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We know you are very excited to ride your two wheeler through the city roads. And, why wouldnt you? After all, your bike reflects your personality. Which is why getting your two wheeler insured is the best thing to show your love and affection. This would cover bodily injuries or death of a person either accompanying you on the bike or on the road. Not only this, there are higher chances of the third party properties getting damaged due to accidents. But nothing to worry, you can cover all these types of risks by buying a “Third Party Two Wheeler Insurance”.
In short, third party bike insurance is nothing but a risk cover. In case of an unfortunate event, your insurance company would pay you for any legal liabilities. Section 146 of the Motor Vehicles Act, 1988, makes third party insurance mandatory for any vehicles plying on the Indian roads.
OFFERS FINANCIAL ASSISTANCE
The third party liability fulfills the requirement of covering death or injury to third party person and damage to the property.
You can buy a third party two wheeler insurance for your two wheeler easily with minimum documentation since it doesnt cover your insured vehicle.
The two wheeler third party insurance rates are cheap as compared to the comprehensive coverage. You get a higher coverage at a lower premium rate.
PEACE OF MIND
Buying a third party two wheeler insurance plan offers you peace of mind while dealing with situations that can rip off your finances.
The conditions under which third party two wheeler insurance comes into force are mentioned below:
|TYPE OF DISABILITY||PERCENTAGE OF CAPITAL SUM INSURED|
|Death, Loss of Two Limbs or sight of both eyes or one limb and sight of one eye||100%|
|Loss of one Limb or sight of one eye||50%|
|Permanent Total Disablement from injuries other than named above||100%|
What is Not Covered Under Third Party Two Wheeler Insurance
There are few exclusions under the third party bike insurance. Mentioned below are a few of these conditions:
The Supreme Court has made the five-year upfront cover compulsory on all new two wheeler insurance policies, as per the regulation passed in July 2018. This has been enforced since 1st September 2018 and is applicable for all comprehensive and third party two wheeler insurance policies purchased on and after 1st September 2018. With this regulation, owners of new two wheelers no longer have to renew their comprehensive or third party two wheeler insurance policies every year.
The objective behind this rule is to ensure that every two wheeler owner purchases at least a third party two wheeler insurance, if not a comprehensive cover. This initiative is especially directed towards two wheelers that have been on the roads for a few years, but are yet to purchase at least a third party two wheeler insurance. Two wheeler owners often tend to not renew their third party two wheeler insurance plans after a few years of purchasing them. Or else, they purchase an insurance plan that does not offer sufficient risk coverage. This new provision is designed to serve the dual purpose of ensuring that newly purchased two wheelers have robust risk coverage and also financially protects third parties against injuries and accidental demises caused by the new two wheelers.
Well, the third party two wheeler insurance renewal is simple, fast and online with us . In short, you can renew it online instantly. Don’t worry even if you have an expired policy. With minimal paperwork, you can renew it in minutes!
We send a renewal notice much before the policy expiration date. You can visit our website and make a payment via a debit/ credit card and even through net banking.
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