Since you must have third party bike insurance for your two-wheeler as per law, we are sure you are rushing around to get it done at the last minute. Covering your bike with two-wheeler insurance not only keeps you safe, but it also protects your finances in case something goes wrong. But if you don’t follow the rules of the Motor Vehicles Act of 1988, you’ll have to pay a lot of money. So, check out these two-wheeler insurance third party procedures to make your purchase go more quickly:
Why should you buy third-party insurance for your two-wheeler?
Most of the time, third-party insurance protects the riders from any damage they cause to a third party. But it doesn’t pay for damage to you or your car. Depending on the insurance company, third-party insurance is based on a lot of things that a customer should be aware of. So, read through these 5 things to get a better idea of how the insurance policy works.
- Coverage
- Premium
- Vehicle
- Engine capacity
- City of Registration
Aside from the liability benefits, third-party two-wheeler insurance has a lot of other benefits for its customers. With these benefits, third party bike insurance gives you the right protection when unfortunate things happen. Read about a few of the most common benefits that most insurance companies offer:
- The coverage can be for damage or injury to a third party, as well as long-term coverage for 5 years.
- Personal accident insurance only covers a rider’s unfortunate demise or disability.
- Compared to other insurance policies, the premiums for this one are low.
- Not only is it easy to buy but there is also very little paperwork to deal with.
How does the third-party insurance get renewed?
The best time to renew your third-party two-wheeler insurance is the day before it runs out. You need to keep the focus on the expiration date at all times. Keeping track of when your policy actually ends will help you avoid inspection fees in the long run. Before you renew your policy, you should also check to see if there are any rebates. So, if you want to renew your two wheeler insurance, you should do it online.
Before you decide to go through the renewal process, think about the following:
Keep your policy handy in case you need to look it up.
For the renewal, use your debit card or online banking information. Use the certificate of registration that came with your insured car.
What’s the difference between third-party insurance and insurance that covers everything?
Two-wheeler insurance is made up of two different types of policies. Third-party insurance is the first type, and comprehensive insurance is the second. Both of these policies are entirely different in how they are created and what they are meant to do. So, go over the differences between these two policies so that you don’t get confused when you buy something.
| DIFFERENCE | THIRD PARTY | COMPREHENSIVE |
| Meaning | It is a compulsory policy that handles the charges of third-party loss or damage | It is a combination of own damage insurance as well as third-party insurance |
| Coverage | Limited | Extensive |
| Affordability | Less expensive due to fixed rates by IRDAI. # | Expensive due to the presence of two components: third-party premium and own damage premium |
| Add-ons | Only allow a personal accident cover which is a part of the policy | Provides a personal accident cover, zero depreciation, return to invoice, the pillion rider, and so forth |
Be sure to use the two wheeler insurance premium calculator to figure out the premium you will be paying. Now that you know everything you need to know before buying third-party insurance, when do you plan to make the purchase?
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.
