According to a rule set by the Indian Motor Vehicles Act, 1988, it is obligatory for anyone riding a two-wheeler motor vehicle to have a valid third party two-wheeler insurance plan as a minimum. Not having one under this rule will attract legal punishment/heavy penalties or both. Investing in one will help you get a sense of security while riding a two-wheeler vehicle on the Indian road.
Understanding Third-Party Two-wheeler Insurance
Third party two-wheeler insurance policy in India protects riders against any damages caused to a third party. This is a mandatory thing to have a third party two-wheeler insurance plan for riding a two-wheeler vehicle on road.
Pros of Buying a Third Party Two-Wheeler Insurance Policy
Also referred to as the liability only insurance, third party two-wheeler insurance plan offers the benefits mentioned below:
– The third party two-wheeler insurance protects owners against legal obligations that may arise due to damage done to third party or their property.
– This insurance plan is very economical when compared to a comprehensive motor insurance plan.
– Buying a third party two-wheeler insurance is easier. The process demands less documentation.
Cons of Buying a Third Party Two-Wheeler Insurance Policy
Well, the biggest disadvantage of third party two-wheeler insurance plan is that it does not provide full coverage to the insured vehicle rider or owner.
– In the event of an accident, the policyholder must bear all the expenses incurred due to damages to the vehicle.
– A comprehensive coverage offers more facilities and cover as compared to the third party insurance.
Third Party Two Wheeler Insurance or Comprehensive Coverage?
Many owners are confused between investing in a third party and comprehensive two-wheeler insurance. Prior to choosing one, you must know what each offers. A comprehensive cover protects third party and the insured vehicle whereas third party insurance simply provides cover to the third party only.
When it comes to investing in any one of them, the decision will depend entirely on you. Experts usually suggest buying a comprehensive cover. Considering only lower premium may not be a wise decision. You need to know the facilities offered by the insurer. A comprehensive cover is considered a better option because it provides cover against all kinds of unforeseen expenses and liabilities.
These days, two-wheeler companies and dealers will provide you with this cover at the time of purchasing the vehicle. So you don’t need to run behind insurance companies for getting on.
Third Party Two-Wheeler Insurance
– The Renewal Procedure
The renewal process for third party two-wheeler insurance is simple. You simply require checking the expiry date. You can renew the cover online just prior to the expiry date. Keeping close track of expiry date will help you to avoid attracting inspection charges.
It is also crucial to have a detailed understanding of everything related to your insurance policy prior to renewing it. Doing homework on your insurance plan will help you avail beneficial discounts and a number of other exciting offers. Online gateway is a great method to renew a policy. It saves you a lot of time and efforts.
Documents Required at the Time of Renewal
– Current policy for reference
– Registration Certificate of the insured two-wheeler vehicle
– Debit Card/Net Banking details
A number of questions might cross your mind when deciding which policy to buy for your two-wheeler:
– Comprehensive coverage
– Third party two-wheeler insurance policy
Some of the other questions that might arise include legal liability, type of coverage provided, extend of coverage provided, etc. In case, you have decided to go for a third party two-wheeler insurance plan, the best way to buy one is via comparing insurance online. This is the right place to compare a variety of insurance policies to get that ideal coverage. There are a number of factors that can actually change your decision. Hence, make sure you choose one wisely.
5 responses to “Third Party Two-Wheeler Insurance – A Comprehensive GuideThird Party Two-Wheeler Insurance – A Comprehensive Guide”
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