Will Third Party Insurance Claim Affect My Bike Insurance?

In India, third-party bike insurance is obligatory by law. However, have you ever thought to why the government has made this a mandate for all the bike owners? Alternatively, thought what is covered under third-party bike insurance? What are the limitations of this insurance policy, and so on?

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Important Aspect of Third-Party Bike Insurance Claim

Within third-party bike insurance, the policyholder is the first party and the insurance provider is the second party. The third-party is referred to those who can claim compensation in case of any injury/damage caused by your bike. Henceforth, the beneficiary of third-party insurance is said to be the third-party.

So, when under third party bike insurance a claim is filed for compensation it means the claim is filed against the first party, which is the policyholder, and the second party, which is the insurance provider. If any damage/loss has been caused to the third-party leading to any bodily injury/demise or property damage which caused by the use of the vehicle through the insured, then under such a circumstance the owner of the bike is accountable legally for any liability incurred.

It is important to carry all the documents related to third-party bike insurance while commuting. In any case, if you have suffered the damages incurred by some other, they can claim damages from the other party.

You may like to Read: Documents Required for Bike Insurance Claim

Coverage Under Third-Party Bike Insurance

Cover for the Demise/Bodily Injury of the Third-Party

In case, of any damage/loss incurred to you, you can claim for any medical-related expenses and if the injury is so much that you are unable to resume to work you can make a claim as per loss of earnings. Moreover, in case of any physical disfigurement, compensation will be provided.

Cover for Damage to the Property of Third-party

If any damage has been caused to the property, then under such a circumstance the surveyor at the onset need to submit the report along with the report of a bike inspection to assess the value of the loss incurred. Besides, you also need to submit the bills, which are original of an authorized service centre only. If the process is not followed, the third-party bike insurance claim will not be processed.

Cover for Death of Driver/ Bike Owner

If in an unfortunate accident causes the death of third-person then the deceased dependents are permitted to file for compensation on the premise of loss of income. Any costs incurred towards the medical treatment of the injury, which the cause of the demise can also be claimed.

Cover for Permanent/Total Disability of Driver/Bike Owner

In case of permanent or total disability under an unforeseen event, a compensation for the same shall be provided when filed for a claim.

Problems Related to Third-Party Bike Insurance Claim

Most of the times people do not claim third-party bike insurance even when their vehicle is damaged by another bike. Even though people raise the third party bike insurance claim, people often drop the claim in midway considering the complications involved within the claim.

Third-party bike insurance claim does require patience and it is possible errors to creep in while filing the third-party bike insurance. Let us have an understanding of what should be done during a third-party bike insurance claim below:

  • In case of an accident/mishap, the first thing, which needs to be done, is informing the police about the accident. Moreover, this is also correct concerning legal aspects. Mind you, do not forget to file an FIR and do not delay it for any reason. This is one a mandate and one of the most important documents, which will help you during a bike insurance claim as well as third-party insurance.
  • Another important step is to inform the insurance provider or the agent from whom you bought the bike insurance policy about the accident/mishap that has taken place at the earliest. Most of the insurance companies provide a maximum of 48 hours to be notified about the accident occurred. Check the time-frame from your insurance provider at the time of buying a bike insurance policy. Do not miss calling and informing the insurance provider about the same as missing on such a crucial thing will land up severe troubles for you.
  • Take pictures/photographs of the damage incurred to your bike, yourself or any damage/loss caused to the third-party at the time of an accident. Remember, nothing is better than photographic evidence to substantiate the damage that has been caused by a larger picture. These photographs taken can be referred to on a later stage for rechecking. In case, anyone is willing to be the witness at the time of the accident for insurance claim do not forget to take details of their personal information. Besides, take the relevant details of the other party involved in the mishap. These are not mandatory to do but doing ad following the same will only help you from getting into more uninvited perils.
  • Do not give any false information to the insurance provider as doing so will not only bring you in a bad light but moreover, your bike insurance claim may also get rejected and your bike insurance policy may also get cancelled.
  • File a case with the tribunal court with jurisdiction over the area wherein you or the other party reside. In case of a third-party bike insurance claim, a civil court does not have any authority to give judgements upon compensation claims.
  • For any future reference, make sure that you have all details noted or recorded specifically your communication with the insurance provider and its representatives.
  • Make it a point of keeping all the receipts related to the bike insurance at the time of the accident until the full settlement is done. Maintain a file for the same and keep these receipts handy.
You may like to Read: Two Wheeler Insurance Claim Settlement Process

Precautionary Measures While Filing for Third-party Bike Insurance Claim

Claiming for third-party bike insurance is one tedious process. Take care of the following to avoid mistakes while filling the bike insurance claim:

  • In case of an accident, move neither your bike nor the others. Besides, if medical aid is required make the required arrangements. Do not run away from the scene of the accident.
  • In case if the other party tries to settle the matter without informing the police it is illegal and should be avoided in any manner. Besides, if you do not file an FIR you will be facing huge implications during making a third-party bike insurance claim.
  • In the event of an accident, you may get angry or take the stress. You need to act smart. Neither gets angry nor be submissive and accept the blame. Keep a balanced reaction.
  • Do not ride a bike under the influence of alcohol or drugs. Besides, if you do not have a valid driving license do not ride the bike.
  • Do not use your private bike for any commercial purpose.
  • Till the time you do not receive any legal opinion or personally believe that the first estimated value offered by the insurance provider is the ultimate do not sign on any release paper given by the provider.
You may like to Read: Common Mistakes While Filing Two-Wheeler Third-Party Insurance Claim

Wrapping it Up

Even the slightest mistake in filing a claim may lead to rejection of third-party bike insurance claim. Besides, honesty with the insurance provider is the best policy. If you provide any information, which is false the claim may be denied.

Therefore, it is important to know the correct procedure of filing a third-party bike insurance claim. Moreover, buy bike insurance policy online to save time and efforts and ensuring the safety of you and others.

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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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^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