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A two-wheeler Insurance is a compulsion for customers buying a vehicle. It is imperative that insurance is taken for their vehicles, so as to acquire coverage against unfortunate events. This is stated in the Motor Vehicles Act, 1988.  A Third Party Two-Wheeler Insurance is an insurance plan in which coverage is provided for any injury or demise of another person due to an insured bike. Basically, a Third Party Bike Insurance is risk protection that is offered to you.

Importance of Having a Third Party Bike Insurance:

Indian roads have a history of accidents that are the result of complete indiscipline and chaos. In spite of traffic policemen, people ignore the rules and always seem to be in a hurry. There has been an extremely high rise in the number of accidents happened in the last few years. Acquiring a Third Party Bike Insurance for your bike is a mandate. This covers the risk of riding on the erratic roads of India. Having this two-wheeler Insurance will provide you with financial assistance at the time of an uncertain situation and also give you peace of mind.

7 Easy Steps to Claim Two Wheeler Insurance:

  1. Immediately inform the insurance company for the claim. Call them or visit the nearest center to ensure rapid and effective claims.
  2. As soon as the incident takes place to make sure you make note of the third party’s policy details.
  3. File an FIR (First Information Report) if needed.
  4. Make sure you take note of all the details of the accident, like the vehicle number, information of the witnesses, time and the place the accident took place.
  5. Documents like medical bills, reports from the police and other such important things should be kept handy and safe.
  6. Claim reference numbers are important, keep them with you for getting the vehicle repaired.
  7. Your insurer will appoint a surveyor to make note of the damage suffered.

Important Features:

  • A few significant features of a Third Party Two-Wheeler Insurance are as follows-
  • Online process: With minimal documentation, you can now buy a Third Party Two-Wheeler Insurance online. The process is hassle-free and not at all time consuming since it does not include insuring the bike.
  • No financial accountability: A Third Party Two-Wheeler Insurance liberates you from the financial burden of having to pay for any damage, injury or loss caused to another person or vehicle by your own bike.
  • Budget-friendly: A Third Party Two-Wheeler Insurance gives you risk protection by paying a lesser premium amount. Comparatively, it is a cheaper option than other insurances for your bike.
  • Stress-free: Knowing you are covered from any liability likely to occur in future is such a stress- buster.

Advantages of Third Party Two-Wheeler Insurance:

  • Coverage in case of third party property damage.
  • Coverage in case of death or injury caused to a third party.
  • Compensation offered in case the owner or rider of the two-wheeler that is insured faces permanent disability as a result of an accident.
  • Compensation offered to the dependents of the owner or rider of the two-wheeler that is insured if an accident leads to his or her death.

Disadvantages of a Third Party Two-Wheeler Insurance:

  • Limited coverage.
  • No coverage for the bike in case of any damage.
  • No compensation of medical expenses in case of an accident.

In conclusion, two-wheeler insurance is made compulsory by law for all the right reasons. One must optimize this policy and get the vehicle insured. A Third Party Two Wheeler Insurance is the best way to keep yourself stress-free from any unfortunate happening that could lead to a financial stress on you.