Third Party Insurance for Two Wheeler
We all know that insuring your vehicle, car or two-wheeler, is mandated by the Motor Vehicles Act, 1988. Every state or nation has set a minimum level of insurance that needs to be adopted by all two-wheeler owners so that they have a minimum amount of coverage for themselves and their vehicles. In India, Standard Third Party insurance is the minimum amount of coverage that bikers need to possess to drive their vehicle on public roads.
The number of two-wheeler accidents on Indian roads has shown a steep hike in the recent years and many a time these accidents not only cause harm to the driver or the pillion rider but also to people and properties in the surroundings. The main purpose of the Third Party Two-Wheeler insurance is to provide legal and financial security to the policy holder duringany accident causing physical injury, death or disability to the third party or damage to third-party properties.
WHAT IS COVERED UNDER THIRD PARTY TWO-WHEELER INSURANCE?
If you opt to buy a standard third party two-wheeler policy, you can be assured to get the following coverage:
- The cost of any damage caused to the third party property if you are involved in the accident.
- The medical expenses involved in the treatment of the third party due to the harm caused to him/her by the accident you were involved in.
WHAT IS EXCLUDED?
The Third party two-wheeler insurance, though cheap, gives very limited coverage. You will not be protected far damages caused to your bike due to accident or any other causes or for medical expenses resulting from the accident.
HOW TO CLAIM THIRD PARTY TWO-WHEELER INSURANCE?
The process of claiming third party two-wheeler insurance is a little complex owing to the fact that it does not only include damages caused to you or your bike but involves damages caused to another person or property.
- Give notice to your insurance company as soon as possible to inform them about the claim. The sooner the insurer is informed, easier it is to recover your money.
- Remember to take down the policy details of the third party right after the incident has taken place.
- Keep important stuffs like medical bills, estimates of repair charges and police reports handy. Collect all possible details about the incident, like how the accident occurred, the injuries and damages sustained (if any) and the amount you plan to claim
- Keep the record of the claim handy. In case the process becomes controversial or structures into a lawsuit, you should be able to produce proper evidence supporting your claims.
- Give the insurer all possible reasons of why they should pay out on your claims.