Third Party Insurance Premium for Two Wheeler
In India, it has become mandatory for a motor vehicle owner to have insurance as stipulated by the Indian Motor Tariff Act, 2002. Therefore, for a bike owner having a two-wheeler insurance policy will not only give them a legal validity but will also comply with the law. In general, a biker should have a 3rd party bike insurance policy so that it safeguards your vehicle from any kind of mishap. Moreover, when availing a 3rd party bike insurance policy, you can check the quotation offered by different companies.
What is Third Party Insurance?
A third party bike insurance is a type of two-wheeler insurance policy that provides coverage against any damages caused to a third party. In India, every biker must have a bike insurance policy as failing to comply with the law will attract a hefty penalty to you.
Third Party Insurance- Benefits
Availing third party bike insurance for a biker has become mandatory as per the Motor Tariff Act, therefore, the key benefits are hardly measured. However, since it provides some basic coverage, you can count on some of the key benefits of availing a two wheeler third party insurance. Some of these are:
- Having a two wheeler third party insurance will provide coverage against liabilities arising out of death, injury or accidental damage
- It offers a sense of security.
- Availing a 3rd party bike insurance can help you to avoid traffic penalties and also help you to comply with the law.
- The process of availing a two wheeler third party insurance is simple and involves lesser documentation.
- The premiums in the 3rd party bike insurance are comparatively cheaper and affordable.
Third Party Insurance Renewal
To renew your two wheeler third party insurance premium, you need to keep a check on the expiry date. For a hassle-free renewal of your bike insurance, you can opt for the online process offered by the 3rd party bike insurance companies. In this regard, you can check the online procedure for the renewal of the third party bike insurance policy:
- First of all, for renewing insurance policy visit the official website of the insurer.
- Secondly, click to the online renewal option.
- Thirdly, select an insurance policy you want to renew.
- Fourthly, check the premiums offered by the third party bike insurer.
- To complete the process of renewal pay premiums using net banking, debit card or credit card.
Documents required for Renewal of two wheeler third party insurance
Listed below are some of the important documents that are required for the renewal of two wheeler third party insurance.
- Reference for current policy.
- Registration certificate of the bike
- Details of Netbanking, Debit Card or Credit Card.
Third Party Insurance Premium Desiding Factors
The third party bike insurer provides insurance coverage against damage to the two-wheeler. However, the third party bike insurance policy includes certain coverage while it excludes others. Therefore, lets first go through the inclusions of the two wheeler third party insurance:
The two wheeler third party insurance companies provide coverage to the insured vehicle on the following events:
- Death or bodily injury of the third party leading to the extent of his/her liabilities.
- Damage to the two-wheeler of the third party, where the liability can be claimed up to Rs. 1 lakh.
- It provides compulsory personal accidental coverage to the bike owner of Rs. 15 lakh.
- The 3rd party bike insurance will provide accidental coverage for the pillion rider, provided, an extra premium is paid.
While the third party insurance features the following coverage, it also excludes some of the facilities that are given below:
- Any damage to the insured two-wheeler arising out of accidents will be excluded from this policy.
- Any liability or damage to the insured two-wheeler outside the geographical boundary will be excluded from the coverage.
- It does not cover any claim that arises due to contractual liability.
- Damage or loss of your two-wheeler due to war is not covered by the two wheeler third party insurance.
Long Term Plan for Two Wheeler Third Party Insurance Premium Details
According to the new rules and regulations, all insurance companies that provide insurance on motor vehicle has been instructed to offer only long term insurance policy to the new bikers across the countries. This means that bikers can now opt for five years two wheeler third party insurance policy. The new rule on the long term plan for the 3rd party bike insurance policy will benefit the user as it offers price stability, and users don’t need to pay a premium on an annual basis.
When you are opting for a third party bike insurance policy, many questions can cross your mind. Therefore, take your time and go through some of the important topics that are discussed above. Also, consider the service and the reputation of the insurance company that provides 3rd party bike insurance as it will help you in getting better assistance from the bike insurance companies.
Third Party Bike/ Two Wheeler Insurance: Benefits, Renewal, Premium- FAQs
You May Also Like To Read : Renew New India Assurance Policy