Riding a bike for work or pleasure is both time-saving and convenient. It is a cost-effective means of travelling from Place A to Place B on crowded city roads. Also, your bike is an appropriate reflection of your personality. Given the various advantages that your two-wheeler imparts in your life, it is important to keep it safeguarded against all financial losses taking place as a result of natural and manmade calamities.
This is why it becomes essential for you to purchase two wheeler insurance at the earliest. Along with providing third-party liability coverage for bodily injuries, death, or damage of third party person or property, such plans also provide additional cover in lieu of extra premium. In simple words, third-party bike insurance provides adequate risk cover, wherein your insurance company pays you for all legal liabilities arising out of any unfortunate event.
This article will help in throwing light on the features and benefits of third-party liability two wheeler insurance and ways of enhancing this coverage.
Third Party Liability of Two Wheeler Insurance
Section 146 of the Indian Motor Vehicles Act, 1988, has made third party insurance obligatory for all types of vehicles moving on Indian roads, two-wheelers included. It is important to get this type of insurance as soon as you purchase your bike or scooter. With this coverage, you get appropriate protection for the damages caused to third-party vehicles. You will also benefit by getting protection for all third-party property damages resulting from the accident in which you are at fault. Additionally, you get compensated for all medical bills coming your way courtesy of the bodily injuries or death inflicted upon third party/parties. This, in turn, will reduce the number of financial liabilities incurring to you because of an accident.
Benefits of Third Party Liability Two Wheeler Insurance
1. Timely Financial Assistance
Third party liability insurance fulfils the requirements of providing cover for the financial obligations of death or injury inflicted on third party person as well as the damages incurred to third party property.
2. Easy Processing Means
It is very easy to buy third party two-wheeler insurance with the help of minimum documentation on insurance comparison and aggregator sites like Coverfox.com. This is possible as this kind of insurance does not cover personal damages, neither does it provide coverage for your insured vehicle.
3. Affordability
Two-wheeler third-party insurance plans are available at very cost-effective rates as they offer basic coverage only. They are less expensive in comparison to comprehensive coverage. With a third-party liability coverage plan in your hand, you can be assured of getting higher coverage at lower premium rates.
4. More Peace of Mind
Buying two wheeler insurance for covering third-party liabilities provides you with greater peace of mind as it deals with situations that are capable of ripping off your finances.
Additional Covers of Two Wheeler Insurance
In contrast to third-party liability only bike insurance, comprehensive two wheeler insurance provides financial assistance for different types of unforeseen tragedies involving your vehicle. The plan offers full coverage for taking care of the damages inflicted to your personal property/vehicle in addition to third-party property/vehicle. A comprehensive plan also takes care of the medical costs incurred for treating your injuries and the related legal expenses; the coverage provides monetary compensation for any loss of limbs and/or death as well. Additionally, it provides coverage against the losses inflicted to your vehicle because of natural disasters, vandalism, theft, etc.
Comprehensive two wheeler insurance plans also provide add-on features and benefits pertaining to No Claim Bonus (NCB) and Zero Depreciation Cover. They also provide cover for accessories thereby providing wholesome insurance coverage for your vehicle. Even though comprehensive insurance is costlier than third-party insurance plans, it ends up offering adequate long-term financial cover for safeguarding you and your two-wheeler from a spate of unexpected losses. Although it is not obligatory by law to purchase this category of two wheeler insurance, experts recommend that you buy the same for taking better care of your financial interests.
Last Word
The benefits of different kinds of two wheeler insurance, specifically third-party insurance coverage for two-wheelers have to be purchased at the earliest possible opportunity to gain optimum benefits. Log onto Coverfox.com to compare and buy the kind of insurance that is well-suited to your needs and budget. You may want to use the various online insurance comparison tools available on the portal to make a more informed purchase. Keep yourself financially secure and buy your two-wheeler insurance – today!
