5 min read
Updated on Sep 23, 2022
Every bike owner is supposed to have a basic third-party insurance on his/her bike to be able to ply freely on the Indian roads. So, the third party insurance is the minimum requirement of insurance that a bike holder must have to be able to drive hassle-free in India.
The third-party insurance covers the policy owner against any financial accountability claimed by a third-party in lieu of the bodily damages caused to the person or damages caused to his/her property in the event of an accident. In this case, the fault lies with the insured person riding the bike. The third-party insurance is a compulsory requirement as per the Motor Act of India.
Let us know more about the two wheeler third party insurance in this blog.
Having a 3rd party bike insurance is mandatory by law in India. The Motor Vehicles Act of 1988 makes it compulsory for every bike owner to have a third party bike insurance without which no one can ride his/her vehicle on the roads freely. And in case one does, he/she is liable for heavy penalty.
There are numerous benefits of having a third party bike insurance. They are affordable, cover liabilities of third-party damages and more. Take a look at some of the benefits here:
Here is the list of inclusions of the third-party insurance:
Here’s a list of exclusions under the third-party insurance:
Below are the steps to follow for renewing your third-party bike insurance online for two-wheeler:
You can buy the third-party insurance via both online and offline mode. But purchasing a third party insurance online for two wheeler is beneficial as it has many advantages. The third-party insurance is an economical way to insure your bike. Getting it online saves both time and money of the insured along with saving your effort. You can simply visit the official portal of the insured to choose a plan and buy it online.
For those who want to buy it offline can visit the branch office of the insurance provider and take help of the concerned authority in buying the insurance plan. The person at your insurer’s office will guide you through the many plans that are available and that might suit your requirements. If you agree with the terms of the policy, you can buy the policy by paying the amount immediately. Or you can take consultation from a broker to get further detail on plans that will be beneficial for you.
There are two situations in which you can claim for your third party insurance.
Here are the steps to follow:
Here’s the steps to follow:
Having a third-party insurance cover is a must for every vehicle owner. It supports the policy owner against any financial loss in case of accident where the third-party claims monetary compensation against his/her bodily injury or damages caused to his/her property. The third-party insurance is a compulsory requirement as per the Motor Vehicles Act, 1988.
However, having a clear idea about the add-ons that you should include and having the necessary comparisons is a must if you want to purchase the best policy suiting your requirement.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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