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Third-Party Two-wheeler Insurance
Third-party two-wheeler insurance is an instant and simple way to protect yourself against any third-party liabilities resulting from an accident or mishap. Buying online Third-party bike insurance is an effortless process requiring minimum documents. Third-party bike insurance will save your time and money, protecting you from stress in case of any unfortunate event.
Features and Benefits
Here are some of the key features and benefits of a third-party bike insurance policy:
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No financial obligation (up to the sum insured)
The third-party bike insurance covers your financial liability for the damages caused to a person, vehicle, or property by your insured two-wheeler. As it can be a huge financial obligation to cover all these costs from your pocket.
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Online Processing
You can buy third-party bike insurance online with minimum documents. The processing is quick and easy.
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Affordable Option
Usually, the two-wheeler third-party insurance is the cheapest compared to other insurance covers and add-ons. Thus, you get a higher risk cover by paying a small premium amount.
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Peace of Mind
Two-wheeler third-party insurance premium is pocket friendly. Thus, you get a higher risk cover by just paying a small premium amount.
Difference between comprehensive and third-party two-wheeler insurance
Take a quick glance at the difference between comprehensive and third-party two-wheeler insurance policies.
| Comprehensive insurance | Third-party insurance |
|---|---|
| Covers own damage and third party, damages or losses incurred during a theft, natural or man-made disaster | Covers only third-party liabilities, damages or losses caused to the third party |
| Get add-on covers of zero depreciation, engine protection, return of invoice, roadside assistance, consumable etc. | Get an add-on cover for personal accident |
| Premium depends on the number of coverages chosen and can be higher | Premium is low, as the coverage is limited |
What is Covered under Third-Party Two-Wheeler Insurance?
The following things are covered under comprehensive third-party two-wheeler insurance:
Death or injuries to the third party:
In case of an unfortunate event, if anyone is injured or dead after meeting an accident with your insured two-wheeler, third-party two-wheeler insurance can be used. The medical expenses or loss of income due to disability or death can be claimed with this insurance. Even compensation for loss of income due to physical disabilities can be claimed.
Third-party property damage:
If your two-wheeler damages a third-party property, expenses can be paid using third-party bike insurance. As per IRDA, up to Rs. 1 lakh third-party property damages should be covered under the third-party two-wheeler insurance.
Death of owner or rider of the insured two-wheeler:
In case of an unfortunate event, the owner or the rider of the insured two-wheeler dies due to an accident, their dependents will be compensated for the sudden loss of income.
Permanent total disability of owner or rider of the insured two-wheeler:
In case of an unfortunate event, the owner or the rider of the insured two-wheeler suffers a permanent total disability due to an accident, they will be compensated for the sudden loss of income.
What is not Covered under Third-party Two-wheeler Insurance
Here are the exclusions under third-party two-wheeler insurance:
• Any damage or loss caused to two-wheelers due to speeding.
• Loss or damage caused due to irresponsible behaviour like losing keys or driving under the influence of alcohol or drugs.
• Any damage or loss caused to two-wheelers or a third-party liability arising outside the stated geographical area.
• Loss or damage caused to two-wheelers by an unauthorized rider or an underage rider.
• Mechanical or electrical failure.
• If the two-wheeler is used for other than stated purposes. Like using the two-wheeler for commercial purposes without informing the insurer.
• Loss, damage, liability arising due to war, invasion, terrorist attacks, riots or nuclear weapons.
Reasons to Buy Third-Party Bike Insurance
Quick and easy purchase:
Lengthy and tedious policy processes are a thing of the past. Now get your preferred insurance online with minimum documentation by visiting the Bajaj Finance website.
Financial assistance and legal coverage:
Along with protecting you in case of injury/death or property damage of a third party, third-party bike insurance also provides cover for any legal and financial hassles arising as a result of third-party injury or damage.
Cost-effective insurance policy:
Third-Party Bike insurance provides maximum benefit at minimum cost. All third-party insurance premiums are regulated by IRDAI, making the premium rates attractive and affordable.
Waives off unwanted penalty:
The Motor Vehicle Act specifies that every two-wheeler must be insured upon purchase. The minimum requirement is third-party insurance. It saves you from penalty.
How to Apply for Third-party Bike Insurance
Here are the steps to purchase the third-party bike insurance online:
Step 1 - Click the ‘Apply Now’ button at the top
Step 2 - Fill in the online application form with your personal and click on the ‘Submit’ button
Step 3 - Make the fee payment online
Step 4 - If required opt for a call back from our representatives or complete the process by clicking on 'Buy Now'
How to raise a claim for third-party two-wheeler insurance?
Here’s how you can raise a third-party insurance claim.
1. Click a photo of where the incident took place and note down the details of the incidents2. Get contact details of any eyewitness if present at the incident place
3. Register an FIR at the police station under whose jurisdiction the incident took place
4. File a case with the Motor Accident Tribunal Court and provide all the documents and details related to the incident
5. Once the judgement is given, provide the court orders to the insurer
After completion of these procedures, you will receive your claimed compensation.
Frequently Asked Questions (FAQ) for Third-party Bike Insurance
1. What is Third Party Bike Insurance?
Third-party two-wheeler Insurance is the simplest way to safeguard against any liabilities arising from third party involvement. In the event of an accident involving the policyholder's two-wheeler and a third party, all damages to the third party are covered by the insurance policy. Third-party bike insurance or third-party two-wheeler insurance cover is easy to obtain and affordable.
Inclusions of Third-party Bike Insurance • Cover for injury or death of third party (Compensation amount decided by the court of law) • Cover for Property damage of third party (Maximum compensation of 1 lakh is offered) • Cover for Legal process due to injury or property damage of the third party • Cover for Expenses arising from injury or property damage of the third party • Cover for damage from an uninsured third party to policyholder's vehicle2. Can I update my third-party bike insurance in zero depreciation?
The zero-depreciation add on cover is available only in the Comprehensive Third-party Bike Insurance Policy.
3. What is the claim process in third-party bike insurance?
The claim process of third-party insurance for bikes is simple and easy. Here are the claim procedures for both policyholder and third person:
1. Take clear pictures of the damages sustained after the accident.2. Note all the required details of the damaged vehicle or vehicles.
3. In case of an eyewitness of the accident, note down his or her contact details.
4. Inform the insurance provider about the accident and act according to their guidance.
5. Register a First Information Report (FIR) at a police station of that particular jurisdiction.
6. File a case at the Motor Accident Claims Tribunal Court with the assistance of a lawyer.
7. Attend the court proceedings, share the incident's happening, and submit the required documents and details.
8. Share the court's order with the insurance provider and get compensation for the expenses of the third party's bodily injuries and property damages.
The claim process for third party bike insurance by the third party (victim) is as follows:
1. Take the insurance details of the third party involved in the incident and intimate their insurer about the incident.
2. Based on the case's merits, the insurance provider will transfer it to the motor insurance claim tribunal.
3. Attend the court proceeding and submit all the relevant documents, FIR copy, and incident related proofs.
4. Bring eyewitnesses of the accident to corroborate your facts in court.
5. Based on all the facts submitted, the tribunal will decide the compensation amount to be paid.
Note: Claim process mentioned are subject to change as per the policy.
4. What are the documents required for third-party bike insurance online?
Here are the documents and details required for buying third-party bike insurance online:
Vehicle Details:• Registration number
• Engine number
• Chassis number
• Make & Model name
• Previous policy number (if you have any)
• Vehicle manufacturing date (mm/yy)
• Date and city of purchase
Personal Details:
• Contact details (address, phone no and email id)
• Copy of your vehicle's RC book.
5. Can I purchase any number of add-ons with third party bike insurance?
Third-party bike insurance has only personal accident cover as an add on.
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