Why You Should Have A Third Party Insurance Policy ?

Posted on: Apr 25, 2019 | | Written by:

Why You Should Have A Third Party Insurance Policy ?

Most Indians ride bike for daily commuting. If you ride bike in a metropolitan city, there is a high possibility of meeting with an accident. Also, some regions in India are prone to floods or have high theft activity. To avoid facing losses due to these unfortunate events, every bike rider should have a two wheeler insurance policy. As per Motor Vehicles Act, 1988, it is mandatory to have a third party bike insurance policy. If you drive without a valid bike insurance policy, you could be fined upto Rs 2000 or face an imprisonment of upto three months.

What is a Third Party Bike Insurance?

While comprehensive insurance provides complete protection to your vehicle, a third party bike insurance means it covers you only for the liability caused due to your vehicle’s participation in an accident that caused damage, injury or death to the third party. Third party two-wheeler insurance cover basically provides coverage for injuries caused to a third person, or damages to their vehicle or property arising from an accident involving the insured two-wheeler. It also provides you financial and legal coverage in case of the death of a third party in an accident caused by the insured two-wheeler. As per The Motor Vehicles Act, 1988, it is legally compulsory for all two-wheeler owners to have at least third-party bike insurance. Failure to do so may lead to traffic penalties. Buying an online third-party two-wheeler insurance policy is the quickest and easiest way to protect yourself against third-party liabilities.

How to Get a Third Party Insurance

Comprehensive policies in India also include a third party cover to deliver both benefits to the insured; HDFC ERGO has options available to purchase a standalone third party insurance. However, it is always recommended to buy a comprehensive policy which has an inbuilt third party insurance policy. You can simply buy third party bike insurance from HDFC ERGO’s website, where you can make online payment and get the policy instantly without any hassle.

Why Should You Take a Third Party Insurance?

It is a mandatory by law to buy a third party insurance policy and without which one cannot drive the vehicle on road. In case of failure to insure a two-wheeler with third party bike insurance, the vehicle owner could be liable for a penalty of Rs. 2,000 for the first offence, and Rs. 4,000 and/or imprisonment of up to 3 months for a subsequent offence. For example, if you damage a third-party vehicle, and the repair cost estimate is Rs. 40,000, the third party insurance for your two-wheeler shall cover the repair cost, as per the policy’s terms. Without such a cover, you will have to manage the expenses on your own.

What You Should Know about Third Party Insurance

It is important that you read the policy documents carefully for specific terms and various policies available. The features of third party insurance are cited below:

• Death or body injury to third party

• Damage to a property owned by third party

• Personal accident cover for owner driver & passengers travelling on the two wheeler

Features & Benefits

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

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

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

• 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.

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

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

Hence it is important that you buy third party bike insurance in order tokeep your drives stress free. However, it is advisable to opt for comprehensive bike insurance policy, if you ride bike frequently, as comprehensive insurance cover provides all-round coverage and protection to the rider. The good news is that now you need not take the pains to visit the office of an insurance company or look out for agents. You can buy your HDFC ERGO’s third party two-wheeler insurance orcomprehensive bike insurance online by simply logging on to the company website and filling up the form. It is not only easier, faster and hence more convenient but also comes at a cheaper premium. So, what are you waiting for? Get your insurance now and secure yourself and your two-wheeler from any unexpected expenses!

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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