SBI Third-Party Bike Insurance Policy Explained

Third-party bike insurance is as necessary as usual bike insurance as it takes care of the expenses claimed by the third-party person out of the accident where the insured bike is at fault. It is a compulsion for everyone who owns a bike to have a third-party bike insurance cover, without which the police can arrest you for legal proceedings or charge heavy penalties. 

There are a number of insurance companies that offer a third-party insurance policy. These policy covers are slightly different from the standard policy covers. Much beneficial inclusion is available in third-party bike insurance. SBI general insurance company is one of the most trustworthy firms and is well-known for providing excellent assistance during any uncertainties. In this article, we shall look at the third-party bike insurance policy offered by the SBI general insurance company. 

Why Is Third-Party Bike Insurance Policy Important?

According to the Motor Vehicles Act of 1988, it is compulsory to have a third-party bike insurance cover. Without third-party bike insurance, the owner of the bike is liable to pay the penalty, and any legal action can be taken against the owner, by the police. Hence, it is necessary to buy third-party bike insurance to provide financial aid in case of a liability arising from the third party.

SBI Third-Party Bike Insurance

The third-party bike insurance provided by the SBI General Insurance company fulfils the demands of the Indian Motor Tariff Act and keep you protected from third-party liabilities. It covers the legal and financial liabilities of the bike insured to the third party. 

SBI General Insurance company, over years, has enhanced the customer experience by introducing online portals and active help desk services. The third-party bike insurance covers third party damage, loss or death due to unforeseen circumstances involving the insured’s bike. 

Features of SBI Third-Party Bike Insurance

The features of SBI third-party bike insurance slightly differ from that of the comprehensive and standard bike insurance policy. Let us look at the important features: 

• The third-party insurance policy covers the financial and legal liabilities to the third party only.
• This type of policy is a statutory requirement according to the Indian Motor Tariff Act.
• No add-ons are available for policyholders 
• The premium of a third-party insurance policy is low due to its limited coverage. 
• The insurer provides compensation for third-party damage up to Rs. 1 Lakhs. 
• Any disabilities, injuries, or loss of life of the third party due to the insured’s bike gets compensated by the third-party insurance policy. Compensation is decided by the court of law. 

What Is Not Included In The SBI Third-Party Bike Insurance 

On comparing the features of the SBI third-party bike insurance with that of the comprehensive bike insurance, it is evident that the third-party insurance offers limited benefits. Let us look at the facilities that are not included in the SBI third-party bike insurance:

• No optional personal accident cover provided 
• No cover is provided for damages incurred by the insured’s bike 
• No compensation is provided for injuries sustained by the policyholder. 
• No claim is processed if the policyholder drives without a driving license. 
• For the acceptance of the claim, it is necessary to not drink and drive. 

Conclusion 

From the arguments above it can be concluded that you must always purchase your third-party bike insurance cover when buying a personal bike insurance policy. Third-party bike insurance has limited benefits to offer and hence, cannot suffice the need for a personal bike insurance policy. No add-ons are available on a third-party bike insurance policy. You must compare the plans of various companies and then choose a plan that is pocket friendly and beneficial. 

Also read

Benefits of Third-Party Bike Insurance

Common Mistakes While Filing Third Party Bike Insurance Policy

Disclaimer: This article is issued in the 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.