Insurance Policy For Bike 3rd Party | Benefits Of Insurance

Insurance Policy For Bike 3rd Party | Benefits Of Insurance. Third-party bike insurance is the basic type of two-wheeler insurance policy which is taken to cover any damage that may happen to your motorcycle/two-wheeler due to an accident, theft, or natural calamity and today bike insurance has become very important because There have been so many vehicles today that there is a lot of crowds, so the chances of getting an accident are very high, so it is necessary to have bike insurance to avoid financial loss of yourself and the next, only then today there are many companies which are Third-Party Bike Insurance or Then 1st Party provides Bike Insurance, so in this article, we will tell you in detail about Third-Party Bike Insurance.

Why Is Two Wheeler Insurance Necessary?

As per the Indian Motor Vehicles Act, 1988, all owners of motor vehicles must have a valid vehicle insurance policy. At least third-party insurance motor insurance is a must if you want to drive legally on the roads of India.

Insurance Policy For Bike 3rd Party

Apart from this, it is also very important for financial security. It also provides necessary financial assistance to protect the insured vehicle from damage, third party property, and bodily injury to the rider, pedestrian, or rider in case of fire, earthquake, accident, loss, or damage to the vehicle due to theft or any other natural calamity is covered under the policy.

What Is Covered Under Insurance Policy For Bike 3rd Party?

Third-Party Death Or Injury:- In case of an unfortunate event, if someone gets injured or dead after having an accident with your insured two-wheeler, third-party two-wheeler insurance can be used. Medical expenses or loss of income due to disability or death can also be claimed with this insurance. Compensation can also be claimed for loss of income due to physical disabilities.

Damage To Third Party Property:- If your two-wheeler causes damage to third-party property, then the expenses can be paid using third-party bike insurance. As per IRDA, third-party two-wheeler insurance should cover damage to third-party property up to Rs.1 lakh.

Death Of The Owner Or Rider Of The Insured Two-Wheeler:- In case of an unfortunate event, if the owner or rider of the insured two-wheeler dies due to an accident, then their dependents will be compensated.

Permanent Total Disability Of The Owner Or Rider Of The Insured Two-Wheeler:- In case of an unfortunate event, if the owner or rider of the insured two-wheeler becomes permanently and totally disabled due to an accident, Compensation will be given for loss of income.

Features Of Insurance Policy For Bike 3rd Party.

  • No Financial Stress: Basically a bike insurance plan provides the necessary financial coverage to your vehicle. As a result, there is no financial stress.
  • Legally Protected: It is mandatory to have two-wheeler insurance to drive legally on the roads of India. This will save you from paying penalties and keep you legally protected.
  • Personal Accident Cover: The insurance company provides accident cover up to Rs 1 lakh, which is payable to the policyholder in case of permanent or temporary disability or accidental death.
  • Peace Of Mind: As you know, with a valid insurance plan, you will be financially protected against accidental damage repair expenses of your vehicle which will keep your mind at ease.

Benefits Of Third-Party Two-Wheeler Insurance.

Comprehensive And Liability Coverage:- In Two Wheeler Insurance, you can choose the right insurance policy as per your requirements. It is always advisable to opt for a comprehensive insurance plan as it provides you coverage for both your bike and third-party liability. Whereas under third-party insurance policies, customers will get coverage only against third-party liability.

Optional Cover:- Many covers come under this option like personal accident cover, zero dep cover etc. By paying a small extra amount, you can easily get a number of additional riders that will provide additional yet effective coverage.

No-Claim Bonus (NCB):- No-Claim Bonus is the percentage of the amount deducted from the premium at the time of policy renewal on account of no claim being made during the previous policy tenure. With bike insurance plans you will get free NCB for each unclaimed year which will help you in reducing the premium amount. If the two-wheeler policy needs to be transferred to any other insurer then the applicable no-claim bonus can also be easily transferred.

Discount:- Insurance companies offer discounts on the premium of a two-wheeler policy. This exemption can be given for long-term policies of more than two years. Discounts can also be given for safety equipment and facilities installed on the bike and for group two-wheeler plans.

Property Damage And Physical Cover:- It is designed to provide coverage against damages caused due to man-made and natural calamities.

READ MORE: Cheap Car Insurance Online

If You Like The Information Please Do Share.

2 thoughts on “Insurance Policy For Bike 3rd Party | Benefits Of Insurance”

  1. Pingback: 123 HP Com OJ6950 Setup Via USB – Article Block

  2. Pingback: Dairy Farm Insurance In India | Policy And Premium 2022

Leave a Comment

Your email address will not be published. Required fields are marked *