Road accidents are common in India, and damage to your bike in an accident can leave you burdened with the high cost of repair and its maintenance. But with bike insurance, you can easily cover all these costs. In this blog, we are going to discuss the key steps that you should consider while buying a third party bike insurance online.

Types of Bike Insurance

If you have purchased a bike or are planning to buy one, you must know about the type of bike insurance available in the market. There are two types of bike insurance:

Third-party Bike Insurance: A bike owner must have this licence. It is the basic plan that covers the cost of damage caused by the bike to the third-party.  

Comprehensive Insurance: This insurance offered wider coverage. It takes into account both the third-party damage and own vehicle damage cost.

Things you should consider when Buying Third Party Bike Insurance Online

With the advent of technology, purchasing a third party bike insurance online has become very easy. Most of the insurance providers offer this facility. Let’s understand the steps to buy third party bike insurance online:

1. Do the basic research– While the insurance products may remain the same, you can still find the difference in the way the company does the claim settlement. As a bike owner, when your third party bike insurance is online, then you are also looking for ease of claim settlement. Discuss with your peer or do the internet search to find the best insurance providers in the market. 

2. Compare online– Once you have got all the details about the various companies and their third-party insurance poly. You need to make a comparison to identify which is the best company for your needs. You must assess whether you want basic coverage or a comprehensive one? Knowing what you want will help you buy the right insurance policy. You must also compare the companies based on ease of claim settlement.

3. Does it provide IDV– Your next move should be to check whether the insurance provider offers IDV or Insured Declared Value. IDV is useful in case of theft or complete loss of the vehicle. The insurance companies pay the complete amount to the policyholder in case of bike damage.

4. Claim Settlement Ratio– When choosing the best insurance provider for third-party bike insurance online, you must not miss checking the claim settlement ratio. Choose a plan that fulfils all the criteria mentioned above.

5. Add-ons-This feature is only available if you choose a comprehensive bike insurance plan. You may have to pay an extra premium for this. Hence, it’s always advisable that you check your requirements and then choose the right type of policy.

6. Read the Policy– When you are all set for third party bike insurance online, you must carefully read the policy. Make sure that you don’t fill the form in a hurry.

7. Make the Payment– Finally, you can make the payment for the policy. After filling the form and completing all the formalities, you will get the policy document via email. You can download it and print it.

All you Need to Know about Two-wheeler Vehicle Insurance Online

How to claim Third-Party Bike Insurance easily

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What is Third Party Bike Insurance?

Third-Party bike insurance is the most fundamental type of two-wheeler coverage plan, that supports cover for any injuries and losses your vehicle could cause to a third-party character, property or vehicle. It is effective especially in the event of an accident or collision. The equivalent is compulsory by law, without which you could be responsible for a penalty of Rs 1,000 to Rs 2,000.

You can easily buy third party bike insurance online to avoid such circumstances. Here are some coverage benefits-

1. Personal Loss to Third Party: If a person is hurt in an accident by your bike, all his or her medical expenses till restoration will be paid by Third Party bike insurance. In an ill-fated case of death, a settlement amount is provided as well.

• Property Injury Allowance: In fact, if the damage is caused to someone’s vehicle, house or any other asset, the owner will be embraced for the damage.

• Personal Harm to Owner/Driver: This plan cover also protects you from losses that could occur if you face any visible damages or death/lasting disability.

Considerations To Make While Claiming Third-Party Bike Insurance

If you are insured under Third Party Bike Insurance, and you are in need to claim that benefit, make sure you do not hurry. There are certain things that you should consider. For example: make sure the third-party person has suitable evidence against the FIR he/she is filing against you. Again, also note that you have to claim the insurance soon after the accident has occurred, otherwise it won’t come into effect. Again, the IRDAI regulations speculate that only Motor Accident Claims Tribunal can determine the claim amount and the limited liability is only up to Rs 7.5 lakhs.

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