A Detailed Guide With Prices Of Third-Party Two-Wheeler Insurance Online
Driving on the road all alone sounds like a dream. More so if you are someone who faces extreme traffic in your everyday commute. But this thought is far-fetched, owing to the thousands of people who go out every day. It is not just limited to other drivers. Pedestrians occupy the roads too. Being a responsible driver means ensuring the safety of everyone you can come into contact with.
In case of any unfortunate event, the loss can be huge. If you are a bike owner, you would be aware of the importance of third-party insurance. This covers the loss that arises to any third party in a collision.
What is third-party two-wheeler insurance?
Third-party bike insurance is a type of liability insurance. In case of an accident where another vehicle is affected, having an insured vehicle can safeguard you from losses. The aggrieved and uninsured third party can claim damages. Third-party bike insurance helps you cover these claims. Moreover, third-party bike insurance is compulsory. According to the Motor Vehicle Act, 1988, any two-wheeler must have third-party insurance. Not complying with the law can charge you a fine of Rs. 2000, or even land you behind bars for three months.
What does third-party insurance include?
The coverage of two-wheeler third-party insurance is limited. It majorly looks into two aspects: First is a cover for third-party property. Repair of any vehicle can cost a fortune, making it fairly predictable that the other party would claim damages. This insurance will shield you against any such claims. As per IRDAI norms, up to Rs. 7.5 lakhs can be covered by third-party bike insurance in case of property damage.
Second, it covers any injury sustained by the other person. Carelessness on the road can cause traumatic collisions and can even lead to loss of life. 3rd party bike insurance protects against the medical expenses of another person in case they are injured by your vehicle. According to IRDAI, there is no limit on the coverage of 3rd party injury.
What does it not include?
Damage to own vehicle
As the name suggests, two-wheeler third party insurance focuses only on the 3rd party. It does not include any damage caused to the insured person’s vehicle. Further, any wear and tear over the years, taken as depreciation, is also not covered under the policy.
Claim arising from contractual liability
Any claims made out of contractual liability are beyond the scope of third-party bike insurance. Contractual liability arises out of a contract. For example, assume that you needed a loan. To obtain the amount, you pledged your bike as security. Now, for the duration of the loan, your bike can be driven by the person to whom it has been pledged. Any damage caused by the pledger is not covered under the 3rd party bike insurance.
Damage from war
In the event of any war, some damage is almost certain. The chaos caused can lead to unimaginable dangers. Third-party bike insurance does not come with a war cover. The same goes for nuclear risks and radioactive contamination. Seems a bit far-fetched but that is how in-depth these policies are.
Loss due to irresponsible behaviour
You must have seen “do not drink and drive” on multiple sign boards or heard it on radio advertisements. While this is how any rational person should behave, it is also important from a policy outlook. Two-wheeler third-party insurance does not cover any damage caused when the insured is driving while under influence.
How to get third-party bike insurance online?
Applying for third-party insurance online for a two-wheeler comes with a lot of benefits. The best part is that you can choose from a variety of insurance providers from the comfort of your home. All you need is access to the internet and a few clicks on Google.
Start by searching for a portal where you can easily compare the prices of different policies. All you need to do is fill in basic information regarding your bike. This can be the registration number, area code, bike model, etc.
After the information is processed, a list of quotes from a range of insurance providers will be displayed. In most cases, the third-party bike insurance price for all policies would be similar. Your focus here should be on who is providing more benefits and better customer service.
Being an online process, the documentation is minimal. There is no hassle of unnecessary paperwork and the job is quick. After selecting the policy that suits you best, you can make the payment online. Once that is processed, the policy is emailed to you.
How is the insurance premium calculated?
The insurance premium is the amount an individual pays for the insurance policy. The third-party bike insurance price is determined by IRDA. Since it has limited coverage, it is relatively cheaper. It depends mainly on the engine power of the bike, along with a few other factors. As per the latest announcement, the rates are as follows:
If your bike has no more than 75 cc engine capacity, the rate is Rs. 482.
If the engine capacity is between 75 cc and 150 cc, the rate is Rs. 752.
For an engine capacity between 150 cc and 350 cc, the rate is Rs. 1193.
For more than 350 cc capacity, you will be charged a rate of Rs. 2323.
These rates can be changed by IRDA at any time. It is important to keep note of these so the best policy can be selected.
Getting third-party bike insurance online is not a huge hassle. Having access to the internet has made the process much easier. With limited documentation requirements and easy policy comparison, you can choose what is best for you. Keep in mind that having third-party bike insurance is mandatory. Before driving off on your first ride, do keep this handy!