What Is Third Party Bike Insurance Policy?
In 2018, road accidents in India claimed nearly 1.5 lakhs of lives in India, according to a report by States and Union Territories (UTs). The rising toll of death due to accidents has necessitated the need for making insurance mandatory. Whether you own a bike or car, make sure you have third-party insurance as it is mandatory under the Motor Vehicles Act.
In India, you must have third-party insurance; otherwise, it is considered an offense. You can never be sure of unforeseen events like accidents, natural disasters or theft, or loss of vehicle; therefore, insurance saves you from all of this. It will provide you with financial protection in case of third-party vehicle damage or the death of the person due to a fatal road mishap.
What is third-party insurance for bike?
Third-party insurance provides financial protection to the insured if there is any damage to the third party’s vehicle or if there is bodily injury or death of the third person due to an accident. The insurance company offers 100% sum assured in case of death and 50% sum assured in case of loss of limb or sight of one eye.
What does third party bike insurance cover?
- Death or bodily injury to the third party
- Covers damage to the third-party’s property
What are the exclusions?
- Damage to the third party by activity outside the geographical area of the policy
- Loss or damage due to nuclear war, radiation, etc.
- Own damage to the vehicle due to an accident
Benefits of third-party bike insurance Policy
This type of insurance cover is affordable as compared to comprehensive vehicle insurance, which covers third party and all kinds of risks. Hence, third party insurance is preferred by most individuals owning a bike.
If you’re caught riding a bike without insurance, it is considered as illegal as per the traffic rules. You will have to pay a fine or will have to serve imprisonment.
Bike insurance protects you from various risks, including man-made and natural calamities. For instance, if there is an accident that results in the death of a third party, the insurance cover will save you from getting involved in a criminal case and help in providing financial support to the deceased person.
If you are planning to buy third party two wheeler insurance, you can buy it online very quickly. While buying online, you can compare many policies at once and choose the one that fits your budget. Brands such as IFFCO Tokio offers third-party and comprehensive insurance to protect your bike from all kinds of risks.