Zig-zagging on city roads on your new bike can be exciting. However, the Indian Motor Vehicles Act, 1988 mandates at least a Third-Party Two-wheeler Insurance policy before you take your mean machine out for the first time.
Third-Party Two-wheeler Insurance: What is it?
A Third-Party Two-wheeler Insurance policy, also known as liability only insurance, provides coverage for damages caused to a third-party. Simply put, it is a risk cover that would pay out damages (to third-party life or property) and legal liabilities in case your two-wheeler was responsible for it.
Key Advantages of Third-Party Two-wheeler Insurance
This type of policy has on offer the following advantages:
✓ Offers financial aid
It provides coverage for liabilities resulting from death or injury to a third-party as well as damages to third-party property.
It is economical vis-à-vis a comprehensive Two-wheeler Insurance policy.
✓ Entails minimal paperwork
You can get this policy for yourself without a hassle, considering it doesn’t involve extensive paperwork.
✓ Offers peace of mind
You have complete peace of mind in circumstances that could otherwise have been a drain on your finances.
What is covered?
The circumstances wherein a Third-Party Two-wheeler Insurance policy would come into force have been stated below:
- Death or bodily injury caused to a third-party
- Damages caused to third-party property
How is it different from a comprehensive policy?
|Criteria||Third-Party Liability Only Policy||Comprehensive Policy|
|What is it?||This is mandatory and takes care of financial damages that you suffer as a result of bodily injury, death and property damage of a third-party||Addition of OwnDamage Cover. It provides coverage for losses caused to your two-wheeler as well as death, injuries and property damage of a third-party|
|What is excluded?||Damages caused to your own (insured) vehicle, damages as a result of riding without a helmet or driving in an inebriated state||Damages resulting from wear and tear under normal conditions, electrical/mechanical breakdown|
|Which is more expensive?||Comparatively less expensive||More expensive because it combines both Third-Party and Own Damage premium|
|Which is better?||Coverage is limited||Coverage is extensive|
Click here for more details on Two Wheeler Insurance Plans.
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