Third party bike insurance protects the policyholder against damage to third-party property. It offers financial assistance in case of an unforeseen event such as an accident. If a policyholder gets into an accident, then the expense arising due to the damages to third-party property will be covered by the insurer. However, it doesn’t cover a policyholder’s bike. The insurer will cover a policyholder’s bike only when they purchase a comprehensive policy.
For example,a policyholder meets with an accident. The accident has caused damage to a third-party bike as well as the policyholder’s bike.
- The cost to repair the damage to the third-party bike is Rs. 10,000.
- The policyholder’s bike has suffered damages that will require Rs. 8,000 to repair.
- If the policyholder has third-party insurance, then the insurer will only cover Rs. 10,000.
- The insurer will cover Rs. 18,000 if the policyholder is insured with a comprehensive policy.
While comprehensive plan offers more benefits, one can’t deny third party insurance’s importance. Third party insurance for bike offers financial assistance against damage to third-party property, and the cover amount can provide a huge relief to a policyholder.
Here are some benefits of purchasing third party bike insurance-
- If the third-party driver has bodily injuries due to an accident with a policyholder, then the insurer covers the medical expenses of that person. The hospitalisation cost, treatment expenses, etc. will be paid by the insurer.
- In case of an accident, it covers the policyholder against damage to third-party property.
- A policyholder can also buy personal accident cover with the policy. The benefit is extremely helpful as it covers the medical expenses of a policyholder if they meet with an accident.
- The insurer can also cover the medical expense of the policyholder’s co-passenger. However, a policyholder will receive such a benefit only after paying extra premium.
Damages due to accidents can render high expense. Such costs can burn your savings in an instant. Hence, the protection of insurance becomes vital. Another advantage of third party insurance is its cheap cost. Compared to a comprehensive plan, third party insurance can be purchased at a lower premium price.Also, buying third party insurance is easy. You can purchase it offline as well as online.
To buy it offline, you need to visit the office of the insurer. You must submit the important documents and pay the premium price to buy the policy.
If you want to buy third party insurance online, then you need to visit the website of the insurer. You can compare different policies and pay the premium for the plan you like the most.
Buying a policy online is easier compared to purchasing one offline. It saves a lot of efforts as well as time.
Also, take a note of your policy’s expiration date. If your policy has expired, then you will have to pay for the damages to the third-party property as the insurer will not cover you. Hence, it is important to renew a policy before it expires.