Uncomplicating Two-Insurance Insurance

Third-party bike insurance is an insurance policy in which the policyholder is covered by a legal and financial crisis arising from damages caused to a third party person, vehicle, or property in case of an event misfortune. The same is required by law(Motor Vehicle Act, 1988), and failing to do so could result in a punishment of INR 1,000 to INR 2,000.

The quickest and easiest method to protect yourself against third-party liability is to purchase a Third-party two-wheeler insurance policy online. Aside from third-party insurance, you can purchase a comprehensive insurance policy that covers financial losses from damages to your bike caused by natural and man-made disasters.

Having a 3rd party bike insurance helps relieve stress while driving on the road as it eases the burden of financial and legal liability arising from damages caused by the vehicle.

• The first-party refers to the owner of the insured two-wheeler.
• The Second-party is the insurance company that will settle the claim.
• The third party is the individual filing the compensation claim.

The benefit of obtaining third-party bike insurance is that you may be eligible for reimbursement for medical expenses, lost wages due to death or permanent disability, etc.

• In case of a bike accident, any damage caused to the bike will not be covered by the bike insurance company. Only third-party losses will be reimbursed.
• Unless you have chosen a personal accident for the owner-driver, the injuries caused by the owner-driver are not covered under a third-party two-wheeler insurance plan. It solely covers bodily injuries caused to others by the insured two-wheeler.
• With the introduction of the online process, purchasing and renewing two-wheeler insurance has become effortless. By going to the Renewbuy website, you may easily renew or purchase bike insurance coverage.
• The premiums are calculated based on your motorcycle's engine capacity.
• Claims for death or physical harm are settled according to the Claims Tribunal's guidelines. The bike insurance company will only accept a maximum liability of INR 7.5 lakhs.

If someone purchases a new or old bike, they can choose third-party bike insurance because it is the cheapest option. Remember that it is a bare minimum that you must meet before riding your bike on the road. It is essential to purchase third-party bike insurance for your two-wheeler because it is legally required to have legitimate third-party bike insurance coverage.

When buying bike insurance online, you must know what’s covered in the insurance policy. Continue reading to discover more about what a third-party bike insurance plan includes:

• In the event of death, the 100% sum covered can be claimed. However, the percentage may differ amongst insurers in the event of damage to the body parts.
• If a limb or eye loses, the bike insurance company will pay 50% of the covered amount.
• Compensation of up to one lakh rupees in the event of property damage.

Just like in most insurance plans, some features are not covered. Let us look at some features not covered under third-party bike insurance.

• It does not cover damages experienced by the insured two-wheeler as a result of natural or man-made disasters such as fire, storm, malicious activity, terrorist activity etc.
• A driver is influenced by drugs, alcohol, or other intoxicating substances.
• Gradual deterioration of the two-wheeler or its components.
• Consequential loss or damage to the two-wheeler.
• If a personal two-wheeler is used for business purposes.
• Driving without a valid driving license
• During Nuclear war
• If the two-wheeler is found to be in an illegal act.

The comparison of comprehensive vs third-party cover two-wheeler insurance plans are shown in the chart below.

Comparision is much needed when it comes to buying an insurance policy. Though many websites offer plans, Renewbuy ensures that the process is simple and efficient. Follow the steps mentioned below to compare third-party bike insurance policies online.

• Visit Renewbuy.com
• Choose your city and information about the two-wheeler, such as its year of manufacture, make, model, and variant.
• Check the claim settlement history of the bike insurance company.
• Choose one company that offers value-for-money pricing based on your choices.

The procedure is straightforward, and the results will be available in minutes. You can review bike insurance policies and select the one that best meets your needs.

The Two-wheeler insurance premium calculator is a tool that determines the amount of premium payable while purchasing the third-party two-wheeler insurance policy. It makes it easy to get insurance quotes at any given time. One of the advantages is that it helps you take an intelligent decision since you can compare insurance policies online and choose the best insurance policy accordingly.

Here are some key points to consider when determining the cost of third-party bike insurance.

• The IRDAI sets the rates for two-wheeler third-party insurance, and the insurer does not set them.
• The regulator regularly revises the prices, depending on input from various insurance industry stakeholders.
• The bike engine’s cubic capacity is the reason that determines the rate for third-party bike insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) sets the premium rates for third-party two-wheeler insurance. The two-wheeler's engine capacity determines this insurance premium.

The IRDAI Orders On Premium Rates for Motor Third-Party Liability Insurance Cover for the Financial Year 2019–20, Effective As of June 16, 2019, were the data's primary source.

For many people, two-wheelers are a vital element of daily life. Purchasing new third-party bike insurance online is not difficult; it is simple. Anyone can purchase insurance online by entering a few data, making a payment, and receiving the insurance policy in a few clicks.

Steps to Buy Third-Party Bike Insurance from Renewbuy

Thus, following these simple procedures, you will have the insurance policy in hand in minutes. The entire procedure is simple and does not involve much time or effort.

Required Documents

We have curated a list highlighting the popular third-party two-wheeler insurance companies in India.

Government:

• National Insurance

Private:

• Digit Insurance
• HDFC ERGO General Insurance
• IFFCO TOKIO General Insurance
• ICICI Lombard General Insurance
• Bajaj Allianz General Insurance
• Reliance General Insurance
• Shriram General Insurance Company

• Claim form
• Valid Driving License
• Registration Certificate of the two-wheeler
• Copy of FIR
• Receipt of the Tax Paid
• Identity proof such as Aadhar Card, PAN card, etc.
• Bike insurance policy papers

• Registration Certificate
• Driving License
• Last year's bike insurance policy
• any additional records that the insurance company might want