A third-Party bike insurance coverage is the most basic kind of two-wheeler insurance, and it helps cover any damages and losses your bike may cause to a third-party person, property or vehicle, such as in the event of an accident or collision. The same is required by law, and failing to do so might result in a punishment of Rs 1,000 to Rs 2,000.
If a person is wounded in an accident, Third Party bike insurance will cover all of his or her medical expenses until the person recovers. In the terrible event of a death, a monetary compensation is also provided.
If someone's car, house or other property is damaged, the owner is protected for the loss. There is a 750,000 maximum.
If you don't already have Personal Accident Cover, you may add it to your Third-Party Bike Insurance to protect yourself from financial losses resulting from bodily injury, death or permanent disability.
Damages to one's own vehicle are not covered by a third-party bike insurance policy.
Your bike insurance will not cover you if you were riding while inebriated or without a valid two-wheeler license.
If you have a learner's permit and were riding your two-wheeler without a legal driver's license on the pillion seat, your claim will be denied.
Some scenarios are addressed by add-ons. The appropriate scenarios will not be covered if you haven't purchased the two wheeler add-ons.
The third-party individual who files the FIR for the claim must make certain that he or she has sufficient proof.
It's critical to remember that your insurance company and the police should be alerted as soon as feasible. You can't file a claim after the incident has occurred!
The Insurance Regulatory Development Authority of India's (IRDA) rules and regulations provide that the claim amount is decided by the Motor Accident Claims Tribunal. While there is no maximum responsibility for personal damages to a third party, there is a limit of Rs 7.5 lakhs for damages and losses to a third-party vehicle or property.
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