The most fundamental kind of two-wheeler insurance coverage is third-party, two-wheeler insurance. A third-party, two-wheeler insurance gives you protection against all third-party liabilities (physical harm, fatalities, and/or property damage) resulting from mishaps involving the insured’s two-wheeler on the road or in any other situation. The extent of settlement for third-party damage to property is capped at ₹1 Lakh; however, the amount to be compensated in cases of third-party physical injury/death is determined by a court of law.
As per the Indian Motors Tariff of 2002, every owner of a two-wheeler must obtain third-party, two-wheeler insurance. It is the most fundamental insurance protection for your vehicle. Online third-party insurance coverage purchases are safe and simple. Below are some of the major benefits of having third-party, two-wheeler insurance:
- Paperless Purchase
Nowadays, almost all insurance providers offer their services online, allowing you to quickly and easily buy a third-party, two-wheeler insurance plan. It is far more convenient to purchase an insurance plan online. You can complete such transactions with digital insurers without paper documentation by using their mobile application or website. To obtain third-party, two-wheeler insurance for your two-wheeler online, all you have to do is use these digital platforms. Moreover, it is also easier to compare the various plans available when you’re using an online platform. That makes picking the one which works the best for you and suits your requirements simpler.
- Affordable Price
The cost of third-party insurance for your bike doesn’t have to come entirely out of your own wallet. Its costs are significantly lower than those of a comprehensive plan. Additionally, these rates are provided by India’s top insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI). Regarding the cost of third-party, two-wheeler insurance, all insurers are required to abide by the IRDAI’s directive. For a comprehensive plan, insurers are free to charge different premiums, but not for third-party insurance.
- Meeting the Legal Requirements
In India, acquiring at least a third-party, two-wheeler insurance policy is required. This is a requirement under The Motor Vehicles Act of 1988. Consequently, it’s critical to maintain the validity of your two-wheeler insurance coverage. This makes renewing your bike insurance an essential part of your riding habit. You could get in trouble with the law if you ignore this requirement because it is illegal to ride a bike without having an active third-party insurance policy.
- Long-term Cover
Long-term, third-party, two-wheeler insurance is now required for new owners of bikes by IRDAI. Such insurance must have a five-year expiration date. As a result, for at least five years, an expired policy is not a concern. At the time of renewing your bike insurance, multi-year coverage is also an option.
- Easy Renewal Procedure
Prior to the policy’s expiration, you must renew it. Make sure your two-wheeler is insured against a variety of situations that could cause financial losses throughout its lifetime. The funds that are accrued from your No Claim Bonus can also be kept and used. If your third-party, two-wheeler insurance policy is going to expire, you should get in touch with your insurance provider and let them know. The NCB could also be retained if you renew your third-party, two-wheeler insurance policy within 90 days of the expiration date.
- Protects Against Third-party Property and Life Damage
This kind of insurance cover, often known as the “Act Only” cover, fulfills the legal requirement to provide coverage for third-party person/property damage. If your two-wheeler causes damage to a third party’s property, your third-party, two-wheeler insurance policy will pay for it. IRDAI regulations stipulate that a third-party two-wheeler insurance plan will pay up to ₹1 Lakh in property damages. If a third party suffers physical harm or passes away as a result of an accident involving your two-wheeler, the victim or victims may be eligible to file a claim for medical expenses under the third-party insurance policy if they are incapacitated or unable to work. Any physical disabilities will also be paid for by insurance providers.
- Peace of Mind
Accidents can occur at any time and cause trauma, particularly if a third party suffers a loss and you are compelled to pay the associated costs. Due to the fact that the insurance provider will handle all the financial duties to the third party instead of you, having third-party insurance is beneficial. It takes away the mental stress of ever being in that unfortunate situation.
The Bottom Line
A third-party, two-wheeler insurance policy protects the insured’s financial obligations in the event that they cause harm to a third party’s property or person. Having a third-party, two-wheeler insurance policy would make it safer for you to use your bike for day-to-day commutes, without worries.