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What Is Third Party Insurance And Why It Is Mandatory To Have




According to section 147 of the Motor Vehicles Act, 1988, third-party auto insurance is mandatory for motor vehicles. The Act requires that every vehicle used in a public place has a minimum level of insurance that will cover some of its owner's legal liabilities. His legal responsibilities include paying compensation to a third party if they die or are injured or their property is damaged. Any other party than the insured and the insurance company is considered the third party.


Every vehicle on the road must be covered by third-party insurance because it is a legal requirement. Additionally, third-party insurance provides you with financial protection against any damage, loss, or injury caused to a third party.


Do third-party insurance policies in India suffice? 


According to the law, third party bike insurance is sufficient. If you have a valid policy, your vehicle can be legally driven/ridden on Indian roads. The amount of protection you expect from your insurance policy will determine whether it is sufficient for your needs.  


Injuries & damages to third parties: 


A 3rd party bike insurance policy covers injuries and damage to third parties caused by accidents you are involved in.


Coverage for personal accidents: 


A 3rd party bike insurance plan also provides coverage to policyholders, which many people are unaware of. As a matter of fact, they can provide compensation of up to Rs. 15 lakh if a policyholder is injured severely.


What is not covered:


  • Any damage to your vehicle caused by accident.

  • If an accident occurs, the loss would be total

  • Theft and damage/total loss

  • Calamity/damage caused by man or nature


What if I would like coverage for the above points?


Third-party insurance is not enough in that situation. To cover these difficulties, you must have comprehensive two-wheeler insurance. Provider compensation and 3rd party bike insurance coverage are inbuilt into these plans; however, they are a little more expensive than third-party plans.


You may also add-ons to comprehensive plans if you need further protection against unforeseen circumstances such as windshield damage, engine damage, etc.


Does it suffice to have such an insurance policy? And what will it cover?


In India, the Motor Vehicles Act 1988 mandates third-party insurance and is enough to cover vehicles. The cheapest coverage a vehicle can receive is 3rd party bike insurance. Motor Insurance protects bike owners from damage caused by their bikes to other people's belongings. This means whatever financial liability you have (up to the amount insured) due to the injuries or damages you cause to a person or their vehicle, your insurance provider will cover it. There will be no financial responsibility on your part.


Third-party bike insurance includes the following coverage:


  • Damages from your insured bike to a third party's property: Your insurance company will pay for your financial responsibility.

  • Your insurance policy can claim medical expenses for injuries to third parties.

  • If an insured bike owner or rider dies in an accident, their family will be compensated by the insurance company.

  • Disability of the rider or owner: If a rider or owner is totally disabled due to an accident, an insurance company will compensate the family.


Online insurance is the best way to buy third-party coverage. You can save time and easily choose what you want by purchasing 3rd party bike insurance online. A policy can be issued online in just a few minutes, and the process is fast.


Read More:-

What Is Grace Period In Your Bike Insurance Policy

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