Title: All About Third Party Bike Insurance
1All About Third Party Bike Insurance
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2Introduction
- Section 146 of the Motor Vehicles Act, 1988 makes
the third party insurance is mandatory by law in
India. - In a third party insurance, first party is the
vehicle owner/insured. The second party is the
company. - The third party is any person who can claim
compensation for the damages caused by your bike.
3Coverage Under Third Party bike insurance
- Death or bodily injury to the third party
- A third party bike insurance provides coverage
for medical expenses in case of bodily injury. - Provides compensation in case of death or
physical disfigurement. - Third party can also claim for loss of income in
case if he/she is not able to work due to the
sustained injuries.
4- Third Party Property Damage
- A third party two wheeler insurance covers
property damages up to 1 lakh. - Death of the owner or driver of the insured bike
- If the third party owner/driver dies due to an
accident caused by your bike, then the dependents
would be eligible to claim compensation for the
sudden income loss.
5- Permanent total disability of the insured vehicle
owner or driver - If the owner/driver sustains permanent or total
disability then they would be eligible to claim
compensation for the same.
Type of disability of capital sum insured
Death, Loss of Two Limbs or sight of both eyes or one limb and sight of one eye 100
Loss of one Limb or sight of one eye 50
Permanent Total Disablement from injuries other than named above 100
6- Note Theres a limit on liability paid to the
third party. - The cover for third party property (usually the
third party's bike or car) damage is capped at
Rs. 2 lakh. - Any cost that exceeds this limit is to be paid by
the policyholder. - There is no limit on liability for injury or
death of the third party.
7How is Third Party Premium Calculated?
- The below insurance premium rates are
standardized by IRDA with effect 1st April, 2017.
CONDITION RELATING TO ENGINE CAPACITY APPLICABLE PREMIUM RATE
Up to 75 cc Rs. 569
75- 150 cc Rs. 720
150- 350 cc Rs. 880
Above 350 cc Rs. 1,0191
8What is Not Covered in Third Party Insurance?
- A third party bike insurance does not provide
coverage for the following - Any damage to your own vehicle
- Accidental damage/loss/liability caused outside
the prescribed geographical area - Contractual liability claims
- Damages caused due to consequential loss
- Loss, damage, liability caused due to war or
invasion - Any liability caused directly or indirectly due
to radioactive contamination or nuclear weapons.
9Process of Third Party Insurance for Bike Claims
- First call the police and inform them about the
accident. - File an FIR as it is a mandatory document to
support your third party bike insurance claim - Inform your insurance company about it between
24-48 hours. - Note down the names and numbers of the witnesses
who are willing to support your claim. - Collect photographic evidence, if possible.
- Collect the insurance details of the other
parties involved. - Register the case with the special Motor Accident
Claims Tribunal court with jurisdiction over the
area where the accident took place.
10Documents Required to Support Your Claim
- Original copy of the FIR.
- Copy of third partys policy documents or cover
note as proof of insurance. - Duly filled and signed claim form.
- Copy of driving license.
- Estimate for repairs from the service centre
where the vehicle is to be repaired. - Copy of the vehicles Registration Book (RC) and
Tax Receipt. - Repair bills and payment receipts after the job
is completed.
11How to renew third party two wheeler insurance?
- You can renew third party two wheeler insurance
online. - It saves time, is convenient and the policy is
delivered right in your inbox. - Recommended Read Third Party Two Wheeler
Insurance