Reliance Third Party Bike Insurance
Reliance Third Party Bike Insurance plan shields its policyholder from all the financial and legal obligations of the third party in case of an unfortunate event of an accident. It provides basic coverage to the policyholder and is mandatory by the law. It serves as the most economical bike insurance plan.
Reliance third party bike insurance serves as the most cost-effective insurance that covers all the third party liabilities arising out of a road mishap. It provides its policyholders financial and legal security against the uncertainties of life at a very low premium rate.
Reliance Third Party vs Comprehensive Bike Insurance Policy
Third party insurance provides coverage for all the financial and legal liabilities of the third party arising out of an unforeseen event.
A comprehensive bike insurance plan covers financial and legal liabilities of the third party as well as for the own damages incurred by the insured’s bike.
No add-on covers are available with a third party insurance policy.
A wide range of add-on covers can be availed with Comprehensive Insurance policy such as Zero Depreciation, Engine Cover, Emergency Assistance, etc. This can be opted as per the preference of the policyholder.
Nature of requirement
It is a statutory compulsion as per Indian Motor Tariff.
It is optional and can be availed as per the convenience of the bike owner.
It comes with a comparatively lower premium because it offers limited coverage.
It comes with a comparatively higher premium because it offers extensive coverage.
What All is Covered Under Reliance Third Party Bike Insurance Plan?
Reliance Third party bike insurance plan provides coverage of the following liabilities of the third party in case of a road accident/mishap of the insured’s bike.
- Financial Liabilities of third party property damage: Reliance third party bike insurance takes care of the property damage incurred by a third party due to the mishap involving the insured’s bike.
- Bodily Injuries/ loss of life of third party: The insurer compensates wholly or partially for the third party injury or loss of life in the accident incurred due to the insured’s bike. The compensation amount in such cases is settled by the insurer as per the decision of a court of law.
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Reliance Third Party Bike Insurance FAQs
Is third party bike insurance mandatory?
Yes, having at least a third party insurance for a bike is mandatory as per Indian Motor Tariff in the country. Also, every new bike must have a third party insurance for at least 5 years.
What is the coverage amount for third party property damage and bodily injury/disability/loss of life?
Reliance third party bike insurance covers property damage of the third party to an extent of Rs. 1 lakh. However, in the following cases, the amount of compensation is decided by a court of law:
- Death or bodily injury to a third party
- Permanent Total Disability of the insured bike owner/driver.
What are the advantages of Reliance third party bike insurance?
Reliance third party bike insurance offers the following advantages:
- The insurer deals with all the legal liabilities to the third party on behalf of the policyholder.
- One can afford it at a very low cost compared to the coverage it provides.
- It requires minimal documentation while purchasing.
- It provides financial security and peace of mind.
Can I extend the coverage of the third party bike insurance?
No, you cannot extend the coverage of the third party bike insurance as this insurance provides the basic coverage without any options of add-ons. One can avail extensive coverage by purchasing comprehensive bike insurance.
How can I purchase Reliance third party bike insurance?
You can purchase Reliance third party bike insurance in the following ways.
- By dialling their toll-free number 1800 3009
- Through their official website
- By visiting their nearest branch.
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