A squirrel was confusingly running across the road with a fear of getting under my scooter confusing me too! I tried my best to adjust my two-wheeler not to get on to the tiny creature. Despite my attempts and a near fall, I could manage myself to get up but could not save the squirrel. It was trembling with injuries and died instantly. I could not manage the guilt for a week in spite of making no mistake. Was I lucky that the poor thing had no relatives to question me? But what if it were a human being or a vehicle instead of a squirrel that I have hit? Unknowingly or erroneously, a simple mistake of ours may injure or damage an unknown person or vehicle on the road. An insurance can cover my vehicle and me but what about others who can get hit by us for no mistake on their part. It becomes a sense of responsibility to help them too in such a situation. When I googled a little about any such possibilities, I came to know about third party bike insurance!! But what is third party bike insurance?
A policy that protects riders against any damages caused to third party in the course of a road mishap is known as third party bike insurance. It is compulsory in India to have a third party two wheeler insurance when riding a two wheeler. However, there are some advantages and disadvantages to it. Let us understand what they are:
Another popular name for this insurance is liability only insurance and it has the following advantages to its credit.
Advantages of Third Party Bike Insurance:
The liability only insurance protects the interests of riders against any legal obligations occurring due to third party damage. The third party can be an individual or a property.
The third- party bike insurance is cheaper in comparison to the standard automobile insurance policy.
The less documentation work to get a third party two-wheeler insurance is attractive and easier too as it covers just the third party and not the insured automobile.
Disadvantages of Third Party Bike Insurance:
The worst disadvantage of third party bike insurance is that its coverage is not meant for the insured bike or the owners or riders of the two-wheeler.
In case of a road mishap, the insured is supposed to bear the entire cost spent due to the damages on the bike. This often makes people choose a comprehensive coverage where both the third party and the insured vehicle are protected. On contrary, third party bike insurance covers the third party only.
Often, people get confused between these two insurances. Although, the decision of purchasing a third party insurance or a comprehensive coverage is completely up to you, whereas experts in the insurance industry suggest people to buy comprehensive insurance policies. The thumb rule is that a lower amount of premium should not be the cause of concern when you take into consideration the number of road mishaps and the miscellaneous elements linked to it. You will basically get coverage against the unforeseen costs and damages.
Renewing Third Party Two Wheeler Insurance:
Just be aware of the expiry date by going through the insurance company’s notifications. You can renew the policy online even before it expires. To prevent the inspection charges, check for the expiry of the policy. Go for a ground reality check before you contemplate on renewing the policy. This ground work can reward you for sure by way of offering profitable discounts and new offers. The insurance websites work as a great deal to renew a policy with the help of online gateways. It is you to decide which insurance suits you better. Ultimately, it is you who is going to get benefits of renewing the third party two-wheeler insurance and can thereby feel the sense of security.