Having a third-party insurance cover for your bike is mandatory. Nearly 60% of two-wheelers in India are said to ride without insurance. That puts both you and the rest of the motorists on the roads at risk! Instead of skipping insurance and being afraid of getting caught, it’s always better to opt for the cheapest third party insurance for two wheeler if you aren’t going for a slightly higher priced comprehensive policy.
Let us compare the various insurance policies and see how & which are the cheapest third party insurance for two wheeler available.
This is a mandatory policy that takes care of the financial loss in case of your vehicle being responsible for injuries caused to other persons, damage to other vehicles and property. Note that this third-party insurance cover does not cater the damages caused to your vehicle in the event of accidents. However, your comprehensive insurance policy takes care of these aspects as well. As the name suggests, the third-party insurance cover takes care of third-party liabilities alone. However, all Third Party Liability policies have a Personal Accident cover that takes care of you in case of injuries or death through an accident.
Basically, there are two major types of bike insurance policies, third-party insurance and comprehensive insurance policies. Let us see the broad features of both these policies and see why you need to take third party insurance if you are looking for cheap bike insurance.
The law is very clear in this regard. It is mandatory on the part of every vehicle owner to have a third party insurance cover. You cannot drive your vehicle on the roads without this policy. The penalty you must pay is much higher than the annual premium of a two-wheeler and barely lesser for a four-wheeler. On average a Third-Party Liability policy costs just INR 700 for two-wheelers, while it costs INR 3000 on average for four-wheelers. The current fine for not carrying your insurance is INR 1000 which is likely to go up till INR 2000 if the new Motor Vehicles Act is passed. So take a little care.
Coverage wise, the comprehensive insurance policy is obviously better. Costs and convenience wise, the third party insurance policies are beneficial.
Yes, you can buy this policy online. In fact, it is very easy to do so. There is no need to fill up long questionnaires or have meetings with insurance company representatives while buying cheap bike insurance. You’ll soon be able to buy DHFL GI’s Third Party Insurance Policy too!
All Third-Party Liability insurance policies are covered with an owner-driver Person Accident Cover. You get protection under this policy for injury of death. Let us see how it works.
This is the cheapest third party insurance for two wheeler. The premiums have been standardized since 01.04.2017.
So what’re you waiting for. Care for your peace of mind and vehicle and get yourself at least a Third Party Insurance right away! It’s affordable! It’s legally required! And it’s the smart thing to do.
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