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Shriram Third-Party Bike Insurance
Shriram third-party bike insurance policy covers any third party damage or loss caused by the insured’s bike. It is mandatory by the Indian Motor Vehicles Act, 1988. Here, the third party stands for an individual or individual’s property other than the bike owner and the insurer.
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Shriram General Two Wheeler Insurance
- Shriram Third-Party Bike Insurance
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Shriram Third Party Bike Insurance vs. Comprehensive Bike Insurance
Here is a table showing a comparison between the third party bike insurance and Comprehensive bike insurance:
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Features |
Third-Party Insurance for Two-Wheelers |
Comprehensive Insurance for Two-wheelers |
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Legal Requirement |
It is a legal requirement according to the Indian Motor Vehicles Act |
Opting for this cover is your own choice and is not legally mandatory |
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Coverage |
In this policy, the policyholder gets covered legally and financially for any third-party liabilities in a bike accident |
Here, the policyholder gets covered for the damage that occurred to his own bike and any third-party liabilities |
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Add-on Cover |
There is no add-on available |
Various add-ons are available with this insurance to extend the coverage benefits |
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Premium |
The premium cost is low due to the limited policy coverage |
The premium cost is high due to extensive coverage |
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Scope of Coverage |
It offers less coverage and is less expensive. You can buy it if the bike is too old or you rarely use the bike |
It offers vast coverage, so you can opt for this if you want full coverage for your bike |
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Scope of coverage |
In case of fire or vehicle theft, this insurance does not give any coverage |
It offers coverage in case of damage due to fire or vehicle theft |
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Also, it does not give any coverage in the case of natural calamities like storms, floods, hurricanes, etc. |
It covers the bike holders from any damage by any natural calamities |
Inclusions of Shriram Third-Party Bike Insurance
This policy covers the following expenses during the policy term:
- Any physical injury, disability caused by the policyholder’s bike to the third party
- The death of a third party caused by the policyholder’s bike
- Any damage occurring to the property belonging to the third party by the policyholder’s bike
Shriram Third-Party Bike Insurance Exclusions
The policy does not provide coverage for the following expenses:
- This policy excludes coverage for any damage to the policyholder’s bike due to an accident
- There is no provision for coverage if the insured gets injured during a bike accident
- There is no insurance coverage in case of theft of the bike or damage due to fire
Explore Shriram General Bike Insurance
FAQs
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Q. How does the Shriram third-party bike insurance compensate if a third party dies in a bike accident?
In the event of the third party’s death, this insurance policy supports the policyholder during legal proceedings and provides compensation to the third party as per the Court of Law.
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Q. Is Shriram third-party bike insurance plan reliable?
Shriram General Insurance company is reputed and reliable in the insurance sector. The claim settlement ratio for the insurer was 77.26% in 2020.
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Q. Is it essential to take third party insurance for new two-wheelers?
Yes, it is legally mandatory for all bike holders to take at least a third-party insurance plan for their two-wheelers.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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