There are two types of bike insurance plans you can purchase for your motorcycle; third-party cover & comprehensive insurance. This article will explain what third party insurance is and also list 5 benefits you will enjoy when you opt for this type of plan. Here goes!
What is third party insurance?
Third party insurance is the most basic form of coverage you can get for your two-wheeler. As the name suggests, these plans only cover your liability to third parties who suffer injuries or damages in an accident that is your fault. These plans do not cover damages occurring to your vehicle. You would think that with such basic coverage, these plans do not have many benefits. However, this is not true! Third party bike insurance actually has several benefits to offer policyholders, we have listed some below:
Since these plans are so basic in nature, they are also very affordable. You can buy third party bike insurance online for as little as Rs. 482 per year! This is nothing in comparison to the cost of comprehensive two-wheeler insurance plans.
2. Allows you to legally ride your bike in India
Third party bike insurance is the minimum amount of insurance required to legally ply your bike on Indian roads. Without third party insurance, you could be caught by the police and made to pay fines as much as Rs. 2,000. If you are caught riding without third party insurance a second time, the fine goes up to Rs. 4,000. And, believe it or not, riding without third party cover could also invite jail time of up to 6 months!
3. Covers your legal liability
If an accident is your fault and causes damages or injuries to others, then you are liable to pay for said damages & injuries. However, with third party cover, the bike insurance company will cover these expenses on your behalf!
4. Personal accident cover
This is another HUGE benefit that third party insurance provides you. Beside for allowing you legally ride your bike in India and covering your legal liability to others, third party cover also provides you with personal accident insurance. With this element of protection, you are entitled to compensation of up to Rs. 15 lakhs in case you meet with an accident that leads to grievous injuries or death. This payout can help you and/or your family members cope with the financial repercussion of such an unfortunate event.
While third party bike insurance is seen as a very basic form of protection, it does have its benefits. From being affordable, to offering personal accident cover and everything in between, these plans offer significant value for money. You can try out these plans to begin with, and if you want more protection, you can always swap-up when your renew bike insurance online. We hope this article has been informative and helpful for you. Good luck and remember to always wear a helmet when you ride.