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The First Party Bike Insurance is an agreement between the insured customer and the insurance company whereby the insurance company agrees to settle the damages incurred by the insured in return for a considerable amount known as a premium. Under the first party bike insurance provides limited coverage restricted only against any damage to your bike, whether caused due to man-made or natural disasters.
Yes. Only first party bike insurance cover can be taken subject to the customer having valid third party insurance in place. Without valid third party insurance policy most of the insurance companies would not offer first party insurance. This is due to the fact that third party insurance is mandatory without which you can be fined up to Rs.5000 or 3 months imprisonment or both. If you have taken 1+5 insurance policy which means 1 year first party and 5 years third party, then for subsequent renewals you can have only first party as long as your third party policy is valid.
The cost of third party bike insurance depends on the cubic capacity of the two wheeler bike. Higher the cubic capacity, higher would be the premium. The third party premium of your bike is calculated on the basis of the cc and a compulsory owner/driver personal accident cover would be added if the registration is in individual’s name. Below is the cost for third party bike insurance policy:
Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.
Third-party bike insurance is a type of insurance policy that covers the policyholder's liability for damages caused to a third-party person or property due to an accident involving the insured bike. In India, it is mandatory for all two-wheeler owners to have at least third-party bike insurance as per the Motor Vehicles Act. This insurance policy is designed to protect the interests of third-party individuals who may suffer injuries or property damage due to an accident caused by the insured bike. In case of an accident, the third-party bike insurance policy will cover the cost of damages or compensation that the policyholder may be legally required to pay to the affected third-party. This may include compensation for medical expenses, property damage, or loss of income.
Comprehensive two wheeler insurance covers the loss or damage to the bike due to any of the insured peril acting at the time of the accident. Third party insurance covers only the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured two wheeler. Third party section also covers the property damage of third parties involved in the accident.
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