A Complete Overview About Third Party Insurance for Bike

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What is third party insurance for bike?

Getting third party insurance for bike is a necessity. If you have this policy then in the case of collision of your bike with the third party, the insurer will be responsible financially and legally to the third party. However, the insurance does not cover you or your bike against any damage or body injuries.
What are the Benefits of Third Party Insurance for Bike?

It Offers Financial As Well As Legal Assistance:

Act only or third party liability cover fulfills the requirement of covering the medical expenses of the injuries to the third party. It also bears the expense of eventual death and any damage of property to the third party. Not only this, it provides a complete legal cover also in case of accident.

It is Easy to Process:

You can buy third party insurance for bike for bike easily and get it renewed online with minimum documentation. If you are renewing the insurance from the same insurer, your details will be there in the database of the insurance company and hence the renewal process will be quicker. The online renewal of the policy is hassle-free and the print out of the soft copy is as authentic as the original one.

It is Cost-effective:

The two wheeler third party insurance cost you way lesser than the comprehensive insurance coverage. As it does not cover any damage or injury sustained by the insured, it does not cost you much.

It Gives You Complete Peace of Mind:

Purchasing 3rd party two wheeler insurance plans makes you stress-free and offers you a complete peace of mind while dealing with the event of bike collision that can otherwise burn a hole in your pocket.
How Much the Premium Will Cost You?
IRDA or Insurance Regulatory Development Authority has standardized the two-wheeler third party insurance premium rates with effect from 1st of April 2017. According to which bikes up to 75 cc will pay a premium rate of 569 Rs, 75-150 cc will pay Rs. 720, up to 150-350 cc will pay Rs. 970 and above 350 cc the premium rate will cost Rs. 1,114.

Procedure of Renewing Third Party Two Wheeler Insurance:

The process of renewing the third party two wheeler insurance is quick, simple and easy. You can do so online and get the policy renewed instantly. So, do not worry even if you have an expired policy, from the convenience of your home. With the minimal amount of paper work, you can get the license renewed in minutes.

When you get notification from your insurer about the policy expiration date, you can get the policy renewed from the same insurance company. It will take a few seconds. You have to visit the website of the insurer and fill the details you are asked to. Since you have bought the policy from, your personal details will be there with them. Just make the payment from the mode you want and you are done. Third party insurance for bike is mandatory by law and makes you stress free.