Well, who will not? We all want to start using our favorite things the moment we purchase them. Just remember not to take her out until you get it insured.
Yes, you heard it right!
It is illegal to ride a two-wheeler without getting it insured. Moreover, having the minimum insurance coverage at least third-party liability insurance is the need of the hour to provide the most desired protection to your pricey possession.
Here comes the most important question - how to avail the right policy?
With plenty of bike insurance providers available in the market, you may get confused in selecting the one that perfectly suits your requirements. Here come comparison websites such as Policybazaar.com into the picture that helps you compare various third party two-wheeler insurance policies. Moreover, third party bike insurance comparison at Policybazaar.com is easy, fast and worth a try.
However, before digging into the buying process, let's clear your doubts about third party bike insurance. We are sure there are many newbie users, who lack clarity about third-party liability insurance. Here's the brief rundown of the concept.
What is Third-party Liability Insurance?
Third-party bike insurance is the basic yet mandatory insurance coverage in India. The policy covers the liabilities on the insured arising out of an accidental injury, property damage or death to a third party. Based on the insurance terms, the compensation is offered on arising of a claim. However, the policy doesn't offer any coverage for own-damage.
Importance of Having a Third-Party Bike Insurance
A third-party insurance plan is a low-priced policy to provide basic coverage to your bike. It offers financial losses caused by the insured bike to a third party vehicle. So, here are your reasons for considering third-party bike insurance before plying your motorcycle on the roads.
Riding Your Bike Legally: It is illegal to ride a motorbike without insurance. As per the law, it is mandatory to have at least a third-party bike insurance plan before riding it. So, having covered with a third-party liability insurance policy, you will be riding your bike legally.
Provides Coverage Against Death or Injury to a Third Party: The extent of accident can't be measured. It is so disastrous at times that even can cause death to other people as well. Here comes third-party bike insurance as savior, which bears the financial liabilities on the faulty party. The policy also provides coverage against the medical expenses of the injured third-party. A victim can also claim expenses caused due to his/her income loss because of the injury and the insurance company compensates it if the same has been covered.
Provides Coverage Against Damage to Third-Party Property: A third-party insurance policy also provides coverage against damage to third-party property. This means if a third-party property is damaged during a collision with the insured vehicle, then the insurance policy compensates it as well.
Thus, a third-party liability insurance policy fits perfect for covering the aforementioned losses, which may burn a big hole in one's pocket.
However, this policy does not cover:
- Damage caused to your own two-wheeler/bike.
- Any claim that arises out of the liabilities not mentioned in the contract.
- Any liability or damage caused by the activities that are outside the policy's geographical area.
- Any loss caused because of warlike situations, war, radioactive containment, or nuclear weapons.
Benefits of Having a Third-Party Bike Insurance Policy
- Provides coverage against damage to property or life of the third-party.
- Affordable and low premiums as compared to other types of insurance policies.
- Simple and fast purchase and renewal process as it does not involve the owner's vehicle insurance.
How Can You Claim a Third-Party Insurance?
You need to follow the below-mentioned steps to claim third-party insurance:
File the Police Complaint: The very first step is filing a police complaint. The family of the victim or victim has to file a police complaint in a nearby police station. In the complaint, you have to provide the details of the bike like the registration number of the bike, details of the license of the bike owner, name, and other details of at least one reliable witness. Do not forget to take a copy of the FIR from the police.
File Complaint at Motor Accident Claim Tribunal: The next step is to file a complaint at the Motor Accident Claim Tribunal. Motor Accident Claim Tribunal is a legal authority that conducts proceedings for the claim. Here, the claimant has to provide the documents for authentication.
Claim Settlement: After seeing all the aspects, the tribunal court takes its decision and the insurance company is bound to accept it. The insurance provider pays the amount of insurance as per the decision of the tribunal unless it opts to re-appeal.
When to Opt for a Third-Party Bike Insurance Plan?
Even though a third-party bike insurance policy enables you to ride your bike legally, but it does not provide comprehensive cover like loss or damage to the vehicle of the insured. Therefore, at this, you may ask about the need for this bike insurance policy. However, there are occasions when opting for a third-party bike insurance policy is recommended:
- When your bike is old, then it is best to get it insured with a third-party liability insurance plan. This is because the premium costs will be at the lower side, while you can protect the vehicle against a liability.
- Buying third-party insurance is handy when you are planning to resell your vehicle. The policy can be transferred to the new owner without much hassle. However, this way you needn't require to spent a huge amount to keep your old vehicle protected.
The Final Words
Overall, the third-party insurance policy provides you peace of mind while riding your passion. It is that you are riding your bike legally in your country and if any damage occurs to a third-party, you will not have to bear the burden on your own. However, the catch is that you should buy the right policy only. To ensure that you can take help from any of the insurance aggregators or simply try Policybazaar third-party bike insurance comparison and crack the best deal.