What is Third Party Bike Insurance?
There is a lot of pressure on riders like you to dodge city traffic, coupled with having to avoid an E challan at any cost, in addition to reaching your destination on time. Even though you may have the skills to overcome such pressure, it is equally important that other motorists too are responsible enough.
Furthermore, it is mandatory to possess at least third-party bike or car insurance, if not a comprehensive cover. Likewise, you can choose only third-party bike or car insurance in the cases listed below.
- if you use the vehicle only in rare circumstances or,
if your vehicle is old and is not eligible for a comprehensive cover.
In the insurance world, the term first party refers to you, the insured, and the second party is the insurance service provider. If an accident occurs and causes damage to another rider, he/she becomes the third party. A third-party car or bike insurance covers damages to this motorist.
Benefits that come with the insurance
There are other equally important benefits of this policy. It covers damages caused to the motorist involved in an accident with your vehicle. This protects you from liabilities-
like injury or death to the third party.
Damage to the vehicle or other property of the third party.
It also covers the legal and other expenses arising due to such injury coupled with property damage to the third party.
Further, it is valid even if the third party has a two-wheeler that is not insured.
You will find it less expensive than a comprehensive insurance policy.
Disadvantages of a third-party bike or car insurance policy.
It doesn't provide you with any add-on feature except for a Personal Accident Cover.
Likewise, it does not provide cover for your own car or bike damage either due to collision, theft, or natural disasters like floods and earthquakes.
Nor can you call for roadside assistance when you need it.
Let's imagine a situation where another rider has collided with your two-wheeler. What do you do now?
- Take clear photos of all visible damages.
- Collect details of the third-party vehicle and the motorist.
- Check to see whether any eyewitnesses are present and note down their contact information.
- Call up your insurance provider and update them.
- Visit the police station under whose jurisdiction the accident occurred and file a report.
- Follow up whenever the case comes up in court and obtain the court order when it is issued.
- Submit the court order to your insurance provider and claim the compensation provided per the court order.
How to buy third party bike insurance
To purchase a third party bike or car insurance you will need to submit the following valid documents:
- The date of purchase mentions the city too.
- Date of manufacture and model of your vehicle.
- Previous insurance policy if available.
- Chassis number, engine number of your vehicle.
- The valid Registration number is issued by the RTO of your state.
Proceed for an offline process if you wish to:
Engage in direct communication with an agent to answer any query.
Need assistance with documentation.
On the other hand, purchasing a car or bike insurance online has its advantages.
First, you can easily compare the premium amounts of different insurance providers to find a suitable one for your budget.
Second, you eliminate the middleman and commission involved while purchasing a policy offline.
Third, it saves time. Fill in the necessary details with minimum paperwork, pay the premium amount, and receive your policy within minutes.
With a good understanding of third-party bike and car insurance, you are better informed to decide whether the insurance covers your needs. The important point is to choose a policy that secures your health and provides security for your family. Finally, you would do well to install the mparivahan app on your mobile to stay updated regarding various RTO and e-challan-related issues. Visit our blog for help on choosing vehicle insurance.