How To Claim Third Party Insurance for Your Bike

When it comes to bike insurance, third party bike insurance is the most basic and mandatory cover that every bike or any two-wheeler must own to legally ride the vehicle on road in the country. At least a third party bike insurance plan is a mandatory requirement as per the Indian Motor Tariff owing to the plan’s high relevance and significant coverage.

What Is a Third Party Bike Insurance?

Third party bike insurance is a cover, which is designed to insure policyholders against third party liabilities i.e damages sustained by a third party due to an accident involving the bike of the insured person. Every bike rider must have this insurance cover as if caught without it, the rider shall be entitled to pay a fine of Rs. 2,000 and can even be jailed for up to 3 months.

What All Is Covered Under a Third Party Bike Insurance Claim?

A third party bike insurance plan brings different benefits and coverage for a policyholder. A claim for the following can be made under a third party bike insurance plan:

  • Cover for Third Party Bodily Injury and Death

If any damage incurred by a third party leads to medical expenses or hospitalisation due to an accident with the insured person’s bike, then medical costs are taken care off by the insurance policy. A third party plan also covers compensation amount in case of death of the third party person.

  • Cover for Third Party Property Damage

If any damage or loss is incurred to the property of a third party, a compensation amount of up to Rs. 1 lakh is offered to the third party under a third party bike insurance policy.

How to Make a Third Party Bike Insurance Claim?

The third party claim procedure is quite different from the own-damage claim process. Here are the simple steps that you can follow to make a third party bike insurance claim:

  • Click the clear pictures of the damages incurred after the accident
  • Note down all the relevant details of the damaged vehicle or vehicles
  • If any eye-witness of the accident is there, note down his or her contact details
  • Inform your insurance company about the accident and act as per their guidance
  • Register a First Information Report (FIR) at a police station of that particular jurisdiction
  • File a case with the Motor Accident Claims Tribunal Court with the help of a lawyer
  • Attend the court proceedings, tell the actual happening and submit all the required documents and details
  • Share the court’s order with the insurer and receive the compensation for the expenses of the bodily injuries and property damages.

Documents Required to Make a Third Party Insurance Claim

It is quite easy to buy an affordable third party bike insurance plan and even more easy to make a claim under it. But, it is only possible when the policyholder acquires all the valid and relevant documents. Below is a list of the necessary documents that are required to make the claim request for a third party insurance:

  • Driving license (DL)
  • Insurance Policy Document
  • Duly filled and signed claim form
  • Registration Certificate (RC) of the two-wheeler
  • Pollution Under Control (PUC) Certificate
  • First Investigation Report (FIR) (in an event of accident)
  • Original receipt/bills of bike or any two-wheeler repairs
  • Duly signed Satisfaction Voucher (SV) or Discharge Voucher (DV)
  • A copy of PAN Card (if the claim amount is more than Rs. 1 lakh)

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Take Away

The Third Party Bike Insurance Claim is requested to get the claim against the financial liabilities that a policyholder may incur towards a third party. It is a compulsory requirement for every bike owner in India. The complete information about it can safeguard the policyholders from the penalties as well as post-accidental expenses to quite an extent.

Add-ons For Your Bike Insurance Policy

  • Zero Depreciation

    Like other assets, the value of your bike also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover

    The damages incurred by the engine of the bike are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone bike insurance policy can save you from these expenses.

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