Third Party Bike Insurance: Benefits, Disadvantages & Premium

There are two types of bike insurance policies available in India from which you can choose. They are respectively third party two wheeler insurance and comprehensive bike insurance policies. According to Motor Vehicle Act 1988, all two wheeler owners in India must at least have a third party bike insurance plan. The comprehensive bike insurance policy is optional for motor insurance owners. Third party bike insurance online is also known as liability only insurance given that it protects you against any claim raised by a third party. Therefore it’s pretty much clear that the owner of a vehicle will not be getting any benefits from third party bike insurance India. It will be a third party person who will be the main beneficiary of third party two wheeler insurance plan. There are a number of two wheeler insurance companies in India that also offer personal accident coverage with third party bike insurance plans. It’s advisable to always compare two wheeler insurance policies online before you buy two wheeler insurance online India to get the best coverage at the lowest premium.

Advantages of Third Party Bike Insurance Online

Third party bike insurance plans certainly come with a number of special and unique benefits. Third party bike insurance in India covers the damages to other vehicle and property involving your two wheeler vehicle. You should note that your own damages will not be covered under the third party two wheeler insurance plan. You could get sued by the traffic police if you ride your two wheeler vehicle without third party bike insurance. Some of the benefits of third party two wheeler liability coverage are following:

  • vThird party bike insurance covers an insured person against legal liabilities in case of damage, death or disabilities to any third party. The third party liability only two wheeler insurance takes care of such situations.

  • vGiven that third party two wheeler insurance plan settles the expenses and expenditures through financial payments in the event where two wheeler vehicle gets into an accident with another vehicle, you get a total peace of mind while driving your vehicle.

  • vThrough various online vehicle insurance companies you can easily and instantly buy third party bike insurance. Third party bike insurance renewal can also be done without any stress online. You can also be entitled to avail 24/7 assistance with your third party bike insurance coverage if you renew or buy from the best auto insurance company in India.

  • vOne of the main advantages of the third party bike insurance policy is its cost, these policies are basically cheap. In addition, third party bike insurance also puts you on the safe side if your two wheeler vehicle is involved in an accident where you are at fault.

Disadvantages of Third Party Bike Insurance in India

Since third party bike insurance only covers the damages of a third party, you are not officially entitled to receive any benefits out of this kind of bike insurance online for your vehicle. It’s always wise to opt for comprehensive auto insurance given that it covers both the third party and your own damage as well. Some of the disadvantages of third party auto insurance include,

  • vIn the event of theft or damage of your vehicle due to fire, your third party policy will not provide any help.

  • vIn case of an accident, the damages done to your own vehicle will not be covered.

Third Party Auto Insurance Premium

The premium of third party bike insurance is based on a number of factors. But most importantly, third party bike insurance premium is calculated by the IRDAI or as per the IRDAI norms. The legal compensation to the victim is now largely decided upon the earning capacity of the accident victim. The best third party bike insurance policy comes at the lowest premium rates.

At GIBL.IN you can buy or renew third party and comprehensive bike insurance online in India. You can compare bike insurance policies as per your budget and requirement at our site as well.

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Aggregate Rating Value on Third Party Bike Insurance is 4.5 out of 5 (Total Rating Count: 25)

Aggregate Rating Value on Third Party Bike Insurance is 4.5 out of 5 (Total Rating Count: 25)