Automotive

A Third-Party Two-Wheeler Insurance Guide: Features, Terms, And Conditions

It can be significantly expensive and stressful for one to pay for the damages caused by his/her two-wheeler to another rider’s vehicle. Thus, availing third party bike insurance policy is mandatory under the Motors Vehicles Act of 1988, and is also highly recommended.

However, not many riders possess clarity on how to claim in cases where other motorcyclist hit their two-wheelers. In most of these cases, you either settle it yourself or depend on your insurer to pay for the damage.

Hence, it is imperative to learn the features and conditions of bike insurance scheme. This way, you save time, stress and money. Take a look at this insurance policy and what it has to offer:

What is covered in a third-party two-wheeler insurance coverage?

It covers the following aspects:

  1. Bodily injuries

If your bike is responsible for causing any physical injury to a third party – the injured individual can claim for medical costs through your third-party insurance plan if he/she has been disabled or not in a state to work. Plus, you will receive compensation for any physical disability as well.

One can consider taking a third party two wheeler insurance offered by Bajaj Finserv.  One can reap the benefits from:

  • Quick online processing with minimal documents
  • Affordable as compared to other bike insurance in India
  • One gets a higher risk coverage by paying only a mere premium amount
  • No fixed financial obligation as it covers one’s financial liability for damages caused to an individual, a two-wheeler or property by his/her insured bike

While a third-party insurance policy only covers you against damages caused to a third party or their property, a comprehensive insurance policy covers own damage along with third-party damage and losses. You may check out the comprehensive two wheeler insurance policy offered by Bajaj Finserv. It provides two types of insurance –

  1. Liability only insurance cover
  2. Comprehensive insurance cover

The latter covers both for the damages of your insured vehicle, bodily injuries, and any third party liability caused by insured two-wheeler.

  1. Property damage

A third party bike insurance policy offers coverage against property damage to a third party caused by your insured two-wheeler. As per IRDA norms, the property damage will be covered to the extent of up to Rs. 1 Lakh under a two wheeler insurance plan.

  1. Total disability or death of the bike owner

In cases where you met with an accident on your insured bike and sustained total disability – you can claim compensation under the bike insurance policy.

You can receive up to 50% of the insured sum in case of losing a limb or loss of eyesight in one eye. In the case of permanent disablement, you will receive 100% of the insured sum as compensation. Now, if you meet with a fatal accident, your family members are liable to receive 100% of the amount insured.

  1. Claim a bonus for claim-free years

You are eligible to receive a specific percentage of the sum insured as a bonus every year when you don’t make a claim.

What does third party bike insurance not cover?

There are a few exclusions from this insurance policy such as –

  1. Damage or loss caused by speeding.
  2. Loss or damages incurred from reckless driving and driving under intoxication.
  • Loss or damage inflicted to a bike by an unauthorised rider.

With a two wheeler insurance, one is covered against the damages inflicted on other people’s motorcycle (property). You can avail a digitally-signed policy as soon as you apply. Thus, you get to have a stress-free trip every time you take out your two-wheeler on the road.

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