You’ve probably heard of 3rd party insurance for two-wheelers, but what exactly is it? In short, 3rd party two-wheeler insurance covers you if you damage someone else’s property or injure another person while riding your bike. It’s important to note that 3rd party two-wheeler insurance does not cover any damages to your bike – only to the other person or their property. This is why it’s typically seen as the minimum level of coverage you should have, as it offers very limited protection. Now that you know what 3rd party two-wheeler insurance is, let’s look at some key features and benefits.
What is 3rd Party 2-wheeler insurance?
As the name suggests, 3rd Party 2-wheeler insurance is a policy that provides financial protection if you cause damage to another person or their property while operating your vehicle. This type of coverage is required by law in most states, and failure to maintain it can result in severe penalties.
While 3rd Party 2-wheeler insurance will cover damages you cause to others, it will not protect your vehicle or personal injuries. If you are involved in an accident, you will be responsible for all repairs and medical bills incurred. For this reason, it is important to consider purchasing additional coverage, such as comprehensive or collision insurance.
What are the benefits of 3rd Party 2-wheeler insurance?
Third-party two-wheeler insurance is compulsory in India and provides legal liability coverage against any damage caused by your vehicle to a third party, including their vehicle and property. In the event of an accident, third-party insurance would cover the expenses incurred by the victim up to the policy limit.
The main benefits of having a third-party two-wheeler insurance policy are:
What are the types of 3rd Party 2-wheeler insurance?
3rd party two wheeler insurance is of two types-
1. Owner’s Policy– It covers the legal liability of the owner arising out of damage caused by the insured vehicle to any person or property other than the insured.
2. Driver’s Policy– It covers the driver’s legal liability arising out of damage caused by the insured vehicle to any person or property other than the insured.
How to choose the right 3rd Party 2-wheeler insurance policy?
When it comes to choosing a 3rd Party 2-wheeler insurance policy, there are a few things you need to take into account. The first is the amount of coverage you need. There are three main types of coverage:
1. Liability only: This policy will only cover damages you cause to someone else. It does not cover any damage to your vehicle.
2. Full coverage: This type of policy will cover both damages you cause to someone else and damage to your vehicle.
3. Comprehensive coverage: This is the complete type of policy and will cover damage to both your vehicle and the other person’s vehicle and any personal belongings in either vehicle at the time of the accident.
Another thing to consider is the deductible. You will have to pay an out-of-pocket amount before your insurance company starts paying for any damages. The higher the deductible, the lower your premium will be. However, you need to make sure you can afford to pay the deductible if you get into an accident.
Finally, shop around and compare different 3rd Party 2-wheeler insurance policies before deciding on one. Each company offers different coverage options and deductibles, so it’s important to find the one that best meets your needs.
Conclusion
A 3rd party, two-wheeler insurance policy can save you a lot of money in the long run, so it is worth considering.
