What Is Covered Under Third Party Bike Insurance Policy

However, keep in mind, it does not cover any injuries and damages that have occurred either to you or to your bike. It is different from other insurance policies in terms of what is covered and what is not. We at Coverfox, ensure that you face no inconvenience while investing in an two wheeler insurance policy.

Read more to know what is covered under a third party bike insurance:

Death or major bodily injury to the third party: In an unfortunate case if a person on the road meets with an accident with your bike and gets injured or dies, that person/family can claim medical expenses due to loss of income if he/she is not in a situation to resume work or dies. But you are not eligible for compensation for physical disabilities.

Third-party property damage: According to the IRDAI norms, third party property damages are covered up to a sum of Rs. 7.5 lakh under a third party bike insurance policy.

Death of the owner or rider of the insured bike: If you are the owner or driver of the bike and unfortunately you don't make it through after meeting with an accident, your dependents would be eligible to file a claim for compensation against the other party involved in the accident for the sudden loss.

Disability of the insured vehicle owner or driver: If you are the owner of the insured vehicle or you drive the same and sustain disability, you would be eligible to claim compensation from the other party.

A few things that are excluded under a third party bike insurance policy are as follows

• Any damage caused to your own vehicle.
• Accidental damage/loss/liability borne outside the agreed geographical area.
• Claims arising out of any contractual liability.
• Accidental loss/damage sustained by the third party that might have resulted from a consequential loss.
• Loss, liability, damage, caused due to invasion, war, and other such cases.
• Any liability caused directly or indirectly due to nuclear weapons or radioactive contamination.

Third-party bike insurance comes with some key benefits. Have a look at the following list

• Financial assistance

  The third-party liability cover fulfills the requirement of covering death or injury to a third party person and damage to the property.

• Hassle-free process

  You can buy a third-party bike insurance policy for your two-wheeler easily with almost no paperwork since it does not offer own damage cover.

• Budget-friendly

  The two-wheeler third party insurance rates are low in comparison to the comprehensive coverage. You get third party liability coverage at a lower premium rate.

• A peaceful state of mind

  Buying a third party bike insurance policy offers you peace of mind while dealing with situations that can burn a hole in your pocket.

Why Coverfox is the best option to go for?

Coverfox comes with 40+ insurance partners from whom you can select a policy that is the most suitable according to your budget and requirements. It ensures to provide you complete professional assistance, great deals, and information in detail. Our main aim is to provide you the best experience while you consider investing in insurance plans. All you need to do is visit the official website of Coverfox, i.e., www.coverfox.com.

If you are looking for how to renew your third party bike insurance policy, then you are in the right place.

Coverfox makes sure to send you a renewal notice before the policy expiration date. To renew third party bike insurance policy is as easy as buying the insurance policy. It comes with a fast and hassle-free process. Moreover, it requires minimal paperwork. You can easily renew it online within minutes. All you need to do is visit www.coverfox.com follow the steps to renew, and make a payment via debit or credit card. Net banking works too. And..you are good to go!

Now, when it comes to filing claims for third party bike insurance policy, the steps are very simple. Suppose an accident takes place and you are the third party in the scenario, then you need to follow the steps mentioned below:

• Click pictures of the damaged parts.
• Gather information about the damaging vehicle.
• Look for bystanders and witnesses.
• Inform the insurance company as soon as possible.
• File FIR of the incident.
• Register your case with the Motor Accident Claims Tribunal Court.
• Provide details and documents in the court.
• After submission, you will receive applicable compensation from the damage-causing person's insurance company.

Third-Party Bike Insurance Premium Rates with effect from 16th June 2019

Moreover, you can check out the list of top two-wheeler insurance plans in India:

• HDFC ERGO Two-Wheeler Insurance
• Bajaj Allianz Two-Wheeler Insurance
• TATA AIG Two-Wheeler Insurance
• Reliance General Two-Wheeler Insurance
• New India Assurance Two-Wheeler Insurance
• SBI General Insurance Two-Wheeler Insurance

Long-term Third-Party Cover for Five Years for New Bike Owners

Read here to know more:

The Supreme Court has made the five-year upfront cover mandatory on all new two-wheeler insurance plans, as per the regulation passed in July 2018. This has been enforced since 1st September 2018 and is mandatory for all comprehensive and third-party two-wheeler insurance policies purchased on and after 1st September 2018. With this rule, owners of new two-wheelers no longer have to renew their comprehensive or third-party two-wheeler insurance plans every year. The main objective behind this rule is to make sure that every two-wheeler owner purchases at least a third-party two-wheeler insurance, if not a comprehensive cover.

This initiative is directed towards two-wheelers that have been on the roads for a few years but still don’t have a third party bike insurance policy . Usually, the two-wheeler owners do not renew their third party two-wheeler insurance plans after a few years of purchasing them. Or else, they buy an insurance plan that does not cover enough risk. This new provision is designed to serve the dual purpose of ensuring that newly purchased two-wheelers have high-risk coverage and also financially protect third parties against injuries and accidental demises caused by the new two-wheelers.

In short,

Third-party bike insurance is not only useful but mandatory when driving on roads in India. It has several key features and benefits that are mentioned above. Also, it can be the best way to ensure a safe bike ride. Coverfox comes with a hassle-free buying process, quick access, and detailed information about the insurance policies.

Recommended Link: What if You Have Lost Your Two Wheeler Insurance Documents?

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