What is Third Party Bike Insurance?
Bike or car insurance, in fact, vehicle insurance is the inevitable thing one needs to worry about. As it helps us from unfortunate events, one gets various coverages after an accident. If you have bought a new bike, it’s time to do insurance your bike fast. Otherwise, you will miss the benefit of it. There are mainly two types of bike insurance. One is third-party bike insurance, and the other is comprehensive bike insurance. Depending on your criteria, one can choose anyone. In this article, we will dig deep about third-party bike insurance, which is the basic one must do after buying a bike.
Buying an insurance plan is mandatory by law in India. Driving without insurance is punishable also by the law. Whether you face any accident, theft, or natural disaster, the financial coverage given by the insurance helps you cope with the aftermath. So, it’s vital to have insurance. Depending on your criteria, you can choose a particular insurance plan. The insurance companies offer various kinds of insurance policies that suit different kinds of riders. As the demand for buying a bike increases rapidly, it is best to have at least basic insurance coverage, which is the third party insurance for bikes.
Before delving into the main topic, let’s see the benefits of bike insurance.
Benefits of Bike Insurance
One shouldn’t buy third-party bike insurance just because of the legal mandate, but for many benefits that bike insurance for third parties provides. There are many benefits an owner can avail of the insurance.
1. Natural Calamity
There is no guarantee about an accident. Natural calamities like fire, floods, or earthquakes can happen anytime, though the frequency is less. Yet, if you have your bike insurance policy ready, you will reap the benefits at that time. One can always claim damages caused by some uncertain natural calamities. The settlement will be based on the coverage you have.
2. Third-Party Liabilities
This is compulsory insurance a bike owner should possess. When you do the insurance from any firm, they take charge of the damage caused to the third party, the insured bike, and the person. This is a basic insurance policy you should hold before claiming settlement.
3. Personal Damages
Suppose you have injured yourself in a bike accident. If you have an insurance policy that covers the owner’s damages, you can avail of such benefit then. One can avail the advantage of money by claiming a settlement depending upon the different circumstances.
4. Legal Proof
Among many benefits of having an insurance policy, this is the most important one. One must always follow the rules and regulations set by the law. According to the Motor Vehicles Act, 1988, having an insurance policy implies that you obey the law. And in fact, having an insurance policy for your bike is mandatory according to Indian law. So if you have, at least, third-party bike insurance, that’s your legal proof to drive on the road.
5. Financial Cover
An accident can put someone in heavy financial damage. Not only one person but the opposite person also along with the vehicles that cost too much. It is safe to have financial coverage accompanying a bike insurance policy. Any damage to your vehicle will not break you financially.
6. Coverage from Man-made Disasters
This is another benefit for a bike insurance holder. We see many riots, strikes, and terrorist activities that can damage your bike at any time. Today, it has been a symbol of protest. If you have such coverage, you are safe with the aftermath.
So, you see the great benefits of having an insurance policy, though most of the benefits come when you choose the comprehensive bike insurance policy. These are the main benefits of having an insurance policy. Now, let’s move on to know what exactly is third-party bike insurance.
What is Third Party Bike Insurance?
Third-party bike insurance is the most basic one must have after buying a bike. As it is mentioned, there are mainly two types of insurance. The basic and common type of third-party bike insurance covers only damages and losses caused to a third-party person, vehicle, or property. On the other hand, comprehensive bike insurance covers both third-party liabilities along with its own damages. The latter includes natural calamities, theft, terrorist or riot activities, or damages during travel. The second one is the most valuable one where one can choose the plan according to their criteria. In contrast, the first one is the inevitable one if there are any economic hurdles.
In the face of rising demand for vehicles on the road, it is mandatory to have third-party bike insurance to keep yourself safe because accidents can happen at any time. According to Statista, there were 151k road accidents in India in 2019. In another report from the World Bank, India accounts for 11% of global deaths in road accidents, the highest in the world. So don’t you think it is safe to have insurance?
Where to Get Bike Insurance?
There are many options today. With the blessing of online media, one can easily get an insurance card. Some of the notable and popular options available in your hand are Bajaj Allianz, Bharti AXA, Digit, Edelweiss, IFFCO, Kotak Mahindra, Liberty, National Two-wheeler Insurance, and the list goes on. Depending upon your budget and criteria, you can go for anyone.
Conclusion
We hope this article will help you at the utmost level. Be it third-party bike insurance or comprehensive bike insurance, and one is obliged to have at least the basic one according to the Motor Vehicles Act, 1988. As making an insurance policy or claims has been much easier than before, one can get their policy or settlement though online. So, there is no frustration of standing in the queue.
By choosing an insurance policy, you prove that you obey the law. Having bike insurance minimizes the financial risk of natural calamities or any third-party liabilities. As we take care of our family, we should follow the same rule for bikes also by choosing a suitable insurance policy.
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