What Is Third Party Insurance For Two Wheelers?
The most fundamental kind of two-wheeler insurance is Third-Party two-wheeler Insurance. It provides coverage for any losses and damages your two-wheeler could incur to a third party’s person or property. Consider running into a person while riding your bike casually. Your bike is ruined and you are injured as well. The second party also suffers harm and requests payment for his losses. There is no way out, and there are serious financial and legal repercussions.
Your third-party two-wheeler insurance will be useful in this situation. In certain circumstances, the injured party’s claims can be covered, by your third-party two-wheeler insurance policy. This insurance will ease your financial strain and, in turn, your worry!
Features/ benefits of Third Party Insurance for Two Wheelers
The following are some benefits of having third-party motorbike insurance:
Easy Paperwork: The documentation procedure for this plan is simple. It only requires a few formalities to be fulfilled. Because the motorcycle is not covered by this plan, fewer inspections and checks are necessary. Additionally, you may buy this package whenever it is convenient for you.
Simple Online Process: Nowadays, almost all insurance firms provide their online services. Allowing you to easily buy an insurance policy in lesser time. An insurance plan may be purchased in a much simpler and more practical manner online.
Third-party insurance for the two-wheelers plan covers your financial obligations against any damage or loss, caused to any third-party asset or person.
Mandated through law: By the Indian Motor Tariff Act, you are required to have bike insurance. At the very least with third-party insurance for two-wheelers. This will guarantee that you are abiding by the law.
No Stress: Any time an accident might happen and it causes emotional distress. Especially if it results in financial burdens for others. As a result, knowing that your financial obligations to a third party will be met by your insurance company relieves a great deal of stress.
What all is covered under Third Party Insurance for Two Wheelers
- The third-party/liability-only insurance coverage pays up to Rs. 1 lakh for any third-party property damage brought on by the policyholder’s two-wheeler.
- A legal court determines the compensation amount in cases of bodily harm or death to third parties.
- The insurance offers 100% reimbursement in the event of loss of both limbs, both eyesight, permanent handicap, or death of a third person.
- In contrast, the insurer offers 50% reimbursement in cases of partial impairments such as physical injuries, the loss of one leg, or the loss of one eye.
- By paying an extra fee for personal accident insurance, one can get coverage for the pillion rider.
- A mandated Rs. 15 lakh Personal Accident (PA) policy for the driver of the insured two-wheeler
How Does the Third-Party Bike Insurance Plan Compensation Work?
The benefits provided to an individual under a 3rd bike insurance policy function as follows:
The nominee may seek 100% of the money promised as compensation in the case of the death of the insured person.
Yet, in the case of an accident to a bodily part, the proportion covered may differ from insurance provider to insurance provider.
A payout of 50% of the insured amount is provided in the event of loss of one eye or one leg. Up to Rs. 1 lakh in compensation is provided if the property is damaged.
To get the guaranteed payment, the owner-driver or driver must operate the insured vehicle while in possession of a valid License.
How to apply for Third Party Insurance for Two Wheelers
By following the instructions listed below, you may quickly get third-party bike insurance :
Step 1: Go to the Piramal finance website and select the Third party insurance for two-wheelers option.
Step 2: In the “Get Your Quote” column, enter the registration number of your bike. If you do not know your bike’s serial number, you may still input information about it. Such as its brand, model, version, its registration year, its RTO location, etc.
Step 3: To receive prices for bike insurance policies, provide your name and cellphone number.
Step 4: Select a bike insurance policy quotation based on your requirements and price range.
Step 5: Pay for the bike insurance plan you’ve decided on and obtain policy papers through the mail.
How Do I Make a Bike Third-Party Insurance Claim?
Two Wheeler third-party insurance claims are handled directly. Both the victim and the insurer are eligible to file claims. The claim processes for both sides are listed below:
If You Caused the Damage, How to File a Third-Party Bike Insurance Claim
- Take detailed photographs of the accident-related damage.
- Make a note of all the necessary information about the damaged car or vehicles.
- Write down the contact information of any accident witnesses you come across.
- Tell your insurance company about the incident and follow their instructions.
- File a First Information Report (FIR) with the local police department.
- Use legal counsel to submit a claim to the Motor Accident Claims Tribunal Court.
- Join the court sessions, and explain what happened. And present the necessary paperwork and information.
- Submit the court’s ruling with the insurance company to obtain payment for the costs of the property damage and bodily injury claims.
Final Words
According to the Indian Motors Tariff of 2002, every owner of a two-wheeler must obtain at least third-party insurance. The most fundamental insurance protection is a third-party two-wheeler insurance plan. Online third-party insurance coverage purchases are safe and simple.
Visit Piramal Finance today to know more about third-party insurance for two-wheelers or to get one. Piramal Finance is an Indian financial services company that is making its foray into retail lending which includes personal loans, business loans, housing loans, and other consumer-focused finance products.
FAQs
- Which bicycle insurance provider offers third-party coverage?
There is third-party insurance for two-wheelers businesses. It is offered by all General Insurance firms.
- Can I change my bike’s third-party insurance to zero depreciation insurance?
Nope, a third-party bike insurance policy cannot be changed to a zero-depreciation policy. A 0% depreciation add-on is available with both a solo possess bike insurance plan. And a comprehensive bike insurance plan, along with all other add-ons.