Liberty Third Party Bike Insurance
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Liberty Third Party Bike Insurance
Liberty General Insurance has been successfully shielding the public from the unforeseen events of life over time. It provides protection against the legal and financial liabilities to the third party. This also helps the policyholders to fulfil the statutory requirements as per the law.
Liberty General Insurance has tried to enhance the experience of the policyholders by digitalizing the process. Liberty third party bike insurance policy provides basic coverage at an affordable cost.
Liberty Third Party Bike Insurance vs Comprehensive Bike Insurance
Third Party Bike Insurance
Comprehensive Bike Insurance
A third party insurance policy provides coverage for the third party liabilities that may arise during an unforeseen event. Third party liabilities include bodily injuries, death or damage to the property of the third party that may occur during an accident or an unforeseen event. This type of two-wheeler insurance policy provides legal and financial assistance.
This is a holistic insurance policy for a two-wheeler, A comprehensive insurance policy provides coverage for damages to the two-wheeler and third party liabilities that may arise during an accident or an unforeseen event. This policy provides both financial assistance in case damages to the insured two-wheeler and legal assistance in case of any third party liabilities.
Nature of Requirement
This type of insurance policy is mandatory while driving a two-wheeler in India according to the Motor Vehicles Act. If a person is caught driving the two-wheeler without a third party insurance policy he/she shall be fined and/or imprisoned.
This type of two-wheeler insurance policy is not compulsory but is generally opted for because of the type of coverage provided. After purchasing a comprehensive you will not require a third party insurance policy.
No add-on covers can be availed under a third party insurance policy as this policy provides limited coverage.
Add-on covers can be availed under a comprehensive insurance policy. Some add-on covers offered by Liberty General Insurance are Depreciation Cover, Consumables Cover, Gap Value Cover, Roadside Assistance Cover and Engine Safe Cover.
Quite affordable as the coverage provided under a third party insurance policy is quite basic.
A comprehensive insurance policy is expensive as compared to a third party insurance policy as this type policy provides extensive coverage.
What All Is Covered Under Liberty Third Party Bike Insurance Policy?
The coverages provided by Liberty third party bike insurance policy are described below.
- Financial Liabilities: A third party insurance policy provides coverage for any property damage of the third party that may arise during an accident involving the insured two-wheeler. A compensation for the third party property damages for upto Rs. 1 Lakh shall be provided under such circumstances
- Legal Assistance: A third party insurance policy comes in handy in case of third party liabilities such as bodily injuries, disability or demise of the third party in case of an accident or an unforeseen event involving the insured vehicle. In such cases the compensation shall be fixed by the court of law.
Helps to Comply with Legal Provisions: One of the main reasons why a third party insurance policy is purchased is because of the legal provisions. A third party insurance policy is compulsory while driving a two-wheeler in India as per the Motor Vehicles Act. A third party liability insurance policy helps a policyholder to comply with legal provisions.
What All Is Not Covered Under Liberty Third Party Bike Insurance Plan?
The third party insurance cover offers limited insurance coverage which every policyholder needs to be aware of. Here are the points which are not covered under the third party bike insurance policy:
- Damages sustained by the insured two-wheeler shall not be covered under a third party insurance policy
- Compensation for the bodily injuries suffered by the policyholder during an accident or an unforeseen event will not be provided to under a third party insurance policy
- Driving the insured two-wheeler under the influence of alcohol/drugs/other intoxicants is not covered
- Driving the insured two-wheeler without a valid license is not covered.
Key Benefits of Purchasing Liberty Third Party Bike Insurance
A two wheeler insurance policy is mandatory in India because it provides limited coverage by covering third party liabilities but below mentioned reasons can justify why third party insurance policies are very beneficial in times of crisis:
- Legal and Monetary Assistance: Prime advantage of purchasing a third party insurance policy is that this type of two-wheeler insurance policy provides protection from the third parties liabilities such as injuries, disability, any kind of property damage or demise of the third party which may occur during an unforeseen event. Legal and monetary assistance is provided to the policyholder in case any of the mentioned situations occur. The third-party insurance policy provides restricted coverage but it's very beneficial for a person who drives their two-wheeler on a regular basis.
- Sense of Security: Although a third party policy does not cover its own damages it does provide monetary and legal assistance for the third party liabilities that may occur during an unforeseen event. Since it is a mandatory insurance cover for every two-wheeler owner/driver one has to have this policy while driving a two-wheeler in India. Once you have purchased a two-wheeler third party insurance policy you can drive your two-wheeler legally as per the Motor Vehicles Act.
- Affordable Coverage: Two-wheeler third party insurance policy is the most basic coverage policy for a two-wheeler. Due to the nature of coverage of a third party insurance policy the premiums for the policy are quite affordable. Hence, third party insurance policies are very affordable.
Explore Liberty Bike Insurance
Must Read Articles before buying Liberty Bike Insurance
- Read this article to know about the online renewal of Liberty’s two-wheeler insurance policy.
- Read this article to understand and keep in mind the mistakes that you should avoid while renewing your bike insurance with Liberty General Insurance.
- What is personal accident insurance? Why should anyone get a personal accident policy? Read along to know the importance of personal accident policy.
- Before buying a bike insurance policy, following are the factors which will influence the insurance premium of a two-wheeler. Read more.
Liberty Bike Insurance User Reviews
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Liberty Third Party Bike Insurance FAQs
Why do I need Liberty third party bike insurance?
The reasons to get the Liberty third party bike insurance policy are as follows:
- It is mandatory as per the Indian Motor Tariff.
- This policy saves you from the financial and legal liabilities towards the third party in case of an accident.
Can I stretch the coverage of Liberty third party bike insurance policy?
No, the coverage of the Liberty third party bike insurance policy can not be stretched as it does not offer any add-on.
What documents do I need to get the Liberty third party bike insurance policy?
The necessary documents required to get the Liberty third party bike insurance policy are listed below:
- Personal details of the policyholder such as name, contact number etc.
- Address Proof (Aadhar card, Voter Id, PAN Card or Passport)
- Photo ID proof
- Certificate of Registration of the bike
- Existing policy number (If any)
- Copy of valid driving license.
Do I get any compensation for the damage of my bike in case of an accident?
No, the third party bike insurance does not cover the damage of the insured’s bike under any circumstances even in case of an accident.
How can I pay the premium of the Liberty third party bike insurance?
The payment for the premium of the Liberty third party bike insurance policy can be done in the following ways:
- Visit the nearest branch
- Go to the official website of Liberty General Insurance
- Contact the support team of Liberty General Insurance by dialling the toll-free helpline number 1800-266-5844.
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