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Two Wheeler Bike Insurance 409 views April 23, 2020
Third party insurance policy provides protection to the owner of the two-wheeler from the legal liability arising to any third party because of an accident which may lead to death, whole or partial disability, injury or property damage of any third party. The Motor Vehicles Act, 1988 mandatorily requires every vehicle owner to buy a third party liability insurance plan for covering any liability arising to the third person. It is legally not allowed to drive a two-wheeler without a valid third party insurance plan.
The insurance provider pays the damages and the liability arising due to an accident under third party insurance. Hence, the policyholder is financially shielded by the insurance company when any third party liability arises. The insurance companies offering third party insurance offer it to be brought as well as renew online for ease of the customers. The third party insurance for two-wheeler can be purchased and renewed from the official website of the insurance company.
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Third party insurance policy mainly covers all the liability arising to the third party legal liability and it also covers any damages caused to third party property as well as a cover of the owner’s personal accident. The insurance company has unlimited liability under the third party insurance arising to the third party due to an accident which may result in death, injury or disability of the third party. The insurance provider also pay damages to the third party in case of any damaged caused to the property of the third party but here the liability is limited.
Third party insurance plan mainly provides coverage to any third party involved in an accident with you. Third party insurance plan has the following key features:
You have to get third party insurance as it is mandatory by law. However a third party insurance plan has numerous benefits to offer. The benefits of the policy are stated below:
Insurance Regulatory Development Authority of India (IRDA) fixes the premium amount to be paid for the third party insurance plans which are stated as follows. The premium amounts of two wheeler stated is in effect from 19th June 2019.
Cubic Capacity of Two Wheeler | One year premium amount (for two wheelers brought before 1st September, 2018) | Five year premium amount (for two wheelers brought on or after 1st September, 2018) |
---|---|---|
Not Exceeding 75cc | Rs 482 | Rs 1,045 |
Exceeding 75cc but not exceeding 150cc | Rs 752 | Rs 3,285 |
Exceeding 150cc but not exceeding 350cc | Rs 1,193 | Rs 5,453 |
Exceeding 350cc | Rs 2323 | Rs 13,034 |
Third Party Insurance online for two-wheeler can be brought from the insurance companies’ official website. Accidents can take care of anytime and it may give rise to high liability and damages to the property of the third person or to the third person himself. In such a case, you will have a huge financial outflow. Then you will save the financial problem through your third party insurance plan and will be free from the liability.