Everything To Know About Third-Party Insurance In Case A Person Owns Two Bikes
The Insurance Regulatory and Development Authority of India (IRDAI) rules and regulations are detailed and comprehensive. All two-wheeler insurance policies that reputable insurance companies provide must abide by IRDAI regulations. A person who owns two bikes must get two separate insurance plans, one for each bike. Bajaj Allianz bike insurance helps you to choose the right plan.
Why Is It Essential To Purchase A Third-Party Bike Insurance?
According to the Motor Vehicle Act of 1988, third-party insurance is a necessary and efficient insurance plan that provides financial support for damages caused to any third-party person or vehicle. However, such plans won’t offer financial assistance if the vehicle is stolen or damaged. Bajaj Allianz bike insurance provides coverage for personal and third-party bike damage.
Third-Party Bike Insurance Inclusions
- The bike insurance provider will pay the injured person about Rs. 7.5 lakh in compensation if the insured vehicle is involved in an accident or damages another person’s property or person
- If you don’t already have a personal accident policy, then this will cover that
- In that case, you can add one to your third-party bike insurance policy to protect yourself from financial losses and damages in the event of physical injury, incapacity, or passing away. *
- It covers damages that were caused to the third party in an accident.
Third-Party Bike Insurance Exclusions
- This plan does not cover accidental losses or damages, unnatural disasters, theft, etc.
- This coverage does not cover harm done to the property or people of third parties when driving and driving.
- Additionally, if a policyholder has no valid insurance claim, they cannot assert a third-party insurance claim.
Factors Affecting the Cost of Third-Party Insurance
The following elements significantly affect how much third-party bike insurance will cost:
The Bike’s Age
The two-wheeler’s market worth declines over time as it ages. As a result, as the bike ages, the premium that must be paid decreases.
Adjusting Insured Declared Value (IDV)
IDV is a monetary payment made by an insurer if the insured vehicle suffers any loss or damage. The vehicle’s current market value is used to determine the IDV value. However, the premium will be higher if the IDV is higher.
Bonus For No Claims (NCB)
As the name implies, NCB is a concession the insurer gives to clients who do not file any claims during the policy term. Policyholders use this concession during insurance renewal and pay a lesser premium by not raising claims and accumulating a Bonus For No Claims.
You risk losing renewable concessions like the No Claim Bonus if your bike insurance is not renewed promptly. It may cause the payable premium to rise dramatically. It is always advisable to renew bike insurance before it ends.
How Do I Buy Two-Wheel Third-Party Insurance?
You can check for bike insurance online and choose one that suits you. You can also compare the numerous standard policies from reputable insurance providers by visiting various web platforms.
Within a few hours, your bike insurance will be acquired once you enter your email ID. Going through the same process as above, one can renew their insurance plans.
Subscribe to Bajaj Allianz General Insurance YouTube Channel here!
Standard T&C Apply
Visit the official website of IRDAI for further details
All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’