Just as it is necessary to register your two-wheeler in a Regional Transport Office [RTO], it is also important to purchase a two-wheeler insurance policy. Both these things can be arranged for you by your bike dealer. However, unlike the RTO registration process, the bike insurance process is not one a one-time activity.
It is a recurring activity which needs to be performed periodically. And it is not necessary to purchase or renew your bike insurance policy from your bike dealer or an agent or a branch office of an insurance company for that matter. It can be easily done from your mobile phone provided you have an internet connection and know the exclusions of the policy. Read ahead to know more about bike insurance.
Basic insurance terminology
In insurance terms, the person purchasing the policy is known as the first party, the insurance company issuing the policy is known as the second party, and those affected by an accident caused by the insured vehicle are known as third party. Their property is known as third-party property.
What is third party bike insurance?
Third party bike insurance or third-party liability insurance is a compulsory policy that every rider must purchase. The Motor Vehicles Act, 1988 has made it a mandate to purchase this type of policy. The compulsion is directed towards insuring the pedestrians and others that might be affected by a vehicle accident. This policy is designed to save you from legal and financial complications arising out of an accident caused by your bike as well.
What are the exclusions of third-party two-wheeler insurance?
The Third party two wheeler insurance premium rates are specified by the Insurance Regulatory and Development Authority of India [IRDAI]. Similarly, the cover’s exclusions are also stated by the body. All insurers have to abide by the rules and regulations stated by the IRDAI.
Here are the exclusions of a third-party liability policy
- This policy does not cover damages to your bike due to fire
- This policy does not cover damages to your bike due to accidents
- This policy does not cover damages to your bike due to man-made calamities such as riots
- This policy does not cover damages to your bike due to natural calamities such as flooding
- Bike theft is not covered
- Damages shall not be covered if it is found that the bike rider was under the influence of alcohol at the time of accident
- Damages won’t be covered if the rider does not have a valid driving license
- Damages shall not be covered in case of a lapsed policy
- You cannot buy Add-on covers such as Roadside Assistance, Zero Depreciation, etc. with only a Third-party Liability policy
- Pillion rider is not covered
Upgrading your third-party two-wheeler insurance policy
As it is evident from the above exclusions that a Third-party two-wheeler insurance policy is not at all extensive. It is a minimalistic cover. If you wish to go for an extensive cover, you can opt for a Comprehensive plan. It includes the mandatory third-party cover and insures your bike from accidents, calamities, and theft. It also includes a Personal Accident cover that comes along with the Third-party policy. You can choose to strengthen your Comprehensive bike insurance plan with suitable Add-on covers as well.
Online Two-wheeler Insurance
Whether you choose to purchase the basic third-party cover or go for a Comprehensive plan, you can insure your bike within minutes. Online two wheeler insurance is easy, quick, and hassle-free. With online two-wheeler insurance, you do not have to visit the insurance company’s branch or chase an agent, you can simply insure your bike from your mobile phone within minutes.