Third Party Bike Insurance Benefits Explained
Updated On Jul 16, 2021
This article mentions the benefits of having a third party bike insurance. It begins with an introduction of what a third party insurance is and then explains the benefits in detail.
Table of Contents
The increasing number of road accidents and fatalities increase the importance of securing your bike with an insurance policy that not only covers you for accidental damages but covers for your healthcare as well, in case of bodily injuries. As a bike owner, the best option you can avail for such a scenario is a third party insurance.
To elaborate, a third party bike insurance is a kind of bike insurance voer where your financial liabilities claimed by a third person for damages caused to them or their property is provided by a bike insurance company. Therefore, this policy protects you financially against all possibilities and in this article we are going to tell you about the benefits of the same.
Everything You Need To Know About Third Party Bike Insurance Benefits
The advantages of a third party bike insurance can be measured by understanding its benefits outlined in the following points.
Mandatory By Law
According to the Motor Vehicles Act, 1988, in India, all bike owners must have a third party insurance as a guarantee against losses and damages caused to another person, individual or property by your bike. It is a necessary protection that offers adequate insurance coverage for the payment of any financial liabilities towards a third party, arising out of an accident. In case you are caught without a third party insurance cover, you will have to pay a hefty fine.
Compensation For Third Party Death/Bodily Injuries
Accidents occur anywhere and its consequences are difficult to gauge. In case your bike meets with an accident where a third party is involved and it leads to fatal bodily injuries for that person, a third party insurance takes care of your liabilities towards them. It pays for their hospitalisation charges and medical expenses incurred for their treatment. In case the third party unfortunately dies, your third party insurance also pays for their compensation upto a specified limit.
Compensation For Third Party Property Damage
In case your bike has caused damage to a property due to an accident, you need not worry about your financial liabilities toward it. A third party insurance policy will cover the costs of damage incurred by the third party, relieving you of paying anything extra from your own pockets towards the same. This coverage is limited to Rs. 1 Lakh.
These are in short the major benefits of having a third party bike insurance cover. It seeks to protect and cushion you financially against liabilities towards a third party as well as yourself. Accidents do not announce and arrive and the aftermath of one entails heavy financial transactions. This is why you must secure your bike by an insurance policy to ensure complete monetary support during an emergency.
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.