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Zig-zagging on city roads on your new bike can be exciting. However, the Indian Motor Vehicles Act, 1988 mandates at least a Third-Party Two-wheeler Insurance policy before you take your mean machine out for the first time.
Third-Party Two-wheeler Insurance: What is it?
A Third-Party Two-wheeler Insurance policy, also known as liability only insurance, provides coverage for damages caused to a third-party. Simply put, it is a risk cover that would pay out damages (to third-party life or property) and legal liabilities in case your two-wheeler was responsible for it.
Key Advantages of Third-Party Two-wheeler Insurance
This type of policy has on offer the following advantages:
✓ Offers financial aid
It provides coverage for liabilities resulting from death or injury to a third-party as well as damages to third-party property.
✓ Affordable
It is economical vis-à-vis a comprehensive two wheeler insurance policy.
✓ Entails minimal paperwork
You can get this policy for yourself without a hassle, considering it doesn’t involve extensive paperwork.
✓ Offers peace of mind
You have complete peace of mind in circumstances that could otherwise have been a drain on your finances.
What is covered?
The circumstances wherein a two wheeler insurance third party policy would come into force have been stated below:
- Death or bodily injury caused to a third-party
- Damages caused to third-party property
How is it different from a comprehensive policy?
| Criteria | Third-Party Liability Only Policy | Comprehensive Policy |
| What is it? | This is mandatory and takes care of financial damages that you suffer as a result of bodily injury, death and property damage of a third-party | Addition of OwnDamage Cover. It provides coverage for losses caused to your two-wheeler as well as death, injuries and property damage of a third-party |
| What is excluded? | Damages caused to your own (insured) vehicle, damages as a result of riding without a helmet or driving in an inebriated state | Damages resulting from wear and tear under normal conditions, electrical/mechanical breakdown |
| Which is more expensive? | Comparatively less expensive | More expensive because it combines both Third-Party and Own Damage premium |
| Which is better? | Coverage is limited | Coverage is extensive |
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I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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