As you know that insurance is essential for you to have if you have bought a new bike. It is equally necessary to know if the insurance you are opting for is enough for you or not. As there are two types of insurances that you can buy for your bike, you need to be aware of which one is good for you.
If you are opting for 3rd insurance for your bike, it is time for you to have a comprehensive look at it. Here in this article, we will help you understand what is 3rd party insurance for bike and if it is enough for your safety.
Is 3rd party insurance enough for bike?
It does not matter if you buy bike insurance online
or offline; there will be no additional pros you will get. The basic conditions of insurance will remain the same. Before moving on to the major question, let’s understand what third-party insurance cover is.
What is 3rd party insurance for bike?
Third-party insurance is a type of insurance cover that shields you from any type of financial loss if you damage any third party property in an accident. Yes, this is the best benefit that you can avail. Other than this, if a third person gets injured in the accident, it will also be covered in the policy itself.
The third person can be another driver or someone walking on the road.
If we talk about the self-safety,
- Any injury to you will not be covered in the third-party cover.
- Other than this, the third party cover also does not provide any compensation if damage occurs outside the geographical limits of the policy or due to war.
The best way to be safe is by purchasing a third party cover is by adding a PA cover in it.
The PA cover ensures your safety, not of your bike. As per the conditions of a PA cover, if you face serious injuries in the accident like loss of limb or eye, you will get compensation as per the conditions. God forbids, if you die in a mishap, your nominee will get financial support of 15 Lakhs INR.
Is the premium of a third party insurance policy high?
No, the insurance of a third party bike insurance cover is not high as compared to the comprehensive cover. However, it could be high if you have a bike with a high engine capacity. The insurance premium
is highly dependent on the engine capacity (CC) of the bike.
Is third-party insurance enough?
To be honest, if you are buying a new bike, it is best to secure your bike with a first-party insurance cover instead of a third party cover. Why?
If in any way, your bike got damaged, you can raise a claim and get your bike repaired without burning a hole in your pocket.
On the other hand, if your bike is older than five years, it is best to opt for a third party cover. The IDV of a bike gets depreciated by 50% after the first 4-5 years.
How to purchase a third-party insurance cover?
You can purchase third party bike insurance
online or offline. These days, it is best to purchase online from a digital-only insurer. They can help you save a lot on your insurance policy.
All you need to do is go on the website of the insurer, pick an insurance policy and follow the process of entering details and making the payment. You are all set to hit the road with all your necessary documents.
So, is 3rd party insurance enough for bike? It all depends on the fact if your bike is new or old!
- Is pillion rider covered in the third party insurance policy?
Yes, among all the third party entities, the pillion behind the rider is also covered under the 3rd party insurance cover.
- Is it compulsory to buy a long term insurance plan for your bike?
Yes, earlier riders were allowed to buy the third party as well as comprehensive policy for a year. However, as per recent amendments, the riders of the bike are mandated to buy the long term insurance policy. It is 5 years minimum.