All About Third Party Bike Insurance - PowerPoint PPT Presentation

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All About Third Party Bike Insurance

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Read all about third party bike insurance. Learn about the exclusions and inclusions of third party two wheeler insurance. – PowerPoint PPT presentation

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Title: All About Third Party Bike Insurance


1
All About Third Party Bike Insurance
Search. Compare. Buy
2
Introduction
  • 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.

3
Coverage 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.

7
How 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
8
What 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.

9
Process 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.

10
Documents 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.

11
How 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
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