Third-Party Bike Insurance is the most basic form of two-wheeler insurance, providing coverage for 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 bike insurance policy may cover the injured party’s claims, easing your financial strain and, in turn, your stress.
You can always utilise a bike insurance calculator to understand the appropriate level of coverage for your needs.
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 related to the passing away of a third party in an accident caused by an insured two-wheeler.
Besides the Motor Vehicles Act’s requirement that you carry third-party two-wheeler insurance, there are more justifications for getting this coverage:
- Mandatory By Law: All bike owners in India are required by law to carry third-party two-wheeler insurance, which is a necessary and also mandatory coverage. The traffic police can punish you with up to Rs 2000 if they discover you do not have third-party bike insurance.
- Covers Any Damage To A 3rd Party Vehicle: The third-party bike insurance coverage will pay the cost of damages without you having to worry if an accident involving the insured bike damages a third-party vehicle or their property.
- Simple And Quick Buying: Lengthy insurance purchase procedures are antiquated. You can now obtain your selected third-party motorcycle insurance with the least amount of paperwork by visiting our website and making a few short clicks
- Coverage For Any Injury Or Passing Away From The Owner Or Driver Of A Third-Party Vehicle: If the owner of a third-party car sustains physical damage due to an accident involving the covered bike, the third-party bike insurance will cover the financial losses. Additionally, third-party two-wheeler insurance will shield the insured from the financial and legal repercussions if a third party perishes due to the accident.
- Cost-Effective Insurance Coverage: IRDAI has predetermined pricing for all Third Party Two Wheeler Insurance, so this policy is affordable for everyone. You can anticipate coverage for any unforeseen third-party costs at the next curve 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.
