When it comes to owning a two-wheeler in India, insurance is mandatory by law. However, deciding on which insurance plan to choose can be overwhelming, especially if you’re a new rider. This is where third-party bike insurance comes into play. In this article, we’ll provide a simplified guide to third-party coverage, with a primary focus on 3rd Party Bike Insurance.
Understanding Third-Party Bike Insurance
Third party bike insurance is a mandatory liability insurance requirement for all two-wheelers in India. It protects the owner from financial losses towards third-party property damage, injury, or death that arise due to a road accident involving your vehicle. This means that if you are responsible for causing an accident, your third-party insurance will bear the expenses incurred during the accident.
A third-party bike insurance policy doesn’t cover damage to your own bike, but only offers protection towards third-party personal liabilities. This is the primary difference between a third-party policy and a comprehensive policy that covers both third-party liabilities as well as any damages to your own vehicle.
The Cost of Third-Party Bike Insurance
Third-party insurance policies are usually less expensive than comprehensive insurance policies since it doesn’t cover damages to your own vehicle. You can expect to pay anywhere between INR 1000-3000 for a third-party bike insurance policy, depending on various factors such as the type of bike, its age, location, and the risks involved.
Advantages of Third-Party Bike Insurance
- Affordability: The most obvious advantage of third-party bike insurance is its affordability. Since it doesn’t cover damages to your own vehicle, it’s the cheapest and most basic form of bike insurance available.
- Compliance: It’s mandatory by law to have third-party bike insurance. Failure to have one can result in severe legal consequences.
- Financial Protection: It provides you with the necessary coverage in the event of an accident. This can be a major relief as medical expenses and property repairs can be quite expensive.
Why Choose ICICI Two Wheeler Insurance for Third-Party Coverage?
ICICI Lombard General Insurance Co. Ltd. provides third-party bike insurance policies that cover third-party injury, death, or property damage caused due to an accident involving your two-wheeler. With over 20 years of experience in the insurance industry, ICICI Lombard offers reliable and cost-effective third-party coverage policies.
ICICI Lombard’s bike insurance policies are available online and can be easily purchased through their website. Online purchasing means that you can instantly receive a policy, which is perfect for those who need to get their vehicles insured quickly. The online platform also provides complete transparency, making it easier for you to choose the policy that’s best suited for your requirements.
Advantages of ICICI Two Wheeler Insurance:
- Hassle-free process: ICICI Lombard offers a hassle-free and easy process for purchasing third-party bike insurance online.
- Comprehensive coverage: ICICI Lombard’s third-party bike insurance provides comprehensive protection towards third-party liabilities in the event of an accident.
- Affordable: ICICI Lombard’s third-party bike insurance policies are priced very competitively in the market, making it accessible to everyone.
How to Purchase Third-Party Bike Insurance Online through ICICI Two Wheeler Insurance
- Visit https://www.icicilombard.com/motor-insurance/bike-insurance and click on the option for Two Wheeler Insurance.
- Select ‘Third Party Bike Insurance’ under the ‘Policy Type’ field.
- Fill in the necessary details such as the registration number of your vehicle, the make and model, and the year of purchase.
- Provide your personal information and contact details, which includes your name, email address, mobile number, and residential address.
- Once you’ve entered all the necessary details, the website will generate a quote for your third-party bike insurance policy.
- Review the quote to ensure it meets your requirements, and click on ‘Buy Now’ to proceed to purchase.
- Fill out the payment details to complete the purchase.
Final Thoughts
Third-party bike insurance is an essential requirement for all two-wheeler owners in India, as it provides protection towards third-party injuries, property damage, or death. While it’s not as comprehensive as a comprehensive insurance policy, it’s the most basic insurance policy required by law.
If you’re looking to purchase third-party bike insurance, then ICICI Lombard’s Two-Wheeler Insurance policy is a great option, with competitive pricing and a hassle-free online purchase process. As always, it’s wise to review the policy’s features, inclusions, and exclusions, so you understand the policy’s limitations. While you might be hesitant to spend money on a policy that isn’t comprehensive, keep in mind that third-party insurance will provide you with the bare minimum protection required by law, and it can help keep you financially protected in the event of an accident.