Third Party Bike Insurance
What is Third Party Bike Insurance?
Third Party Cover Only Two-Wheeler insurance plan is the most basic type of insurance plan available for two-wheelers. It provides coverage to the policyholder for all third party liabilities (bodily injuries, death and/or property damage) caused due to a road accident or any other mishap involving the insured’s two-wheeler. While the amount of compensation in case of third party bodily injury/death is decided by a court of law, the extent of compensation for third party property damage is limited to Rs. 1 lakh.
Importance of Third Party Bike Insurance
It is mandatory in India for every two-wheeler owner to have at least a third party two-wheeler insurance, as per the Indian Motors Tariff 2002. A third party two-wheeler insurance policy is the most basic insurance coverage.
What All Is Covered Under A Third Party Two-Wheeler Cover?
- Third Party Property Damage: Any third party property damage caused by the insured’s two-wheeler is covered under the third party/liability only insurance policy up to Rs.1 lakh.
- Third Party Death/Bodily Injury: The compensation amount in case of third party bodily injuries/death is decided by a court of law. In case of loss of both the limbs or both eye sights/ permanent disability or death of a third party, the insurer provides 100% compensation. Whereas, in case of partial disabilities like bodily injuries or loss of one limb or loss of one eye sight, the insurer provides 50% compensation.
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What Is Not Covered Under A Third Party Two-Wheeler Insurance?
A third party two-wheeler insurance does not cover any damage incurred by the insured’s two-wheeler or its owner or driver. You can opt for comprehensive two-wheeler insurance or standalone own-damage two-wheeler insurance to get your two-wheeler insured for own-damages. For insuring yourself or the driver of your two-wheeler, you can purchase a personal accident cover or paid driver cover as per the requirement.
Add-ons For Your Bike Insurance Policy
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.
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.
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.
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.
Third Party Bike Insurance
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