Third Party Two Wheeler Insurance

We know you are very excited to ride your two wheeler through the city roads. And, why wouldnt you? After all, your bike reflects your personality. Which is why getting your two wheeler insured is the best thing to show your love and affection. This would cover bodily injuries or death of a person either accompanying you on the bike or on the road. Not only this, there are higher chances of the third party properties getting damaged due to accidents. But nothing to worry, you can cover all these types of risks by buying a "Third party Two Wheeler Insurance".

In short, third party bike insurance is nothing but a risk cover. In case of an unfortunate event, your insurance company would pay you for any legal liabilities. Section 146 of the Motor Vehicles Act, 1988, makes third party insurance mandatory for any vehicles plying on the Indian roads.

What is Covered

The conditions under which third party two wheeler insurance comes into force are mentioned below:

Death or bodily injury to the third party: In case someone on the road meets with an accident because of your two wheeler and sustains injuries, the person can claim medical expenses due to loss of income if he/she is not in a position to resume work. Also, you are eligible for a compensation for physical disabilities.
Third party property damage: The process kills you mentally as well as financially if there is third party property damage due to your two wheeler. As per IRDA norms, third party property damages are covered up to a sum of Rs. 1 lakh under a third party two wheeler insurance.
Death of the owner or driver of the insured bike: If you are the owner or driver of the bike and you do not survive after meeting with an accident, your dependents would be eligible to claim compensation for the sudden income loss.
Permanent total disability of the insured vehicle owner or driver: If you own the insured vehicle or drive the same and sustain permanent total disability, you would be eligible to claim compensation.

Type of Disability	Percentage of Capital Sum Insured
Death, Loss of Two Limbs or sight of both eyes or one limb and sight of one eye	100%
Loss of one Limb or sight of one eye	50%
Permanent Total Disablement from injuries other than named above	100%

Two Wheeler Third Party Insurance Rates: How Much Does it Cost?

IRDA has standardized the two wheeler third party insurance premium rates with effect 1st April, 2017 as below:

Condition Relating to Engine Capacity	Applicable Premium Rate
Up to 75 cc	Rs. 569
75- 150 cc	Rs. 720
150- 350 cc	Rs. 970
Above 350 cc	Rs. 1,114

How to Renew Your Third Party Two wheeler Insurance?

Well, the third party two wheeler insurance renewal is simple, fast and online with Coverfox. In short, you can renew it online instantly. Don't worry even if you have an expired policy. With minimal paperwork, you can renew it in minutes!

Coverfox sends a renewal notice much before the policy expiration date. You can visit our website Coverfox.com and make a payment via a debit/ credit card and even through net banking.

FAQs

What is third party bike insurance?

Getting third party insurance is mandatory for your bike. In case of an accident, you would be legally and financially liable to the third party. However, keep in mind, it doesn’t cover any damages and injuries that have occurred to either you or your bike.

Which bike insurance should I buy comprehensive or third party liability Insurance?

If you can invest money in financially protecting yourself from third party liabilities, then why not spend a little more on protecting your bike as well? Thus, choosing a comprehensive plan over a third party plan always makes more sense!

What are the additional covers in two-wheeler insurance?

Having add-on covers always serves as a blessing in disguise. The Nil or Zero Depreciation Cover lets you have a full claim on the value of the parts without deducting depreciations on the parts that are replaced after an accident. Depreciation takes a major part of your expenses. To make sure you escape that, opt for a zero depreciation add-on cover by paying a little extra premium.

Personal Accident Cover for Pillion Passenger protects the pillion rider as well. Accidents can cause grave injuries to both rider and co-passenger! So, in a way both carry equal risk. With the help of this add-on, pillion passenger can be compensated up to a certain amount for partial and permanent disability. The premium is slightly higher, but worth it!

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