Third Party Bike Insurance: Features, Benefits & Coverage

bike insurance Third-partyprovides you coverage for any financial liabilities arising in case of unfortunate events like accidental damage, injury or even death of a third-party. The insurance company pays for the damage caused by your vehicle to the third-party in such cases.

• It is mandatory to get third-party insurance for bikes and other two-wheelers as per the motor vehicles act, 1988. You are liable to pay for a penalty if caught riding your bike without a valid third-party insurance policy.
• With a significant increase in road accidents and causalities, it is vital to have financial security for quality healthcare services and other losses.

1. Financial Security: The third-party bike insurance pays for the damage caused by your insured bike to any third-party like a person, vehicle, property, etc. Hence there is financial security in case of unforeseen circumstances.
2. Easy and Quick Processing: Buying third-party insurance can be done online and requires only a few documents. The process is quick and hassle-free.
3. Affordable: In comparison to other insurance options, third-party bike insurance is the most affordable one. The premium to be paid is smaller, whereas the risk cover is comparatively higher.

Also Read: Getting Started with Two-Wheeler Insurance

• Third-Party Death or Injury: Injuries or death of the third-party due to an accident is covered within the policy. The income loss due to disability or death and related medical expenses can be claimed. 100% of the insured amount can be claimed in case of death.
• Third-Party Property Damage: Any property damage to the third-partydue to your bike or two-wheeler can be claimed. Compensation up to Rs. 1 lakh can be claimed in case of property damage.
• Third-Party Claims: In an unforeseen event, if the owner or the driver of the insured bike die or suffer from a permanent disability due to an accident involving the bike, their dependents can claim for compensation.

Also Read: What Is The Difference Between First Party and Third Party Motor Insurance?

• Damage or injury caused due to over speeding, driving after alcohol or drug consumption, or any other irresponsible behaviour
• Any damage or loss caused by the insured bike, outside the said geographical boundaries
• Any loss occurred if an unauthorised or under-age person was driving the bike
• Damages caused due to the dysfunctionality of the bike or if the bike was being used for any purpose other than the stated one
• Loss or damage caused due to wars, natural disasters, terrorist attacks, riots, etc.

Third-party bike insurance takes care of your liabilities whenever any damage is caused by your bike to the third-party. Also, with third-party coverage and safe driving, you can ensure the safety of others too. While it is a mandatory policy that you need if you wish to ride your bike on public roads, it can also offer you financial assistance in times of need.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.