Third Party Bike Insurance
Third Party/Liability 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.
Third Party Two-Wheeler Insurance Is A Legal Recruitment In India
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.
Read more: Bike Insurance Renewal
Disclaimer: This article is issued in 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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