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Motorbike insurance is the wall that will protect you against the unexpected perils of the road in India. This is because; there are more than a million vehicles that run across the Indian streets, and thus, the chances of accidents occurring are quite high.
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Motorbike insurance is the wall that will protect you against the unexpected perils of the road in India. This is because; there are more than a million vehicles that run across the Indian streets, and thus, the chances of accidents occurring are quite high. The insurance policies are categorized into three major types as follows: third party insurance, comprehensive cover and the add-ons that go along with it. However, today in this article, we will be discussing the information pertaining to the third party cover available in the market, and it is as follows:
What is third party cover? • Third party cover is the minimum form of a requirement that has been made mandatory by the IRDAI (Insurance Regulatory and Development Authority of India). Thus, each and every motor vehicle owner has to purchase this cover in order to become eligible to ride on the Indian roads.
How much does it cost? The recent mandates made by the government of India have caused an increase in the premiums of third-party cover. The first being, it has been made compulsory for all the vehicle owners to purchase a long-term third party cover; 3 years for cars and 5 years for the two-wheelers. Also, the price of third party Bike insurance changes with each passing year; IRDAI is the organization which is appointed by the government to oversee this annual hike. This policy is the least expensive among all the other types of protection covers available in the market.
What all does it cover? A third party insurance policy covers all the financial as well as the legal liabilities caused by you to the third party’s vehicle. The different types of damages covered under this policy are the ones done to the property, partial or permanent disability, bodily harm or death caused to the third party. However, the damages caused to you and your cars are excluded from this policy
What all is excluded from the third party cover: • There are numerous things which are excluded from this policy and are only offered by an expensive but more lucrative comprehensive cover. The things that are excluded from this policy are as follows: • If you are under the influence of intoxicants such as alcohol, drugs, etc. then your third party insurance claim will be rejected. • Damage caused by someone without a valid license will also be excluded from this cover. • Third party insurance claim will not cover any damage caused due to war, nuclear risks, or if you are driving your vehicle outside the geographical limits of India.
What is the difference between comprehensive insurance and third party cover? There are a number of things that are excluded from the third party cover; however, you can always opt for an expensive but more lucrative comprehensive insurance claim. Also, you are not eligible to purchase add-ons with a third party cover; however, that’s not the case when you opt for comprehensive insurance. If you have comprehensive insurance, you can choose and purchase amongst a variety of add-ons available in the market.
To Read More on • third party insurance • or • third party Bike insurance Visit us https://www.dhflinsurance.com
