer about the accident immediately and act according to their instructions

• Register an FIR at the nearest police station in case of a major accident

• File a case at the Motor Accident Claims Tribunal Court with the help of a lawyer

• Submit the required documents and details to the court

• Share the court’s order with the insurer and get compensation for the expenses

2. If You Are the Victim

• Take the insurance details of the third party involved in the incident and inform their insurance provider about the incident

• Based on the information provided to the insurer, your case will be transferred to the Motor Insurance Claim Tribunal

• Submit the required documents and details to the court

• The court will decide and instruct the insurance company to pay the compensation amount

 

Read More: Car Insurance Claim Process

How Does a Third-Party Two Wheeler Insurance Work?

The parties that may be involved in a bike insurance contract are described as follows:

 

• The first party: It is the party that owns the bike and drives it

• The second party: The second party is the insurance company

• The third party: The third-party refers to any person or property not associated with the first or second parties

If a third party is injured in an accident that was caused by the insured bike, all associated medical costs and hospitalisation fees are covered by the third-party bike insurance. The stated insurance also covers disability claims resulting from third-party damage injuries and third-party death claims stemming from the accident.

 

A two-wheeler insurance policy for third parties is also required to pay for any damage the covered bike causes to a third party's vehicle or property. If a third-party bike suffers whole or partial damage in an accident involving the insured bike, the financial obligations resulting from those damages are covered by the third-party bike insurance policy of the insured bike.

 

If a third party files a lawsuit as a result of the damages the insured bike caused, a third-party two-wheeler insurance policy will also cover the expense of the accompanying legal liabilities.

What Is Covered and Not Covered under Third-Party Two-Wheeler Insurance?