Nobody likes spending money on third party bike insurance, but it is something that we all need to do to stay safe and protect our finances. Having third party bike insurance is important for several reasons. It can save you from financial ruin in the event of an accident or theft and protect third parties who may be injured in an incident involving your vehicle. In this article, we will explore why skipping third party bike insurance could cost you a fortune.
We’ll also look at the different types of third-party bike insurance available, how beneficial it can be for your wallet, and your peace of mind. So, read on to find out more!
An Overview of Third Party Bike Insurance
Third party bike insurance is a type of insurance policy specifically designed for two-wheeler owners. It provides financial protection if you are involved in an accident, and third parties suffer damages or injuries. The coverage will pay out to third parties to cover the costs of their medical bills, repairs, legal fees, and other associated expenses.
When considering third party bike insurance, it’s important to remember that it does not cover your losses – such as repairs to your vehicle or medical expenses incurred if you sustain injuries. However, it offers peace of mind knowing that if you have an accident, third parties are financially protected against any damages caused by your actions.
Generali is one of the leading third-party bike insurance providers in India. Their policies cover legal liability, third party bodily injury, and death up to a specified amount. They also provide third party property damage coverage in case of any damage to third party property as a result of your own actions.
How to Buy a Two Wheeler Insurance
To buy a two wheeler insurance, you must follow the steps below:
- Choose the third-party bike insurance plan of your choice. Make sure you research the different types of third party bike insurance plans and compare their features before selecting one.
- Buy your third party insurance policy either online or offline, depending on your preference.
- Fill out all the relevant forms and documents required for purchasing a third party bike insurance plan. This includes details about yourself, such as name, contact information, address, etc. You’ll also need to provide details about your two-wheeler to get the most accurate third party bike insurance policy quote.
- Pay the premium amount for your third party two wheeler insurance plan using a preferred payment method.
- Receive your third party bike insurance policy documents via email or postal delivery, depending on the mode you’ve chosen to purchase the policy.
Reasons Why You Must Buy Bike Insurance Online
There are various reasons why you should consider buying third party bike insurance online. Mentioned below are these significant reasons:
1. Legal Compliance
By buying third party bike insurance, you are abiding by the law. A third-party two-wheeler policy is a legal requirement as per Motor Vehicle Act in India, so it should be your priority. Moreover, third party two wheeler insurance offers you coverage for third-party liabilities arising from any bodily injury or property damage caused to other people in an accident.
2. Affordable Premiums
If you buy third-party bike insurance online, you can avail maximum discounts due to competitive pricing available across insurers. Furthermore, third party bike insurance premiums are much lower than comprehensive coverages and hence more affordable for people who cannot afford complete coverage.
3. Financial Security
The third party bike insurance covers damage caused to third parties due to your negligence while driving the insured vehicle. If you injure another person or damage their property, this type of coverage will pay for the expenses incurred due to any third party liabilities.
4. Convenience & Flexibility
Compared with traditional buying methods, buying third party bike insurance online offers more convenience and flexibility in terms of paying premiums, managing renewals, and filing third-party claims. You don’t have to stand in long queues or wait for hours to complete the paperwork.
5. Additional Benefits
Third party bike insurance policies come with additional benefits such as discounts for buying policies online, No Claim Bonus (NCB) on renewal, and personal accident cover, among others. NCB is a reward given to third party bike insurance buyers for not filing claims during the policy period. The No Claim Bonus can be accumulated up to 50-70% and can be used as an additional discount on third party bike insurance premium upon renewal of the same policy.
So, make sure you buy third party bike insurance to ensure financial security and legal compliance. Buying a third party policy also helps you get maximum benefits from the features it entails, thus helping you in future claims or any other matter related to your two-wheeler.
The Bottom Line
Skipping third party two wheeler insurance could cost you a fortune. Not only would you be financially liable for any third-party damages, but you also risk being held criminally responsible in the event of an accident. Most importantly, third party bike insurance ensures your peace of mind and provides financial protection for yourself and other motorists on the road.
Investing in third-party two wheeler insurance is not only mandated by law, it’s a smart decision that can save you from costly and potentially life-altering consequences. Don’t wait another day to get your bike’s coverage—invest in third party two-wheeler insurance today!