Do you love zipping past the roads on your bike? Of course, who doesn’t? This is your dream bike and you would love to have a blast. Should you not have a third party insurance policy in place before you set out to zoom every time?
What is a third-party insurance policy and who should buy one for their bike? The law stipulates that every bike owner should AT LEAST have third party insurance. In simple words, third party insurance for bike is a risk cover whereby the insurance company pays for damages caused to third party vehicles, property, and victims in case of accidents involving your bike.
According to the Motor Vehicles Act, every two-wheeler should have At least a third-party insurance policy in force. That is the basic version, you have the comprehensive insurance cover that covers third-party liabilities as well. Therefore, should you have special third-party insurance over and above this cover?
Strictly speaking, it is not necessary for one to do so. But, if you have an old bike and do not use it often, a third-party insurance policy is the cheapest option for you. You may think that the weekend trips to the neighborhood grocers or market are too short a distance and you won’t use it longer—but that is no reason to not have an insurance.
There can be a situation where your bike does not suffer any damage in spite of being involved in an accident. You can accidentally brush against a car and cause a dent. Now the damage caused by your fault to another person, car, or property needs to be paid for. If you do not have at least a third-party policy—you’ll be the one bearing the costs. And they would be mammoth!
The third party insurance for bike serves only one purpose. It covers the damages you have to pay to third parties because of accidents involving your bike. This entails that this cover does not cover damages to your bike.
The third party insurance cover is the cheapest form of insurance. It is also the easiest to obtain because it involves minimum documentation. This is again because the insurance doesn’t cover damages to your bike. You could sit online for a few minutes and be insured (it needs no bike inspection!).
Having a third-party insurance gives you peace of mind in the sense that you know there is someone to take care of the finances part when it comes to paying damages to third parties and their vehicles and properties.
You can focus on the ride and be a happier person. What’s more! It’s legally required. So, having one makes sure you can sail through if ever stopped by a policeman for routing checks at a nakabandi—you have nothing to fear. You’ve followed the rules and are a model rider and citizen.
Taking third party insurance for bike is easy. The process does not require much documentation because there is no insurance for damages caused to your bike. Therefore, it does not matter how old your bike is. Just as buying a third-party policy is easy; bike insurance renewal is also easy.
A comprehensive insurance policy already contains third party insurance cover. In addition, it can take care of damages to your vehicle as well. It covers loss due to natural calamities and theft. You have additional options like Zero Depreciation cover, No Claim Bonus, etc. But, all these advantages come at a price.
The third-party insurance is better in this aspect because it is inexpensive. Everyone should have a choice and if you’re not looking to claim for minor damages caused to your bike (usually when it’s older)—it makes sense to pick a third-party policy and pay lesser premiums.
Yes, comprehensive insurance policies are better at covering you and your bike’s losses, but there are occasions when the comprehensive policies are not something you require currently for the usage of your bike, or for the age of the bike—that is a decision you should make.
The third-party insurance policies come handy during such occasions. Hence, one can sum up by saying that everyone should opt for third party insurance irrespective of whether they have comprehensive insurance for their vehicles or not.
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