What Is 3Rd Party Bike Insurance?

What Is The Cost Of Third Party Bike Insurance?

The cost of third party bike insurance depends on the cubic capacity of the two wheeler bike. Higher the cubic capacity, higher would be the premium. The third party premium of your bike is calculated on the basis of the cc and a compulsory owner/driver personal accident cover would be added if the registration is in individual’s name. Below is the cost for third party bike insurance policy:

What is Compulsory Third Party Two Wheeler Insurance?

Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.

What is Comprehensive Insurance for Two Wheeler?

Comprehensive two wheeler insurance covers the loss or damage to the bike due to any of the insured peril acting at the time of the accident. Third party insurance covers only the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured two wheeler. Third party section also covers the property damage of third parties involved in the accident.

What is Third Party Bike Insurance ?

The Third-Party Bike Insurance covers the death or bodily injury of third parties in case of an accident in addition to the property damage while the own damage section covers the loss or damage to the bike due to an insured peril operating at the time of loss or accident. The third-party Bike insurance also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage. Third Party Bike Insurance is a type of insurance policy that provides coverage to the policyholder against any legal liability arising out of third-party damages or injuries caused by the policyholder while riding their bike. 

What is covered under Bike Insurance?

Bike insurance has two sections and the coverage under each section is mentioned below:-

• Third party section: This section covers the bodily injury or death of third parties involved in an accident with the insured bike. In addition to this third-party property damage is also covered. Personal accident cover of up to Rs.15 Lacs is provided to the insured customer in case of death or disability due to an accident involving the insured vehicle.
• Own damage section: This section covers the loss or damage to the bike due to an insured peril. Insured perils under bike insurance include Fire, Natural calamities, riots, strikes, and Malicious damage, accidental damages, etc. These perils are covered under the own damage section of the bike insurance policy. Any damages which are intentional in nature are not covered under the bike insurance policy. This section also includes the add-on covers which can increase the coverage available with the bike insurance policy.

My Bike Insurance is Expired, How to Renew It?

Bike insurance renewal has never been easy with the introduction of online insurance portals. PolicyBachat helps to renew your bike insurance policy as you can have many options from different insurance companies. The process of renewing bike insurance is simple, you can renew your bike insurance by following the below steps:

Step 1: Visit our online portal online portal and proceed to the data entry section or call our toll free number for assistance.

Step 2: The next step in using the bike/two wheeler insurance premium calculator is to enter the below details clearly and correctly.

• Make and model of the two wheeler – Bajaj is the Make while Platina is the Model
• Enter the RTO in which the two wheeler is registered
• Enter the registration date of your two wheeler bike.

Step 3: The premium from different insurance companies is displayed in this step. Select the best insurance company as per your requirements and proceed to the payment page. Instant policy would be available after the payment is completed.

When Can I Cancel My Bike Insurance Policy?

There are few situations in which you can cancel your bike insurance policy:

• If you are not satisfied with the service provided by the insurance company after taking the insurance policy.
• If you have taken a double policy for the same two wheeler bike. Two policies are active at the same time for a single bike.
• If you have taken Comprehensive policy but wanted to take only Third party bike insurance.

Is Uniersal Sompo Bike Insurance Good?

Yes, Universal Sompo bike insurance is good on its insurance purchase or claims, coverages, and add-ons, etc. The company has a good claim settlement ratio of 89.54%. The claim settlement is simple and quick and hassle-free. Universal Sompo Bike Insurance offers complete protection to the bike and its driver. It provides liability cover, own damage cover as well as personal accident cover for the owner-driver of the bike.

It also comes with a range of add-on covers that the bike owner can buy at the time of policy purchase to expand the coverage level. The company also offers a discount on premium during policy purchase and renewals. If you are looking for a policy that protects your bike at a good price, you can think of buying bike insurance plan by Universal Sompo.