As per the reports of Road Accidents in India, 2018 the two-wheelers have the highest share which is 35.2% in total accidents and terms of accidental-killing accounts for 31.4%.
In the year 2017, 48,746 two-wheeler users were killed in road accidents. On the other hand, in the year 2018, 55,336 two-wheeler users were killed in road accidents.
Bikes Do Excite
On one side riding, a bike does excite but on the contrary, it does have potential risks, which in any case should not be ignored.
With the above mentioned-figures, it is evident that riding on a two-wheeler is dangerous and surely has a fair share of the risks involved.
However, it largely depends upon you to ensure the safety of you and others by buying bike insurance policy because we all know that eventualities do not come knocking.
Securing Yourself and Others
In India, it is a legal mandate to buy a third-party bike insurance policy.
However, it is better to buy a comprehensive bike insurance policy. In case, if you have not, buy bike insurance, which will save your time and at your convenience.
The third-party bike insurance policy gives you peace of mind and sense of satisfaction.
Pondering over, Why?
Let us get into the basics of the third-party bike insurance policy.
|You may like to Read: How To File Bike Insurance Claim
Taking Care of the Liabilities
Buying third-party bike insurance provides security in case of liabilities arising out of accidental damage, injury or demise of a third-party.
In such a perilous situation, when the liabilities come upon the insured person, the insurance provider will bear it. Although, the compensation is decided by the court.
In case of any damage to the property of the third-party, the amount for the claim is up to 1 lakh.
Do Not be Confused
Generally, people are often confused between third-party liability insurance and comprehensive bike insurance.
There is a fine line difference between the two. A comprehensive bike insurance policy will provide security to your bike as well as any liabilities arising from the third-party.
However, a third-party bike insurance policy will protect from the liabilities arising from a third-party for the damage caused by your vehicle to the person/vehicle or property.
Aspects of Third-party Bike Insurance Policy
Although, it is always recommended to buy a comprehensive bike insurance policy, let us understand the features of third-party bike insurance, which are:
- In any case, where your bike is involved in an accident, a third-party bike insurance policy will protect you from any financial crunches incurred due to the demise/injury to a third person.
- A third party bike insurance policy does not cover losses to one’s insured vehicle, which makes buying this policy much easier and convenient and less of paperwork.
- When the premium amount of third-party bike insurance is compared to comprehensive bike insurance it is relatively low.
- Last, not the least, we all know that liabilities are uncertain and have no limits specifically in terms of any injury/demise to the third-party. Amidst all this, having third-party bike insurance gives you peace mentally.
Other Side of Third-party Bike Insurance
It is aptly said, that a little knowledge is more dangerous. It is always advisable to buy insurance policy only when you have complete knowledge regarding the insurance product and services.
If not, do the research and then make an informed wise choice. Having said so, let us understand the drawbacks of having only third-party bike insurance policy, which are:
- If in case, any mishap/accident occurs, then the policyholder needs to bear all the expenses from their pockets for the incurred damages to the vehicle.
- There are limited alternatives available for the riders of the bike within the bike insurance policy.
- No monetary compensation in case of the insured vehicle gets stolen.
- There is hardly any scope of enhancing the policy plan with additional cover options.
Take it Easy When it Comes to Claim
Some easy-peasy steps and there you can file a claim under third-party bike insurance, which are:
- Filing the Police Complaint - This is the most significant part of filing a claim. The person in question or the family should document an FIR at the closest police station. One ought to give subtleties like the registration number of the bike engaged with the mishap, permit subtleties of the culprit, name and subtleties of a sound witness.
- Document the Complaint with the Motor Accidents Claims Board - Once an FIR is filed, one should document the claim with the Motor Accidents Claims Board. This is the lawful power to direct procedures and land at the portion of the risk. The duty of outfitting the reports to validate the claim is with the petitioners.
- Settlement - The board settles on its choice in the wake of taking a gander at all perspectives. The insurance provider is bound by the choice of the board to pay the claim sum except if select to request.
|You may like to Read: Common Mistakes To Avoid While Filing Two-Wheeler Third-Party Insurance Claim
Mistakes to be Circumvented
While claiming third-party bike insurance, there are some mistakes should be circumvented, which are:
- Do not flee from the mishap spot. Make sure that all the vehicles at the area should remain as seems to be, till the arrival of a surveyor. You ought to likewise look for any medical help if somebody is harmed.
- Do contact the police and get an FIR recorded. Neglecting to do so may endanger the legitimacy of your case. Likewise, abstain from getting into settlements with the outsider without the contribution of the police, as it would bring about an illicit new development.
- Do not be compliant and acknowledge obligation regarding the mishap. Additionally, don't get excessively pushed, furious, or forceful.
- You ought to abstain from riding your bike after having liquor or different intoxicants. Additionally, cease from illicit driving and leasing your private vehicle for business purposes. These variables could neutralize you in case of a case.
- While filing a claim, guarantee that you have extensively outfitted all precise data. You ought to likewise hope to present the claim on schedule, as postponements in the process might be inconvenient to you.
Wrapping it Up
Remember, third-party bike insurance claim takes a good turnaround time. So, keep patience. Besides, follow the process while filing third-party bike insurance and get your claim settled.
It is better to buy online third-party bike insurance to get the best deal.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between 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.
*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%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis