Riding a bike is an exhilarating experience that offers a sense of freedom and adventure. Whether you ride a motorcycle or a scooter, it’s important to keep yourself and your bike protected on the road with bike insurance online. One of the most crucial ways to do this is by getting the right insurance coverage. Keep your bike safe and secure with the right coverage. While many riders opt for comprehensive coverage, there’s another option that can offer you the same level of protection at a lower cost – third-party bike insurance. In this article, we’ll discuss the 5 reasons why you should consider buying a third-party bike insurance policy.
What is Third-Party Bike Insurance?
Before we delve into the reasons why you should consider third-party bike insurance, let’s first define what it is. Third-party bike insurance is a type of insurance policy that covers damages and injuries caused to a third party by your bike. It’s mandatory in India under the Motor Vehicles Act of 1988, which means that every bike owner must have at least a third-party insurance policy to legally ride their bike on the road. You can buy bike insurance online in India, nowadays there are 100+ online insurance websites and insurance mobile apps available in the market.
What Are the Benefits of Third-Party Bike Insurance?
Now that you know what third-party bike insurance is, let’s take a look at the benefits of having this type of coverage.
Lower Premiums
One of the main advantages of third-party bike insurance is that it comes at a lower cost compared to comprehensive coverage. Since it only covers damages and injuries caused to a third party, the premiums are lower. This is especially beneficial for riders who have older bikes or those who are on a tight budget.
Legal Compliance
As mentioned earlier, having a third-party bike insurance policy is mandatory in India. By purchasing this type of coverage, you’re fulfilling your legal obligation as a bike owner. This means that if you’re caught riding without insurance, you can face hefty fines and penalties.
Peace of Mind
Having a third-party bike insurance policy can give you peace of mind while you’re on the road. Accidents can happen at any time, and knowing that you’re covered in case of any third-party damages or injuries can help alleviate any stress or anxiety you may have while riding.
No-Fault Claims
In the event of an accident where you’re not at fault, a third-party insurance policy can help you make a no-fault claim. This means that you can get compensation for damages or injuries caused by the other party without affecting your own policy.
Customizable Coverage
While third-party bike insurance only covers damages and injuries caused to a third party, it’s still possible to customize your policy to suit your needs. For example, you can opt for a higher coverage limit or add additional riders to your policy to extend the coverage.
Third-Party Bike Insurance FAQs
Q: Is third-party bike insurance mandatory in India?
A: Yes, as per the Motor Vehicles Act of 1988, every bike owner must have at least a third-party insurance policy to legally ride their bike on the road.
Q: Can I customize my third-party bike insurance policy?
A: Yes, it’s possible to customize your policy to suit your needs. You can opt for a higher coverage limit or add additional riders to your policy to extend the coverage.
Q: Can I make a no-fault claim with a third-party insurance policy?
A: Yes, in the event of an accident where you’re not at fault,
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