Is Third Party Insurance Compulsory for Two Wheeler?
As per the Indian Motor Tariff Act, it is mandatory for all the two-wheeler owners to at least have a third party liability plan. Read on to know more.
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In today’s time, two-wheelers have emerged as one of the most convenient modes of travel. With the help of a two-wheeler, one can easily maneuver through traffic and even travel with ease. However, once you have purchased a two-wheeler, you need to also acquire certain important documents like bike insurance and others. According to the Motor Vehicles Act of 1988, third-party bike insurance is a must-have for all bike owners. Read on to know all about third-party bike insurance which is compulsory for legally riding on Indian roads.
Third-party Bike Insurance
A third-party bike insurance policy is an agreement between the policyholder and the insurance company that ensures any damage to third parties is covered by the insurance company. And with the compulsion to have third-party bike insurance, there are various penalties imposed for the violation of this rule. For instance, if you are found riding without third-party bike insurance, then you will be imposed with a fine of Rs. 2000 or can be imprisoned for 3 months. If you are found violating this rule for the second time, then the fine only increases, so it is better to have third-party bike insurance as soon as you have purchased a new bike.
Benefits Of Third-party Bike Insurance
Some of the benefits of third-party bike insurance are listed below:
- In case any third-party is injured due to the insured’s vehicle, then financial compensation is provided to the insured. In case a third-party dies, then a certain amount as compensation is also provided by the insurer.
- With third-party bike insurance, you can also get coverage if any property of a third-party is damaged.
However, please note that third-party bike insurance does not cover damage done to your bike. Any loss or damage to your bike because of theft or any natural disasters will not get covered under a third-party liability plan. So, now the question is, what must you have along with third-party bike insurance? Let’s address the same in the section below.
Is Third-party Bike Insurance Enough?
Well, if you were to ask whether third-party bike insurance is enough or not, the answer would be no as third-party bike insurance does not provide complete coverage. In order to ensure complete safety, it is a better idea to purchase a comprehensive bike insurance policy along with third-party bike insurance. As comprehensive bike insurance provides complete coverage like providing compensation for the repair of your bikes along with offering third-party coverage. Moreover, with comprehensive bike insurance, you can also add preferred add-ons like bike engine protection cover, zero depreciation cover, and more in order to further enhance the benefits of the insurance plan. So, depending on your budget and requirements, also consider buying other types of bike insurance.
Thus, it can be concluded that third-party bike insurance must be possessed by all bike owners irrespective of what their requirements are. Along with third-party bike insurance, individuals can also buy comprehensive bike insurance to avail of the maximum benefits of a bike insurance plan.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.