The Indian Motor Vehicles Act, 1988, makes it compulsory for every two-wheeler rider to have a valid policy of third-party two-wheeler insurance. Although it is mandated by the Government of India to have a valid bike insurance policy with third-party liability coverage to ply the vehicle on Indian roads; it is not the only reason to have a valid insurance plan. There are loads of other reasons for having the same as well.
Insurance policies can save the insured from burning a hole in his pocket if the bike were to meet with a third-party legal liability for which he might have to otherwise pay out of his own pocket!
In case you do not have third-party insurance coverage for your bike and hurt someone or damage someone’s property in an accident; then you are liable to pay for the damages out of your own pocket. You can also be sued and you would have to bear the legal expenses yourself.
Thus, having a third-party bike insurance plan is of utmost importance. Let us now discuss the features of third party two wheeler insurance that you should know:
● Third Party Bike Insurance Provides Protection to the Third Party
A third-party is referred to any person or property of another person. So, if the bike owner meets with an accident and injures someone or someone’s property, then he would be liable to pay for the damages. In case he has a third-party insurance policy, the expenses would be taken care by the insurance company and the insured would not have to pay from his own pockets!
● Third party bike insurance Vs Comprehensive Coverage
A third party bike insurance is different from comprehensive insurance in multiple ways. The most obvious difference is that in a comprehensive insurance policy, damages for own bike is covered along with third-party coverage.
● Third Party Bike Insurance is Economical
When compared to a comprehensive bike insurance plan, third-party two-wheeler insurance is cheaper and thus more affordable. The premiums are low as the liability insurance is set at a nominal value, that is updated by the IRDAI annually.
● No protection for own bike damages
Third-party two-wheeler insurance has its own set of limitations. If your two-wheeler gets damaged, you would have to bear the cost of repairing your own vehicle. This is because the third-party insurance policy only covers third-party liabilities and not the own damage component.
● Thus, third party bike insurance alone cannot protect you from the expenses that you will make to get your bike repaired. Also, it would not be of any use if your bike gets stolen or damage due to natural calamities.
● Online Renewal
The process of getting the third-party two-wheeler insurance renewal is very easy and convenient as it can be done online. All you should do is go to the company’s official website, enter the basic details of your bike, make the payment and submit. Just keep a close watch on the renewal date for your bike insurance policy so that it doesn’t expire, else there can be complications like inspection, etc.
● Documents Required
○ To get the third-party two-wheeler insurance renewed you need these documents:
○ Current Policy Papers,
○ The registration Certificate of your bike, i.e. the RC or the blue book and
○ Your Net Banking or Debit/Credit Card details to make the payment.
○ Third-Party bike insurance will not work in the following situations:
○ The rider was intoxicated
○ The accident was fake or staged
○ If the rider was driving without a driver’s license or on the wrong side of the road
○ If the bike was being used for commercial purposes.
When buying bike insurance, you must remember to compare the different insurance plans available in the market and buy the plan that suits you, your budget and your requirements.