Two-wheelers are popular in India due to their convenience, low maintenance expenses and affordability. However, there are millions of road accidents that occur each year in the country.
Thankfully, the regulatory authorities have made it compulsory for bike owners to avail of third-party two-wheeler insurance. You must have brought the insurance coverage when you purchased the bike. However, do you know about the inclusions, exclusions, limit of the liabilities and the claim process?
Here is a complete guide on third party insurance for bike.
The first party to the policy is you (the owner) and the second party is the insurer. The third-party may be any individual who files a claim for the liability arising due to an accident involving your bike.
As the owner, you are liable for injuries or damages to third parties or their properties caused in an accident involving your bike. Similarly, if you or your property suffers from any damages or loss due to another individual, you may file a claim against his insurance service provider.
Coverage under third-party insurance :
In case of bodily injuries to a third-party, he may file a claim to cover medical costs or loss of earnings if you are unable to work due to these injuries. The injured may also claim compensation for physical disfigurements.
If there is any damage to property, a surveyor needs to submit his report along with the inspection report to determine the value of the loss. Additionally, you need to submit all original bills from an authorised centre. Once all these are received, the insurance company will process the claim.
In case of death of any individual due to the accident, the deceased's dependents may file for compensation arising due to loss of income. In case, the person incurred medical expenses to treat his injuries prior to his demise, a claim may also be filed. Third-party insurance also covers liability arising due to the permanent total disability of the owner or the rider.
Exclusions of third-party cover
Third-party bike insurance does not cover the following:
The premium is standard for all third-party bike insurance because it is fixed by the regulatory authority. The difference in the premium may be due to the engine capacity, which means you pay more for a bike with higher capacity and vice-versa. You may check the premium using a bike insurance calculator.
Claim procedure and requirements
The entire procedure to file a claim under the insurance policy is hassle-free and quick. If you are involved in an accident, you would like to avoid a long and tedious process for filing the claim and ensure you do not have to go through a lengthy documentation requirement.
You may either opt for a cashless facility or may file a claim through phone assistance. The entire procedure is completed in four quick and simple steps as listed under:
You must provide all the relevant factual details to ensure your claim is not rejected due to false information.
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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