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A Complete Guide to Third Party Two-Wheeler Insurance

As a rule stipulated by the Indian Motor Vehicles Act, 1988, it is mandatory for anyone riding a two-wheeler motor vehicle to have at least a valid third party two-wheeler insurance policy. Failing to follow comply with this rule could attract heavy penalties. If you are in the possession of a third party two-wheeler insurance policy, a sense of security automatically stays on your mind when riding a two-wheeler vehicle on the Indian road.

Before we jump guns and start exploring the advantages of third-party two-wheeler insurance, let’s understand what third party two-wheeler insurance exactly is.

Third-Party Two-wheeler Insurance - Definition

Third party two-wheeler insurance is the policy that protects riders against any damages caused to a third party. In India, it is mandatory to have a third party two-wheeler insurance when riding a two-wheeler.

Advantages of Third Party Two-Wheeler Insurance

Third party two-wheeler insurance is also known as liability only insurance. This type of insurance offers the following advantages -

  • Third party two-wheeler insurance protects riders against legal obligations arising out of damage to the third party. This third party can be an individual person or a property.
  • Third party two-wheeler insurance is economical as compared to a comprehensive motor insurance plan.
  • Getting a third party two-wheeler insurance is easier and requires less documentation. This is because it covers the third party and not the insured vehicle.

Guide to Third Party Two-Wheeler Insurance

Disadvantages of Third Party Two-Wheeler Insurance

As discussed above, the biggest disadvantage of third party two-wheeler insurance is that it does not provide coverage to the insured vehicle or the rider/owner of the vehicle. Following are some other disadvantages of third-party two-wheeler insurance -

  • In the case of an accident, the policyholder is required to bear all the cost incurred due to damages to the vehicle.
  • There are almost riders and options available along with third-party two-wheeler insurance as compared to the comprehensive coverage.

Third Party Two Wheeler Insurance vs. Comprehensive Coverage

People often get confused between the third party and comprehensive two-wheeler insurance. A comprehensive cover is a coverage that protects both the third party and the insured vehicle. On the other hand, third party insurance only provides cover to the third party only.

The decision of buying a comprehensive coverage or third party coverage is completely dependent on you. But experts suggest you buy comprehensive coverage. Remember, the lower premium should never be a matter of a concern for you when considering the number of road accidents and multiple other related factors. Comprehensive coverage will provide you coverage against all unforeseen expenses and liabilities.

You do not have to run to the insurance companies for getting an insurance cover, dealers provide with it at the time of purchasing a new two-wheeler vehicle.

You may like to Read: Common Mistakes in Choosing Bike Insurance

Renewal Procedure of Third Party Two-Wheeler Insurance

To renew third party two-wheeler insurance, you need to keep on checking the expiry date. Just before the expiry date, you can renew the cover online. To avoid attracting inspection charges, you should keep a track on the actual expiry date.

You should grasp each and everything about your insurance policy before renewing it. Homework on your insurance policy can get you beneficial discounts and various offers. The best way to renew a policy is by using the online gateway.

Documents Required at the Time of Renewal

Listed below are the necessary documents that you will require while renewing your third-party two-wheeler insurance:

  • Current policy for reference
  • Registration Certificate of the insured two-wheeler vehicle
  • Debit Card/Net Banking details

Wrapping it Up!

Many questions can cross your mind when deciding what to buy - comprehensive coverage and third party two-wheeler insurance. Questions such as legal liability extend of coverage provided, type of coverage provided, etc. If you have decided to go for a third party two-wheeler insurance, the best way to get it by comparing insurance online. You can compare different insurance policies to get that perfect coverage.  There are many factors that can change your decision, so choose wisely.