Tips for Third Party Bike Insurance
- Author :
- TATA AIG Team
- Published on :
Riding a bike can be an exciting experience. It gives you a thrill while on the road and helps you experience peace and a sense of freedom. Also, it can be a great way to navigate through the traffic on the roads in the country.
Although bikes can be a great way of transportation, you can face accidents while driving on the country’s roads. This is where a two-wheeler insurance plan comes in handy. It helps you stay financially protected if your vehicle has an accident. Also, having a third-party bike insurance plan is mandatory as per the law in India.
With Tata AIG, you can purchase bike insurance online in a few hassle-free steps. The insurance for the bike will be sent to you within a few minutes. And if you think renewing the policy yearly is a hassle, then you can also opt for long-term two-wheeler insurance so that you can keep your vehicle insurance for 2 or 3 years.
If you have opted for a two-wheeler insurance third party or if you are looking to buy one, it is essential that you know the safety tips for third-party bike insurance.
What is Third-Party Bike Insurance?
A two-wheeler insurance third party provides coverage against liabilities that may arise if your bike causes damages or injuries to a third-party vehicle or person. In this case, if there are liabilities on the insured, the cost will be borne by the insurer. However, a 3rd party bike insurance does not cover damages caused to the insured bike.
Features of a Third-Party Bike Insurance
Here are some of the features of 3rd party bike insurance that you must know:
- If your bike is involved in an accident on the road, the policy will cover the costs that may arise due to death or injuries to a third person.
- Third-party bike insurance does not provide coverage for the damages that are caused to the insured bike.
- The third-party insurance of the bike price is less than that of comprehensive bike insurance.
- Liabilities can affect us not only financially but mentally as well. Thus, having a two-wheeler insurance third party ensures that you can drive on the road without any stress.
Limitations of Third-Party Insurance for the Bike
There are some limitations of third-party bike insurance that you must know:
- If your bike has been damaged because of the accident, a 3rd party bike insurance plan will not cover the costs. So, you have to pay for the expenses from your own pockets.
- You will not receive any monetary compensation if your bike is stolen.
- There is no scope to enhance the coverage of your policy with riders.
Process for Claims Under a 3rd Party Bike Insurance Plan
The process for claims under a third-party bike insurance plan is easy. Here are the details:
- Filing a complaint with the police
This is one of the essential steps that you need to take to file a claim. The insured or the family of the insured should file an FIR at the police station that is closest to the accident spot. Information regarding the bike of the insured, the details of the culprit, and the names and details of the witnesses should be mentioned in the report.
- Documentation of the claim with the Motor Accidents Claim Board
Once the FIR has been filed, the next step is documenting the claim with the Motor Accidents Claim Board. The board is the legal entity that takes the decision on the claims and the proportion of claim that needs to be paid. It is the duty of the petitioners to present the reports to validate the claim.
After looking at all the details and documents, the board arrives at the settlement amount. The amount of settlement is paid by the insurance company.
Mistakes to Avoid While Filing a Third-Party Bike Insurance Claim
When you file a 3rd party bike insurance claim, avoid the following mistakes:
- Do not leave the spot of the accident. Ensure that everything remains the same till the arrival of the surveyor. You must look for medical help if someone has been injured in the accident.
- Always contact the police and file an FIR. If you fail to do so, the legitimacy of your case might get jeopardised. Also, refrain from making settlements with outsiders without inputs from the police, as that can add an illicit development to the case.
- Avoid getting into arguments or fights if there is an accident. Do not be forceful, furious, or get physical with the other party.
- Do not ride your vehicle if you are intoxicated due to drugs or alcohol. Also, refrain from illicit driving or leasing your vehicle for some business requirements. Some of these variables can lead to a rejection of a claim in case of an accident.
- Ensure that you provide all the data and documentation while filing a claim. Also, ensure you file the claim on time so you do not face hassles later.
Having a third-party bike insurance plan is compulsory according to the law but remember that it does not cover the damages caused to your own vehicle. Therefore, it is advantageous to opt for a comprehensive car insurance plan as it provides all-around coverage, and you can even enhance the coverage by choosing the right riders. Even if you have a two-wheeler insurance third party plan, ensure that you follow all the tips while you file a claim. A 3rd party bike insurance plan claim process takes time, so you have to be patient.
You can visit the Tata AIG website to learn more about the third-party insurance of the bike price, and you can use the bike insurance plan premium calculator to know the total premium that you need to pay for the selected insurance for your bike.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.