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