If you own a bike, chances are you have third-party bike insurance. (If you don’t, we recommend you get one immediately - it is illegal to ride your two-wheeler without insurance). The Third-Party Bike Insurance was declared mandatory by the IRDA so all vehicle owners must take at least a Third-Party policy on their two-wheeler. You also have the option of taking a Comprehensive insurance policy, which is a bundled policy that gives you Third-Party and Own Damage coverage. But there are benefits to taking only a Third-Party bike insurance cover.
It is more affordable
If you were looking for an affordable two wheeler insurance policy that does not burn a hole in your pocket, this is the one for you. Under the third-party liability cover, the coverage extends to only the third-party person and property in the event of an accident or damage to third-party property. Since the coverage doesn’t extend to Own Damage, the premium you will have to pay is considerably lesser.
Offers financial protection
Say you get into an accident while riding your bike where you collide with another rider. Accidents can take place due to unforeseen circumstances and more often than not, you have no control over what happens. But when an accident takes place and you are found to be at fault, you are legally liable for the damages caused to the person with whom you collided. Any injuries they sustained or damages to their property - you will have to cover these expenses.
With Third-Party insurance, your insurance provider would cover your financial liabilities for you. This policy would cover the cost of repair from any damage to their property and any medical bills that arise due to the accident.
Gives you peace of mind
Accidents can take place at any time, and they can bring a sudden financial burden upon you. When you have a Third-Party liability policy, you can get a little peace of mind knowing that the full financial burden from an unfortunate accident will not fall on you and burn a hole in your pocket if such an incident does take place.
Quick and hassle-free process
Buying a third-party policy doesn’t just give you peace of mind and keep you out of any legal troubles, but it is also incredibly easy to buy. Chola MS has a quick and hassle-free process where you can get your Third-Party bike insurance online.
You can buy a Standalone Own Damage
If you feel you need an insurance policy against your own damage as well, you can now buy a Standalone Own Damage policy in addition to your Third-Party liability policy. Under a Comprehensive policy, you get a bundled package that offers coverage for both third-party and own damage, but the premium for this can be on the expensive side.
If you require some protection against your own damage as well but do not want to buy Comprehensive insurance, you can take a Standalone Own Damage policy along with your Third-Party liability policy. This would also provide you with the opportunity to research and find the policy that best suits you - giving you the protection you require at the lowest price.
To sum up, Third-Party bike insurance is an essential insurance policy to have for your two-wheeler. It protects you from any financial liabilities to third-parties if they occur and this coverage is offered at an affordable price. It also gives you the space to research and choose your Own Damage policy if you feel you require one - allowing you to choose the best policy for your two-wheeler, because you know it best.