Guide to Third Party Two Wheeler Insurance
Third party liability covers the damage, loss, injury or death of the third party during any mishap. You can also buy two-wheeler insurance online for liability cover only. This type of insurance cover is meant for the benefit of third party, other than the policy proposer and the insurer.
Third party bike insurance check is mandated by the Motor Vehicles Act of India. No two-wheeler vehicle is allowed to run on the road without third party insurance. However, it is to be remembered that this type of insurance does not provide any personal cover. Procuring a third party bike insurance cover is not meant for protecting your own vehicle. This is exclusively designed to take care of your legal liabilities towards the property damage, loss of vehicle or injury and death of the third party caused by your two-wheeler during an accident.
Previously, third party bike insurance liability cover in India had only one-year validity and had to be renewed annually. However, the Insurance Regulatory and Development Authority (IRDA) of India has extended the term of two-wheeler third party liability cover insurance policies to three years. Now, like four wheeler and commercial third party insurance policies, two-wheeler vehicles could also avail long term two-wheeler insurance third party cover.
Two-wheeler insurance third party can be further divided into two groups on the basis of liability bike insurance coverage:
Property Damage of Third Party – this type of third party cover takes care of any kind of property damage caused by the vehicle of the policy proposer. This compensates the damage or loss of the belongings of the third party.
Physical Injury or Death of Third Party – this type of third party bike insurance checks the legal liability of the policy proposer towards the physical injury or death of the third party caused by the insured vehicle during an accident. It bears the costs of hospitalization, medical expenses, loss of job, etc. of the third party.
Although, it is mandatory to have both types of third party bike insurance coverage with you while riding a two-wheeler in India. Third party insurance for bike is readily available with IFFCO Tokio.
Characteristics of Third Party Two-Wheeler Insurance
A road accident can cause huge damage to your much loved two-wheeler or even complete loss of your vehicle. On the top of it your vehicle can cause harm to other vehicles, property, injury or even death to the people surrounding you. Apart from the cost of repair of your own vehicle, the compensation you might need to pay out for the loss and sufferings of others during an accident is huge, beyond one’s imagination. Without a third party insurance, taking care of your liabilities towards the loss of third party during an accident is unimaginable. This is the reason third party insurance for bike price is affordable for all and mandated by the government. Buy two-wheeler insurance third party and avail the following benefits:
Third party bike insurance for two-wheeler covers the damage incurred upon the third party by your vehicle. The insurance pays out the claims made by the third party for the loss or damage of property.
This third party bike insurance checks the legal responsibility of the third party bodily injury during an accident with the insured vehicle. The third party insurance assures to compensate the expenses of medical assistance, hospitalization and treatment of the third party in case of an accident caused by the insured vehicle.
Two-wheeler insurance third party also bears the responsibility of the death and partial or complete disability of the third party caused due to the insured two-wheeler during an accident.
However, there are certain limitations in two-wheeler insurance third party claims, they are:
The third party bike insurance is only valid within certain defined geographical area. If any mishap occurs outside the premises of the defined geographical area, the insurance company is no more liable to bear the claims made by third party. In that case, the two-wheeler owner is solely responsible for paying out the compensation for the loss and damage of the third party.
Furthermore, the insurance company will not be responsible for paying out your third party liability during an accident if the two-wheeler rider cannot produce an effective driver’s license or driving without license. In that case the owner of the two-wheeler vehicle remains solely responsible for bearing the expenses related to the damage repair of the third party, compensation of the loss, costs of medical assistance and hospitalization and so on.
Just like other two-wheeler insurance plans, third party bike insurance plans can also be purchased through the online portal of your desired insurance company. In spite of rushing to your insurance agent or broker, you can now buy as well as renew your two-wheeler insurance third party online from the comfort of your home.