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Advantages of Third Party Two-wheeler Insurance

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Every bike rider in India has to compulsorily have third party two-wheeler insurance as per Motor Vehicles Act, 1988. Traffic cops can fine you Rs 2000/- or imprisonment up to three months for riding a bike without a third party insurance. Third party bike insurance provides protection against third-party property damage, bodily harm, incapacity, and death. To keep the insurance valid and in compliance with regulatory requirements, it must be renewed every year before its expiration date.

Most people try to avoid buying two wheeler insurance, but given the adverse outcome of not having one is scarier. For those who find two wheeler insurance financially burdensome but still want to remain on the right side of the law, third party two wheeler insurance is only option. Basically, a third party two-wheeler insurance policy comes in to play in case any third person or property is damaged as a result.

Usually the liability on the bike insurance claim is unlimited according to the Indian government. The basic conditions under which the third party two wheeler insurance policies are liable to provide are:

• The person who is the occupant of the two wheeler vehicle (not hired) dies or suffers from bodily injuries

• Any government property or any property apart from the vehicle gets damaged or destroyed. For the properties the liability is limited.

Third party two wheeler insurance policies are not valid if the accident occurs outside the geographical area or limits as mentioned in the policy document. The other condition under which the policy becomes invalid is, if the two wheeler vehicle is driven by someone other than the owner of the vehicle or the driver at the time of the accident.

What is Third Party Two Wheeler Insurance?

Third party bike insurance policy protects the insured from liabilities arising due to damage, loss or injury to a third person. Here, a third party could be a third party property that incurred damage to the insured person’s motorbike or a person who has suffered an injury due to the bike. According to the Motor Vehicles Art 1988, it is mandatory for everyone to have a Third Party Two Wheeler Insurance so that all riders should be insuredagainst their responsibilities to other people’s loss.

Features

1. Third Party Cover’s premium starts at Rs. 538*.

2. The buying process of the Insurance is simple as it can be easily purchased online with HDFC Ergo.

3. The Personal Accident Covers, if there, can be high up to INR 15 Lakhs.

4. The claim settlement is quick and easy with companies like HDFC Ergo.

Things Covered in HDFC Ergo Third Party Insurance

1. Third Party Property Damage

2. Personal Accident

3. Third Party Liability

Things Excluded in HDFC Ergo Third Party Insurance

1. Contractual Liabilities

2. Irresponsible Driver Behaviour

3. Depreciation

2. War and Nuclear Risks

3. Non-road accidents*. Limits on claims.

Importance of Third Party Two Wheeler Insurance

It provides the most essential coverage to the insured person and covers damages incurred to a vehicle, person or property. It is also mandatory for all riders, and if the bike is not insured, the owner is fined Rs. 2000, which can also lead the owner to jail for three months.

Advantages of Third Party Two-wheeler Insurance

• Covers damage to third-party life and property caused by the insured person.

• Covers owner/driver disability or death if owner driver personal accident cover is obtained.

• Low premium as compared to other insurance policies

• Hassle-free documentation because it does not involve insurance of the owner's vehicle.

Documents Required for Third Party Two-wheeler Insurance

• Photo identity proof like passport, driving License, Aadhaar, voter's ID, etc.

• Proof of address (Voter’s ID Card/Passport/Aadhaar, etc.)

• Registration Certificate (RC) of the bike.

• Recent passport size photographs.

• Old policy number, if required.

Conclusion

Similar to other policies even the third party two wheeler insurance policies can be bought online. The online way which is also referred to as the ‘E - way’ is simpler and faster. This is because when opting to buy the third party two wheeler insurance policies online one need not fill long and tedious questionnaires and also need not conduct various meetings with the agent of the company representative. You can check out HDFC ERGO bike insurance policy which provides network of 7600 plus cashless garages.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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