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IFFCO Tokio Third Party Bike Insurance
IFFCO Tokio third-party bike insurance provides coverage to the insured bike for causing accidental injury or damage to the third party. It is designed to financially protect the policyholder against any property damage, death, or disability caused to the third party in case of an accident. It protects the bike owners against hefty financial expenses and saves them from the stress of legal liabilities.
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IFFCO Tokio Bike Insurance
- IFFCO Tokio Third-Party Bike Insurance
What is Covered under IFFCO Tokio Third-Party Two-Wheeler Insurance Plan?
The IFFCO Tokio third-party insurance policy covers the bike owner against any damages caused to the third party physically or financially during an accident and protects him/her against resultant legal and financial liabilities. Following are the coverage provided by IFFCO Tokio third party bike insurance policy:
- Accidental Death& Disability - The insurance company provides compensation on behalf of the policyholder if death or permanent disability is caused to a third party during an accident. The court of law decides the compensation amount.
- Accidental Property Damage- In case property damage is caused to a third party by accident of the insured two wheeler, the third party bike insurance of IFFCO-Tokio General Insurance Company will cover the expenses for up to a maximum of Rs 1 lakh.
- Accidental Physical Injuries - If the insured two-wheeler meets with an accident and the third party gets injured, it is the bike owner's responsibility to pay for all the victim’s medical expenses, from hospitalization to medicines etc. This policy provides financial assistance to pay for these expenses.
- Personal Accident Cover – It provides personal accident cover to the owner-driver of the bike for up to Rs 15 lakh in case he/she does not have an existing cover.
What is Not Covered under IFFCO Tokio Third-Party Bike Insurance Plan?
Even though the Indian motor laws make it compulsory for a bike owner to purchase this policy, it provides only limited coverage to the policyholder. Take a look at the situations that are not covered by the IFFCO Tokio third party bike insurance plan:
- It will not provide any financial assistance if the insured vehicle suffers any damages.
- It does not cover consequential loss.
- It excludes the mechanical and electrical breakdown of the vehicle.
- It does not cover damages due to war and related perils.
- It excludes regular wear and tear of the vehicle.
Explore Iffco Tokio Bike Insurance
IFFCO Tokio Third-Party Two Wheeler Insurance vs Comprehensive Insurance
Here are the differences between IFFCO-Tokio Third Party bike insurance and Comprehensive two wheeler insurance plans:
| Features | IFFCO Tokio Third-party Bike Insurance | IFFCO Tokio Comprehensive Bike Insurance |
| Coverage | The third-party bike insurance covers the policyholder against third party liabilities. This may include property damage as well as the death or injury of the third party. | A comprehensive bike insurance plan covers the injuries/damages caused to the third party and the damages sustained by the insured two-wheeler. |
| Legal Requirement | The Motor Vehicle Act, 1988 renders it compulsory to have a third party policy. | The laws under Motor Vehicle Act, 1988 don't make it compulsory to have a comprehensive insurance policy. |
| Add-on Covers | This policy doesn't allow for any add-ons to be attached. | There is a wide variety of add-ons available for the customer to choose from. |
| Premium Cost | The third-party coverage is comparatively affordable due to the limited coverage. | The extensive coverage under the comprehensive plan makes it relatively higher priced. |
FAQs
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Q1. How can I purchase the IFFCO Tokio Third Party Bike Insurance policy?
The IFFCO Tokio third party bike insurance policy can be purchased both online as well as offline. You can purchase the policy online to save time and money. The customer can visit Policybazaar.com or the company's website to buy the policy.
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Q2. Does the IFFCO Tokio Third Party bike insurance policy provide coverage against natural or manmade disasters?
No, the IFFCO Tokio third party insurance policy does not provide any coverage for damages due to natural or manmade disasters.
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Q3. Can I bear unlimited liability without third party insurance?
Whether you will be able to bear the cost of third party liabilities or not will depend on the damage incurred by the third party as well as your own financial condition. For example, if you are not very financially well-off, it may be a major burden to pay a huge amount of money in one go. Hence, it's better to have a third party policy for your two wheeler than suffering from financial stress later.
Two Wheeler Third-Party Insurers
Bajaj Allianz Third Party Bike Insurance
Digit Third-Party Bike Insurance
HDFC ERGO Third party Bike Insurance
ICICI Lombard Third Party Bike Insurance
Liberty Third Party Bike Insurance
National Third Party Bike Insurance
New India Assurance Third Party Bike Insurance
Oriental Third Party Bike Insurance
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*₹457/- per annum (₹1.3/day) is the price for third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable annually. The list of insurers mentioned is arranged according to alphabetical order of the names of insurers respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For the complete list of insurers in India, refer to the Insurance Regulatory and Development Authority of India website: www.irdai.gov.in
