When you buy a bike and car you may take your insurance from a third party. What is third party insurance for bike and why is it different from first party insurance? Learn more by reading this article that explains the differences between these types of insurance.
✅What is third party insurance for bike?
Yeah, you listen right that buying bike insurance can be a tricky business. Sometimes it’s easy to get confused about which type of bike or car insurance you need. And sometimes we may even forget whether or not we’ve covered ourselves for whatever eventualities may come our way.
However there is one thing that all motorists should have regardless of what kind of bike they ride: Third party bike insurance! Yes, this type of policy is also called third-party liability cover and every single driver must make sure they have this in place as per the Motor Vehicles Act 1988.
Third party bike insurance policies will cover any claims of damage or loss caused by you, your family or members of your household. Third party insurance claims experts will ensure that their belongings and goods are compensated for at market value. The same goes for any medical expenses needed if someone was injured as a result of an accident.
✔What does third party bike insurance cover?
- Bodily injuries caused to third parties in case of accident
- Accidental death of third party
- Permanent disability caused by accident
- Damage to third party vehicle or property in accident
✔Is third party insurance mandatory for bikes?
If your business uses vehicles to move around, it is a good idea to invest in some form of third party insurance for bike to protect you from the potential liabilities. And the third party insurance comes with accidents and injuries caused by your employees or things occurring on your premises.
These policies are financially helpful if there’s an accident. And you’re held responsible for the damage done to another party’s bike, any bodily injuries. If a person dies due to an incident that occurs whilst near your business. Then the amount of protection depends on which kinds of coverage you select.
Let’s understand by an example: What 3rd party bike insurance means is? If you own a vehicle, then third party motor insurance is an absolute necessity. This form of insurance provides financial protection to you in case of damage to the vehicle belonging to a third party or if there is bodily injury or death of the third person. A sum assured of up to 50% is provided for loss of limbs or sight in one eye.
What are the benefits of third party insurance for bikes?
Look at these 4 benefits of third party in insurance for vehicle.
✔Affordable:
Most individuals owning a bike prefer third-party insurance because it is often more affordable than comprehensive vehicle insurance and still covers the same risks.
✔Legal protection:
Roadside accidents can be serious, putting key operations and business strategy in jeopardy. Fines, penalties and imprisonment affect one’s personal life and professional prospects as well, due to losing a creditable reference point within the industry. It’s not just the financial aspects that a third party insurance plan will help resolve but also their insight into legal aspects relevant to any sort of fleet-management system.
✔Financial protection:
If one is severely injured in an accident, the party causing the accident is held accountable for bearing all of that individual’s medical expenses which generally comprise hospital bills and any surgical procedures. However with a valid third party insurance policy in hand these costs covered by the insurer. So that their insured does not have to worry about them. This includes costs related to damage done to either their vehicle or property if they were involved in an accident of some kind. So we recommend for always go for third party insurance for financial protection.
✔Avoid penalties:
Riding a bicycle without insurance is illegal according to the traffic rules in your country. If caught, you will have to pay a fine or serve time in prison. Therefore it is necessary to register third party insurance for car and bike
Conclusion:
In India, every individual who is riding a bike is can take a third party insurance policy. This covers the liability of the vehicle and the third party in case of an accident. Third party insurance is important because it takes care of the losses that might occur if someone gets into an accident while they are driving your vehicle.
It is very important for all bike riders so here we mention what is third party insurance for bike and what are the benefits of third party insurance for bikes.
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