Reasons to buy third-party bike insurance
· Quick and easy purchase
You can get your preferred insurance online with minimum documentation by visiting the Bajaj Finance website.
· Financial assistance and legal coverage
The insurance company mitigates any problems the insured faces. Third-party bike insurance not only covers injuries/damages caused to third party but also gives legal help.
· Cost-effective insurance policy
Third-party bike insurance provides maximum benefit at minimum cost. IRDAI regulates all third-party insurance premiums, making the premium rates attractive and affordable.
· Waives off unwanted penalty
As per the Motor Vehicle Act, you should buy a third-party two-wheeler if you own a two-wheeler. The minimum requirement is third-party insurance. It saves you from penalty.
Steps to apply for third-party bike insurance
If you are looking to buy third party two-wheeler insurance or 3rd party bike insurance, the following steps can guide you through the application process:
1. Click here to visit our online application form.
2. Fill in the details of your two-wheeler, such as the type, registration number, and PIN code, and click on Get Quote.
3. Choose the IDV, NCB value, optional add-on covers, and plan type for your third-party two-wheeler insurance.
4. Select the owner-driver personal accident cover as mandated by the RTO and proceed to the next step.
5. Confirm the vehicle registration date and previous policy type (Comprehensive/third-party).
6. Provide your personal details such as name, date of birth, residential address, contact number, and previous insurance policy details.
7. Review the details entered and make the payment through your preferred online payment mode.
Follow these simple steps to apply for third-party two-wheeler insurance. Stay protected against liabilities arising due to third-party property damage or injury caused by your vehicle.
Process to renew third-party bike insurance online
Here are the steps to renew your third-party bike insurance online:
1. Visit the insurance provider’s website and select the option to renew your third-party bike insurance online. You can also click here to visit our online application form to renew.
2. Provide your policy number and other relevant details such as your vehicle registration number, mobile number, and PIN code.
3. Check and update your policy coverage and make any necessary modifications.
4. Review your policy information and premium amount and make the payment through your preferred online payment mode - debit/credit card, net banking, or digital wallets.
5. Once the payment is processed, you will receive a confirmation of the policy renewal along with the updated policy document.
By renewing your third-party two-wheeler insurance online, you can ensure that your two-wheeler stays covered against third-party liabilities.
Difference between comprehensive, own damage and third-party two-wheeler insurance
Here is a quick comparison between own damage, comprehensive, and third-party bike insurance.
Comprehensive bike insurance
Own damage insurance for bike
Third-party bike insurance
Covers financial losses caused to own vehicle and third party. It includes losses for theft, fire, or man-made disasters.
Covers damages caused to the policyholder’s insured vehicle due to accidents, theft, natural or man-made disasters and other perils.
Covers financial losses arising due to damage to third-party property or life by the insured vehicle.
Policy premium is usually on the higher side as the coverage is extensive.
Policy premium is lower compared to comprehensive insurance.
Policy premium is comparatively lower.
Extend your motor insurance policy with add-on covers like zero depreciation, roadside assistance, engine protection, etc.
Customise the own damage cover with add-on covers and get extra financial protection. Some popular add-ons include roadside assistance, engine protect, zero depreciation, and pillion rider cover.
Add-on coverage for personal accident cover is applicable.
Inclusions of third-party bike insurance
These are some exclusions of third-party two-wheeler insurance policy:
· Death or injuries to third party
Third-party two-wheeler insurance covers medical expenses of third party. It also covers the loss of income of third party due to death or disability because of the accident.
· Third-party property damage
In case the insured bike causes any damage to third-party property, one can pay for it using the third-party bike insurance coverage.
· Death of the owner or rider of the insured two-wheeler
If the owner of the bike or rider dies due to an accident, the policy will compensate their dependents for loss of income.
· Permanent total disability of the owner or rider of the insured two-wheeler
A third-party two-wheeler insurance policy will offer financial coverage in case of permanent total disability to the bike owner or rider.
Exclusions of third-party bike insurance
These are some exclusions of third-party insurance for bike:
- Losses caused to the insured vehicle due to over-speeding.
- Damages due to riding a bike under the influence of alcohol.
- Accidents due to electrical or mechanical failure.
- Damages to third-party caused outside the stated geographical area.
- Bikes used for any commercial purpose without prior communication to the insurer.
- Loss due to riots, terrorist attacks, war, etc.
Claim process and documents required for third-party bike insurance in case of an accident
Here is how you can raise a third-party bike insurance claim in case of accidental damages caused to a third party.
Step 1: Take photographs of the damaged areas on your bike. Visual evidence is crucial for substantiating your claim.
Step 2: Note down the details of the vehicle responsible for the damage, including the registration number, make, model, and any identifiable features.
Step 3: If possible, identify and collect contact details from potential eyewitnesses to the accident. Their statements can serve as valuable evidence during the claims process.
Step 4: Then, inform your insurance provider so they will be able to guide you regarding specific scenarios.
Step 5: Visit the police station located where the accident took place and file a First Information Report (FIR). This legal document is crucial for initiating the formalities related to the accident.
Step 6: Register a case with the Motor Accident Claims Tribunal Court (MACT) with the help of a lawyer. A legal expertise ensures that you follow the correct legal procedures for your claim.
Step 7: Prove in court that the third party was guilty by providing the required documents and details. This may include witness statements, the FIR, and other relevant evidence.
Step 8: Once guilt is proven, you can claim applicable compensation from the insurance company of the person responsible for the damages. The compensation covers the financial losses incurred due to the accident.
Also, check the documents required for accident claims.
The claim process for third-party two-wheeler insurance if you caused the damage
If your two-wheeler caused an accident, the claim process would be as follows:
Step 1: Take pictures of the incident, note down all vehicle details, and get an eyewitness.
Step 2: Inform the insurer and register an FIR.
Step 3: Register a case at Motor Accident Claims Tribunal Court and be present at court proceedings.
Step 4: Submit all documents, inform about the court order to your insurer and get compensation accordingly.