Most of us tend to confuse the third party liability only policy with the comprehensive motor policy. But you need to understand that there is a basic difference between these two.
The comprehensive vehicle insurance policy is a blend of third-party motor insurance and own damage cover. Therefore, the comprehensive policy offers coverage against damages to both your vehicle as well as the third-party liabilities.
On the other hand, the third party liability only insurance policy, as the name suggests, only covers the third party liabilities.
Now let's have a look at the pros of third-party bike insurance:
Pros of Third-Party Two-Wheeler Insurance
Third-party two-wheeler insurance, also known as liability only insurance, provides you with the following benefits:
- Third-party two-wheeler insurance policy safeguards the rider(s) against any legal obligation that could arise out of damage to the third party. This third party damage could be done to a person or a property.
- Third-party bike insurance is cheaper when compared to a comprehensive vehicle insurance plan.
- Purchasing a third party two-wheeler insurance is easy and simple. It requires less documentation since it only covers the third party and not the insured vehicle.
Cons of Third Party Two-Wheeler Insurance
As discussed above, the major disadvantage of third party bike insurance policy is that it does not offer any coverage to the insured vehicle or the owner/ rider of the vehicle. Below are some of the cons of third-party two-wheeler insurance plan:
- In the case of an accident, you will have to pay for the costs incurred due to damages to your two-wheeler vehicle.
- There are almost no further options or riders available along with a third-party bike insurance policy when compared to the comprehensive motor plan.
If you have made up your mind to go for a two-wheeler insurance policy, the most excellent way to get it by comparing different insurance plans online. You can easily compare diverse insurance policies to obtain the ideal coverage.
An accident can occur anytime without any hint. So it’s always a wise decision to have security in the form of a third party liability only insurance cover, principally when this is a compulsory insurance cover as mandated by the law.
The penalty for getting caught driving without insurance is Rs. 2000/-, which is way higher than the premium of the policy third-party motor. Therefore, it is in your interest to have third-party liability only cover.