Why Should You Buy Third-party Bike Insurance?
Nearly 18 crore Indians own a bike, but only six crores have bike insurance. As per statistics, almost 1 lakh bike riders lose their lives due to a bike accident, and not even half of them get compensated because they do not own any bike insurance.
80% of the accidents resulted due to over-speeding or drinking and driving, or both. Majorly it was the drivers’ fault. From the Ministry of Road Transport data, we demonstrate that the vehicle population in the country is increasing at a higher rate, and the road expansion network is slowing down, thereby resulting in an increased number of road accidents.
One way to save yourself from the after-effects of road accidents is to drive safely, and the other way is to minimize the risk of being affected by buying third-party bike insurance.
The Benefits of Third-Party Bike Insurance
Legal and Financial Guidance
A mistake on the road by another entity can also cause you considerable stress. You might face a legal case or might have to pay damages to a third party. To ensure that you don't have to face this alone, third-party insurance covers your financial expenses and provides you a legal cover.
The most important factor attached to third-party bike insurance is that it is affordable. The premiums for these insurance policies are cheap when compared to the claims that are settled. The costs are kept affordable so that more and more people get insured, and the pricing policy is also different from that of the third-party insurance policy for cars.
Ease of Procurement
The third-party insurance is as easy to buy as Zero Depreciation Bike Insurance as you can quickly go on any insurers’ website and look at the details and purchase third-party bike insurance. You can easily compare them on the website and choose the best option available.
Zero Hassle Policy
The third-party insurance policy is a simpler policy than other insurance policies. Not much thought has to be given while buying as almost all the third-party insurance policies are similar. Since it is a simple, straightforward plan, you have to go online, search, compare and buy.
These are the benefits that third-party bike insurance provides to its policyholders. Moreover, it is mandatory in India to have third-party insurance. However, you must keep in mind that third-party insurance does not cover the expenses of the insured’s vehicle.
You can compare and purchase bike insurance policies with the best insurance providers at the Bajaj Finserv website.
Third-Party Bike Insurance Inclusions
Following events are covered under third party bike insurance:
- Death or any injury to a third party is covered under this policy.
- Any property damages to a third party depending upon the liability amount.
- A personal accidental cover for bike driver/owner.
- The plan can also cover co-passenger by paying an additional premium.
The Bottom Line
The third-party insurance does not provide coverage for the insured's vehicle. It gives the benefits if the insured has met with an accident and has damaged a third party's vehicle. The third-party bike insurance does not cover add-ons such as zero depreciation, life cover, etc., but only the damages caused to a third party.
Although it is now more important to make a well-researched decision, many bike company dealers force the buyers to buy the insurance policy. Hence, many end up buying the policy at an expensive rate. You can visit the Bajaj Finserv website for bike insurance and compare the policy rates offered by different insurance providers, and then buy the policy that suits you and your pocket.