A third-party bike insurance policy provides coverage for losses brought on by accidents involving the insured two-wheeler that affect uninsured persons or property – the Motor Vehicles Act of 1988. Without two-wheeler third-party insurance, riding a bike or scooter in India may result in steep fines from the RTO.
Third-Party Bike Insurance: What Is It?
A third-party bike insurance policy covers losses from harm or damage to uninvolved parties’ people, property, or vehicles. The Motor Vehicles Act of 1988 mandates that every owner of a two-wheeled vehicle in India carry third-party insurance. A bike owner stopped by a traffic officer while operating their vehicle without a third-party insurance policy for bikes faces a fine of up to 2,000 rupees.
Because the insurer will cover losses caused to a third party’s person or property under this cover, it is crucial to understand two-wheeler third-party insurance. The third-party bike insurance policy covers the injured party’s claims and relieves stress for the policyholder.
What Is The Process For Third-Party Bike Insurance?
Three parties are involved in third-party bike insurance. The owner of the two-wheeler is the first party, followed by the insurer and the person harmed by the insured person’s vehicle as the second and third parties. Losses and damages resulting from third-party liabilities are covered by third-party bike insurance. For instance, suppose Mr X accidentally damages Mr Z’s car while riding his bike. In that case, Mr Z’s car will be repaired at no cost to the policyholder.
Those covered by two-wheeler third-party insurance include:
- Third-party wrongful passing away or injury
- Property damage to third parties
- The demise of the rider or owner of the two-wheeled vehicle insured.
- The indefinite disability of the two-wheeler’s rider.
A bike insurance calculator is a convenient tool you may utilise online to check the amount of coverage needed based on your requirements.
Why Is Third-Party Bike Insurance Necessary?
There are additional reasons to obtain third-party two-wheeler insurance in addition to the Motor Vehicles Act’s requirement that you do so:
- Covers Any Damage To A 3rd Party Vehicle: The third-party bike insurance coverage will cover the cost of damages without you worrying if an accident involving the insured bike damages a third-party vehicle or their property.
- Coverage For Any Injury Or Passing Away Of The Owner Or Driver Of A Third-Party Vehicle: If the owner of a third-party vehicle sustains a personal injury due to an accident involving the insured bike, the third-party bike insurance will cover the financial losses. Additionally, if a third party passes away due to the accident, third-party two-wheeler insurance will protect the insured from financial and legal consequences.
- Simple And Quick Purchase: Lengthy insurance purchase procedures are antiquated. You can now obtain your preferred third-party motorcycle insurance with the least amount of paperwork by visiting our website and making a few quick clicks.
- Cost-Effective Insurance Policy: IRDAI has predetermined premiums for all Third Party Two Wheeler Insurance, making this policy affordable for everyone. You can anticipate coverage for any unforeseen third-party costs waiting for you at the next bend in the road within a reasonable price.
Standard T&C apply.
Visit the official website of IRDAI for further details.
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.