HDFC ERGO Third-party Bike Insurance Policy
Third-party bike insurance is the primary and mandatory two-wheeler insurance policy HDFC ERGO General Insurance Company offers. This policy covers the cost of damages caused to the third party by an insured bike in a road accident. Moreover, as per the Indian Motor Tariff, holding at least a third-party policy for all motor vehicle owners is compulsory.
Benefits of Buying HDFC ERGO Third-party Bike Insurance Policy
Despite its limited coverage, there are several benefits of HDFC ERGO third-party bike insurance, which are explained below-
- Firstly, it provides legal and financial assistance by covering the policyholder's liabilities in the event of bodily injury, death, or property damage caused to a third party.
- The third-party bike policy is easy to purchase and renew online, saving time and avoiding hassle.
- It is also cost-effective, offering affordable premiums while providing essential legal and financial support in times of crisis.
HDFC ERGO Third-party Versus Comprehensive Bike Insurance Policy
To give you an insight about how third party is different from comprehensive bike insurance policy, here is a table-
|Point of Basis||Third-party Bike Insurance||Comprehensive Bike Insurance|
|Coverage||Covers third-party financial and legal liabilities||Covers both own-damage and third-party liabilities|
|Nature of Requirement||Mandated by law||Optional cover|
|Insurance Premium||Affordable||Relatively expensive as it gives extensive coverage|
Inclusion of HDFC ERGO Third-party Bike Insurance Policy
The HDFC ERGO third-party bike insurance policy offers coverage to the policyholders in the following instances-
- Coverage for personal damages to third parties, such as bodily injuries or death caused in an accident, which involves the insured's two-wheeler.
- Coverage for property damage incurred by a third party, up to Rs. 1 lakh.
Exclusions of HDFC ERGO Third-party Bike Insurance Policy
The third-party bike insurance plan is an essential & mandatory coverage, which does not offer any coverage to its policyholder in the following cases-
- No coverage for the own damages to the insured two-wheeler.
- No coverage if the policyholder is caught driving without a valid license or under the influence of alcohol.
- No coverage for incidents occurring outside the geographical scope of the policy.
- No coverage for damages caused by riots, vandalism, war, or radioactive contamination
FAQs about HDFC ERGO Third-party Bike Insurance
Ans: The HDFC ERGO third-party bike insurance policy does not offer any coverage for the own-damages caused to the two-wheeler.
Ans: Riding your two-wheeler without third-party insurance is illegal in India, and you will be attracted towards a penalty of Rs. 2,000 and/or imprisonment of 3 years.
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