Kotak Third-Party Bike Insurance Policy Explained

Published On Oct 26, 2021 10:00 AM By InsuranceDekho

Bike insurance is a contract between the bike owner and the insurance company in which the insurance company protects the bike owner financially in the event of a loss or damage caused by an accident. Read this article to know about Kotak’s third-party bike insurance policy in detail.

One of India's fastest-growing general insurance businesses is Kotak Mahindra General Insurance. It was founded in December 2014 and began operating  in April 2015, after getting its IRDA "Certificate of Registration." In such a short time, it has effectively touched millions of people by providing bike insurance, auto insurance, and a variety of other goods. The firm has established itself as one of India's premier insurance companies, with the goal of reaching out to a wide range of customer segments digitally with high-quality bike insurance and other associated services at low prices. 

Kotak Third-Party Bike Insurance Policy Explained

Third-party insurance, own-damage insurance, and comprehensive insurance are the three major forms of two-wheeler insurance offered by Kotak Mahindra General Insurance. The three forms of insurance are classified based on the level of protection they give. Third-party liability insurance covers third-party liabilities such as physical injury, death, and property damage in the event of an accident. In India, it is mandatory to get third-party insurance, and failure to do so can result in fines of up to Rs 2,000 and/or imprisonment for up to three months.

If you want coverage for own-damage costs, you may get a separate own-damage policy, which will pay for damage to your two-wheeler in the event of an accident. The comprehensive insurance cover is the third form of two-wheeler insurance accessible; this type of insurance will cover both third-party liabilities and own-damage expenses for a single payment.

Bike Insurance for Third Parties

As the name implies, third-party bike insurance protects the rider from any legal ramifications that may emerge as a result of causing harm to a third party. The third party might be either property or a person in this case. Third-party bike insurance protects you from any liability you may incur as a result of causing inadvertent damage to another person's property or vehicle. It also covers your responsibilities if you injure or kill a third-party individual due to an accident. Anyone who owns a two-wheeler must have valid third-party bike insurance when riding on public highways in India, according to the Indian Motor Vehicle Act, 1988.

How To Purchase Two-wheeler Insurance Policies Online?

Follow the steps given below to purchase a two-wheeler insurance policy online:

  • Go to the official website of the insurance company.
  • Enter the necessary information and click to continue.
  • Choose your city and RTO zone.
  • Choose your two-wheeler manufacturer, wheeler's model, and variation.
  • Enter the year of production.
  • The premium quotations from the insurance company will be shown.
  • Choose the plan that you wish to buy.
  • Select any add-ons you want to purchase.
  • Fill up the essential information.
  • Pay the premium using a debit/credit card or through online banking.
  • The policy will be issued, and the paper will be sent to your registered email address.

Kotak Bike Insurance Benefits

  • A large network of 1,300+ garages provides emergency help 24 hours a day, seven days a week.
  • The claim settlement process is simple and quick.
  • Insurance solutions that are digitally enabled are available.
  • Allows policyholders to make as many claims as they want.

Take Away

You can keep people and yourself safe and secure with Third Party Liability insurance. The company will cover your legal obligation to third parties for physical injury (including death) and property damage resulting from an accident in which your vehicle was involved.

Also Read:

Consumables Add On Cover In Bike Insurance And Its Benefits 

Two Wheeler Insurance Companies

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.

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