We all may love to ride on an empty road but it’s pretty superficial. A conscious road safety measure is needed for the riders to carry on smoothly on the road. Two-wheeler insurance is highly effective and a must for all. It is best if you keep your Third Party Liability cover that is now compulsory as per the Motor Vehicles Act. This covers the third party damage and offers liability cover to the insured in case of any injury or death to the third party. Third-party bike insurance is mandatory to legally ride the vehicle on the road in the country.
What is a Third Party Two-Wheeler Insurance?
For a deeper understanding, third-party insurance is a cover that is designed to ensure the policyholders against third-party liability. It is damage that is sustained by the third party involving the bike of the insured person. Each bike rider needs to have this insurance cover as if it caught without it. The riders will be entitled to pay a fine of around Rs. 2000. The person found guilty is liable to send to jail for three months.
What is covered under a Third Party Two-Wheeler Insurance claim?
A third-party bike insurance plan brings a different benefit and coverage for the policyholders. The claim for the following is under the third-party bike insurance plan.
1: Coverage for third party injury & death (bodily)
If any damage is incurred by the third party that leads to an accident this needs an urgent hospitalization then the medical costs incurred will be taken care of by the insurance policy. The third-party plan will cover the compensation amount in case of any death of the third party person.
2: Covering Third Party Damage
If any sort of damage is incurred to the property of a third party, then a compensation amount up to Rs. 1 lakhs will be offered to the third Party under a third-party bike insurance policy.
3: Covers the Third Party vehicle because of the Insured vehicle
If any sort of damage is incurred to a vehicle because of the insured vehicle then the third-party bike insurance policy does not need to provide any compensation. It includes physical damage to the vehicle, property damage, and death. If the damage is caused due to drunk driving then the issue will be different.
What the Third Party Bike Insurance policy does not cover?
- A Third Party Policy cover does not include the cost of any damage to your vehicle or belongings in the event of an accident.
- Damages will not be covered in case of drunk driving or driving without a license.
- Often a comprehensive plan is recommended for the Third Party Liability Cover.
Advantages of a Third Party Two-Wheeler Insurance Policy
The biggest benefit of opting for the online platform for your two-wheeler insurance will make your purchase decision simple and convenient. The majority of the insurance companies are offering this service to make it comparatively easy to compare costs and features of all policies. It is easy to calculate your motorcycle policy premium online and get a much clear picture of all kinds of expenses- inclusive in the insurance plan. Online application is made easier via the Net Banking and Credit Card. These policies have renewal reminders and tracking to make life much easier and effective.
There are additional benefits covered by the insurance policy that is listed below;
- It helps to protect you from unexpected expenses arising due to an accident causing damage to another person.
- It offers coverage for your accidental death or permanent disability.
- It helps to cover the entire thing at an affordable premium rate to keep yourself secured.
- There is not much effort required for the purchase of the policy. It can be bought online with minimum documentation.
Types of two-wheeler insurance in India
In India, there are two types of two-wheeler insurance offered: ‘Third-party Insurance’ & ‘Comprehensive Insurance’.
Third-party Insurance protects you from any sort of loss. This includes the bodily injury or death to a third party or any sort of damage to the person’s property. It is highly mandatory by the laws to have Third Party Insurance.
The Comprehensive Insurance simply protects you against any sort of losses that are caused to you, your co-passengers, and your vehicle in addition to the Third-Party coverage.
What is No-Claim Bonus? Is it transferable?
The popularly called No-Claim Bonus (NCB) is a discount. If you haven’t claimed for anything on your policy in the previous term then you are eligible to get a discount on the scooter/bike insurance premium in the next term. This discount is accumulated every year from 20% at the first claim-free renewal, 25% at the second, 35% on the third, 45% on the fourth, and 50% at the fifth claim-free year. This will be continued for the following claim-free years as well.
The transfer of the NCB is easy and can be done effectively. If you have managed to accumulate NCB then at the time of the renewing of your existing two-wheeler insurance policy. It needs to be done within 90 days for the renewal of the due dates. If you are willing to change your insurance provider at the time of renewal of your policy then you can enjoy the NCB discount by getting it easily transferred.
Procedure for the Third Party Insurance Claim
The Third-Party claim process is very different from the own damage claim process. Few steps are mentioned below;
- Click on the clear picture of the damage that is incurred after any incident.
- Note down that all the relevant documents of the damaged vehicle or vehicles.
- If there is an eye-witness of the accident then note down the contact details.
- It is important to inform the insurance company about the accident that is caused and look into their guidance.
- It is important to register a First Information Report (FIR) at the Police station of the particular jurisdiction.
- File a case along with your Motor Accident Claims Tribunal Court under your lawyer’s guidance.
- Attend the court proceedings, tell the actual happening, and then submit the required documents and details.
- Share the court order and the insurer and receive compensation for the expenses for any bodily injury and property damage.
Conclusion
To conclude, the Third Party Bike Insurance Claim is requested to get it done in time. It is a great way to eliminate the unwelcome financial burden that a policyholder may incur towards the third party. This is a compulsory requirement for every bike owner in the country. The complete information about it can be safeguarded by the policyholder from the penalties as well as the post-accidental expenses to an extent. The details provided here are genuine and for the public interest. Do verify with the expert policymaker for additional changes and benefits on the policy.
