- About Coverfox
We know you are very excited to ride your two wheeler through the city roads. And why wouldn’t 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 two wheeler 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.
The conditions under which third-party two wheeler insurance comes into force are mentioned below:
|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%|
Unlike the main two wheeler insurance policy, a few exclusions do not cover the third party insurance. Mentioned below are a few of these conditions:
IRDA has standardized the two wheeler insurance premium rates for third party liability with effect 1st April, 2017 as below:
|Condition Relating to Engine Capacity||Applicable Premium Rate|
|Loss of baggage/personal documents||Rs. 569|
|75- 150 cc||Rs. 720|
|150- 350 cc||Rs. 970|
|Above 350 cc||Rs. 1,114|
A multi-year two wheeler insurance is unique simply because unlike a regular two wheeler insurance plans, you don’t have to renew it annually. You can insure your two wheeler for a period of three years at one time! So for people who forget their renewal dates, multi-year two wheeler insurance policy would do wonders and would help you save from getting your policy lapsed.
IRDA hikes the third-party motor insurance premium each year by up to 20%. If you opt for a multi-year two wheeler insurance policy, you can save against the hike of TP premium and the service tax. Not only this, you would enjoy long-term financial protection for your bike for a period of 3 years.
To add to it, insurance companies at times provide discounts on the multi-year two wheeler insurance policies. At present the insurance companies, which are offering Multiyear two wheeler insurance policies are ICICI Lombard, Bajaj Allianz General and New India Assurance.
What are the features of Multi-Year Two Wheeler Insurance?
The features of the multi-year two wheeler insurance are mentioned below:
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.