Third Party Bike Insurance
In India, it is still common that most bikers ignore having bike insurance considering it to be nothing more than a legal formality. However, succumbing to this perception will only enhance your chances of becoming another victim to the rising rate of road accidents. Therefore, it is time you bolster your bike with third-party insurance coverage. It is the third party bike insurance that can provide you with proper coverage during an emergency.
Availing a third party bike insurance in India has become mandatory for the bikers as per the Indian Motor Tariff Act, 2002. Moreover, the digital era has not only reduced the complexities of having two-wheeler insurance but the influence of IRDAI has also made the entire process a lot simpler. Some of the benefits of availing third party insurance is being elaborately discussed below:
Benefits of Third Party Bike Insurance
Complying with the Legal Requirements
As per the laws in the country, it is mandatory that every two-wheeler rider must have third party bike insurance. Therefore, having an active bike insurance plan will not only help you to comply with the law but will also provide accidental coverage to your two-wheeler. This makes it a crucial aspect for every bike rider to renew their bike insurance at a periodic interval.
Failing to comply with this legal requirement may get you in trouble and also provide you with no coverage against any damage. Moreover, availing a third party insurance policy will also help you to take care of any unprecedented legal or financial compulsions that may arise from a collision or accident.
Coverage against Natural as well as Man Made Perils
Insuring your two-wheeler with a third party bike insurance will provide you with coverage against both natural as well as man-made calamities. In the case of natural disasters like earthquakes or floods, the third party insurance company provides compensation against damages to the bike. The third-party insurance policy also provides coverage against damages that occurred due to man-made perils. However, the coverage of damages due to the man-made perils is limited to the liability of the incident.
Available at a Cost-Effective Price
These days you don’t need to shell out a huge amount for availing a third party insurance plan. The rates of the third-party insurance plan are comparatively lower than a comprehensive insurance plan. Besides, the IRDAI has mandated the third party insurance company to maintain a particular price. This helps an individual to avail third-party insurance at a cost-effective price. The insurance provider can only charge a varying amount in case of a comprehensive two-wheeler insurance plan.
Involves Fewer Complications
The process of availing third party insurance policy is very plain and simple. Therefore, it becomes very easy to have a third party bike insurance as it involves lesser complications. For instance, a comprehensive bike insurance plan includes lots of terms and conditions and paperwork. Moreover, the price charged for premium features makes the whole process a lot complicated, especially if an insurer is not well aware of its benefits. Whereas availing a third party bike insurance plan is very easy, both in terms of procedure or pricing.
The simplicity of the process will not only protect your two-wheeler against damage but will also consume less time. Moreover, the process is hassle-free as you need to renew your two-wheeler after every three years.
Provides a Sense of Security
Insurance always provides a sense of security, be it in case of a vehicle or any other thing. Most importantly, insuring your two-wheeler with a third party bike insurance gives a sense of security and peace of mind. Having a third party bike insurance also saves the two-wheeler rider from fine imposed by traffic police. Thus, you can carry on your daily lifestyle without worrying about any unprecedented expenses.
Long Term Coverage
IRDAI has implemented new rules and regulation on the third-party liability policy according to which the two-wheeler owner will get a long term coverage on insurance. Now, the consumer will get three years to five years of insurance coverage. Thus, one doesn’t have to worry about renewing the third party bike insurance policy on a yearly basis. Moreover, having long-term insurance coverage will save you from the risk of legal entanglements and unprecedented accidents. The two-wheeler insurer can also avail multi-year insurance policy under the third party insurance coverage.
Stay Safe and Insured
Staying safe and insured depends on the interest of the bike owner. However, availing a third party bike insurance coverage will protect you from legal issues. It also bolsters the insurer with peace of mind so that they can safely ride their two-wheeler without having to worry about the expenses involved in unanticipated incidents.