Third-Party Bike Insurance is the most basic form of two-wheeler insurance, which provides coverage for any losses. The damages your two-wheeler might incur to a third party’s person or property. Consider running into a pedestrian while riding your bike casually. Your bike is damaged, and you are hurt due to the incident. The second party also suffers harm and requests payment for his losses. There is no way out and severe financial and legal repercussions. Your third-party two-wheeler insurance will be helpful in this situation. In certain circumstances, your third-party online bike insurance policy may cover the injured party’s claims, easing your financial strain and, in turn, your stress!
Third-Party Bike Insurance: What Is It?
A third-party bike insurance policy provides financial security against losses from harm or property loss to third-party people, organisations, or vehicles. Third-party insurance coverage is a fundamental need for all two-wheeler owners in India, according to the Motor Vehicles Act of 1988. A traffic officer may punish a bike owner with 2000 INR if they don’t have third-party insurance coverage.
Because this coverage pays explicitly for losses incurred to a third party’s person or property, it is essential to understand third-party insurance for two-wheelers. The third-party insurance policy takes care of the costs of the passing away of a third party in case of an accident caused by an insured two-wheeler. Since your third-party bike insurance policy might cover the injured party’s claims, your financial burdens and worry would likely be lessened.*
Third-party bike insurance does not provide you or your bike with financial assistance in the event of an accident or the total loss of your bike due to fire, theft, or any other natural disaster.
It is important to remember that adding own damage, zero depreciation bike insurance or personal accident cover can expand the coverage of a two-wheeler third-party insurance policy. *
What Is The Process For Third-Party Bike Insurance?
Three parties are primarily involved in an online bike insurance arrangement.
- The bike owner and driver are considered the first party.
- The insurance company is considered the second party.
- Any person or property owner besides the first and second parties to the insurance arrangement would be considered the third party.
A third-party bike insurance policy protects the first party’s financial investments against damages brought on by the insured bike’s damage to a third party or their property.
The insured bike causes an accident, and the concerned third party sustains injuries. In that case, the third-party bike insurance policy covers all hospital bills and medical expenses related to that area.
In addition, the coverage covers disability claims brought out by third parties injured due to the bike. In addition, any lawsuits claiming the insured bike was responsible for a third party’s passing away will also be covered.*
If a third party sues over damages the insured bike caused, their third-party bike insurance policy will cover the financial burden of their case. A bike insurance calculator is an easy-to-use tool to determine the amount of premium you would need to pay.
* 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.