In India, it is mandatory for all motorists to have at least third party insurance for their vehicles. Would you like to learn all about this form of coverage? If so, you have come to the right place. In this article, we will take a look at all you need to know about third party insurance for bike owners.
What is third party bike insurance?
In a third party bike insurance policy, you receive coverage for third party liabilities in a mishap or an accident. This could be liabilities towards the third party for injuries/death or damages to their property/vehicle.
The Motor Vehicles Act 1988 makes it mandatory to have this minimum form of liability insurance for vehicle owners. Motorists also need to mandatorily add a personal accident cover along with their third party bike insurance plan. No other rider can be added except personal accident cover. If motorists want to add other covers, they need to opt for comprehensive bike insurance.
As the expenses from an accident are too high to bear from one’s own pocket, the coverage given by third party insurance can truly help to protect your savings. As the roads can be quite unpredictable, it helps to know that your vehicle insurance is there for you. There is no fixed upper limit on the value of the claim amount for third party injuries or death in an accident.
How to buy third party insurance for bike owners?
These days, you can easily get a third party insurance plan online from an insurance company’s website. You simply need to visit the website, provide a few details about your vehicle to get the premium quote and make your payment. The entire process is quick and easy.
The premiums for third party bike insurance are set by IRDAI (Insurance Regulatory and Development Authority of India). The premiums are decided based on the vehicle’s engine capacity.
Also, third party insurance policies for bikes are offered on a long term basis for a period of 5 years. The availability of long term motor insurance is truly a boon as it removes the hassles of yearly renewal. That minimizes the risk of you forgetting to renew your coverage on time.
Are there any exclusions to be aware of?
Yes, there are certain exclusions to coverage in third party bike insurance. The main exclusion to coverage is that your own damages in an accident will not be covered. Apart from this, here are the other exclusions –
- Claims made without a valid driving license
- Claims made for situations involving drunk driving
- Claims made for areas that are not within the established geographical limits of the policy
- Claims made for damages due to war
For a full list of the exclusions or for a detailed explanation on the above-mentioned exclusions, it is advisable that you speak to your bike insurance provider.
We hope that this article has helped shed some light on third party bike insurance for you.
Take care and ride your bike safely following all road rules.