Reliance Third Party Bike Insurance
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Reliance Third Party Bike Insurance
Reliance Third Party Bike Insurance plan shields its policyholder from all the financial and legal obligations of the third party in case of an unfortunate event of an accident. It provides basic coverage to the policyholder and is mandatory by the law. It serves as the most economical bike insurance plan.
Reliance third party bike insurance serves as the most cost-effective insurance that covers all the third party liabilities arising out of a road mishap. It provides its policyholders financial and legal security against the uncertainties of life at a very low premium rate.
Reliance Third Party Bike Insurance vs Comprehensive Bike Insurance
Third Party Bike Insurance
Comprehensive Bike Insurance
This type of insurance policy provides coverage to the owner of the two-wheeler against the financial and legal liabilities against the third parties which include bodily injuries, death or damage to the property of the third party that can arise during an unpredicted event or any mushapy. A third-party insurance policy is mandatory for a two-wheeler owner in India as per the Motor Vehicles Act.
A comprehensive two-wheeler insurance policy provides extensive coverage. This type of two-wheeler insurance policy provides the two-wheeler owner coverage and compensation against the own damages to the insured two-wheeler and third-party liabilities such as bodily injuries/demise/damage of the property of a third party that may arise during an unforeseen event or any mishap.
As a third party insurance policy is the most basic two-wheeler insurance policy that provides limited coverage no add-on cover can be availed under this policy.
As comprehensive insurance policy provides a blend of third party coverage and one damages cover you can avail add-on covers under this policy. Some add-ons offered by insurance company are Nil Depreciation, Daily Allowance Benefit, EMI Protection and Helmet Cover.
Nature of requirement
Third-party insurance policy is mandatory for all two-wheeler owners in India as per the Motor Vehicles Act. In case the two-wheeler owner/driver is found without a third party insurance policy he/she can be penalised.
A comprehensive two-wheeler insurance policy is not mandatory for a two-wheeler owner but it is recommended by the insurance provider as it covers both third party liabilities and own-damages. After purchasing a comprehensive insurance policy you will not require a third party cover separately.
This type of two-wheeler insurance policy is quite affordable as it only offers coverage for third-party liabilities, which is limited as compared to comprehensive two-wheeler insurance policy.
Comprehensive two-wheeler insurance policies are relatively expensive as this type of two-wheeler insurance policy provides extensive coverage.
What All Is Covered Under Reliance Third Party Bike Insurance Plan?
Reliance third party bike insurance plan provides coverage of the following liabilities of the third party in case of a road accident/mishap of the insured’s bike:
- Bodily Injuries to a Third Party: Reliance third party insurance policy provides coverage for the bodily injuries/demise/disability caused to the third party in an accident involving the insured two-wheeler. In case the third party suffers from a bodily injury or disability caused in an accident, a compensation shall be provided to the third-party till he/she recovers. Demise of the third party due to an accident is also covered under this type of policy.
- Damage to Third Party Property: Under Reliance third party insurance policy damages to third party property for upto Rs. 1 Lakh shall be compensated for, in case the property is damaged due to an accident involving the insured two-wheeler.
- Damage to Third Party Vehicle: Damage to the third party vehicle caused in an accident involving the insured two-wheeler shall be compensated for. Cost or repairs/damages to the third party vehicle caused in an accident involving the policyholder’s two wheeler shall be covered under this policy.
What All Is Not Covered Under Reliance 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:
- Reliance third-party insurance policy does not cover the cost of any damages/repairs to your own vehicle or belongings in the event of an accident.
- Damages to the insured vehicle caused due to driving under the influence of alcohol/drugs or any other intoxicating substance.
- If the driver/two-wheeler without a valid license then the two-wheeler driver/owner can be denied with the claim.
- Injuries suffered by the policyholder in case of an accident shall not be covered under a third-party insurance policy.
Key Benefits of Purchasing Reliance Third Party Bike Insurance
Third-party insurance policies may be compulsory to be owned by every two-wheeler owner and may offer limited coverage but can be very helpful in times of crisis. Below mentioned are some benefits of purchasing a Reliance Third Party Insurance policy:
- Financial and Legal Security: Reliance third party insurance policy provides coverage against the policyholder’s financial and legal liabilities in the event of property or personal damage of any kind to the third party. A third party insurance policy provides monetary and legal assistance in case of any bodily injuries/demise/property damages to a third party in case an unforeseen event takes place. Under such circumstances legal and financial burden that may fall on the policyholder is taken care of with the help of a third party insurance policy.
- Peace of Mind: This type of insurance policy gives the two-wheeler insurance policy a sense of peace of mind. This policy not only allows the policyholder to comply with law and drive your two-wheeler legally as per the Motor Vehicles Act but also provides legal and financial protection in difficult situations. This type of two-wheeler insurance policy can be very helpful in case of any bodily injuries/demise/property damage of the third party
- Affordable: Two-wheeler third party insurance policies are considered the most basic type insurance policy. This type of two-wheeler insurance policy provides limited coverage and is very affordable. This is the reason why most people choose to go for a third-party insurance policy for their two-wheeler.
Explore Reliance Bike Insurance
Must Read Articles before buying Reliance Bike Insurance
- Bike Insurance can help you financially in case of accidents. Read this article to know all about Reliance General Bike Insurance.
- Read this article to understand the benefits of purchasing your bike insurance from Reliance General Insurance.
- Check list of top two-wheeler insurance companies in India on the basis of the claim settlement ratio of each of the companies.
- Why insurance claims are rejected? Lets explore top reasons why two-wheeler insurance claims are denied generally.
- What are the types of two-wheeler insurance in India? Why is it essential to purchase a good two-wheeler insurance plan? Read more.
Reliance Bike Insurance User Reviews
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- Zero Depreciation
- Own Damage
- Cashless Garages
- Policy Download
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35 Reliance Cashless Garages in India
Reliance Third Party Bike Insurance FAQs
Is third party bike insurance mandatory?
Yes, having at least a third party insurance for a bike is mandatory as per Indian Motor Tariff in the country. Also, every new bike must have a third party insurance for at least 5 years.
What is the coverage amount for third party property damage and bodily injury/disability/loss of life?
Reliance third party bike insurance covers property damage of the third party to an extent of Rs. 1 lakh. However, in the following cases, the amount of compensation is decided by a court of law:
- Death or bodily injury to a third party
- Permanent Total Disability of the insured bike owner/driver.
What are the advantages of Reliance third party bike insurance?
Reliance third party bike insurance offers the following advantages:
- The insurer deals with all the legal liabilities to the third party on behalf of the policyholder.
- One can afford it at a very low cost compared to the coverage it provides.
- It requires minimal documentation while purchasing.
- It provides financial security and peace of mind.
Can I extend the coverage of the third party bike insurance?
No, you cannot extend the coverage of the third party bike insurance as this insurance provides the basic coverage without any options of add-ons. One can avail extensive coverage by purchasing comprehensive bike insurance.
How can I purchase Reliance third party bike insurance?
You can purchase Reliance third party bike insurance in the following ways:
- By dialling their toll-free number 1800-3009
- Through their official website
- By visiting their nearest branch.
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