Third Party Two Wheeler Insurance

Motor Insurance is obligatory for anyone who drives a vehicle on Indian roads by law. This rule is extended to two-wheelers as well. Non-compliance of this law could bring you under the legal purview which could attract fines or prosecution under the Motor Vehicle Act. Having insurance also extends a sense of security to the rider and passengers.

Cover for third-party liability concerning an insured two-wheeler is compulsory. The third-party covers the damage or loss caused to a third party person/property which must be covered by the motor insurance. To understand the concept better, we first need to understand the two most commonly used terms in insurance; Third Party Liabilities and Comprehensive Cover. While the former only insures third-party liability during an accident, the latter covers the damage caused to the vehicle along with the third party liability.

The third-party insurance premium rates for two-wheelers have been updated by the Insurance Regulatory and Development Authority of India (IRDAI) The hike in premium after the revision was quite high. The table below can guide you in understanding the cost of various types of insurance policy rates in 2018

Two Wheeler Insurance Renewal

A policyholder should renew their insurance policy before it gets expired. It is important to ensure that your vehicle is insured all through its operations against a range of accidents which can drain you out financially. Policyholders can also acquire the No Claims Bonus if they renew their policy regularly and don't use the insurance for more than a year.

Before your insurance policy lapses, you can contact your insurance agency and notify them regarding the same. Also, you should inquire if it is necessary to access the vehicle insurance regularly. To assess the insurance cover, the insured will be required to visit the assigned agent of the insurance company. If you want to switch your policy to a different insurance company, you can claim the NCB within 90 days of its expiry.

How To Renew Two Wheeler Insurance Policy Online

With digitalization reaching each aspect of life, the insurance companies have also gained an impressive ground in making the purchases. You may compare various policies available in different third-party insurance and finance websites and select the policy which suits your requirements the best. However, you shouldn't select a policy blindly based on the cost of the premium and consider important factors like the coverage offered, exceptions of the policy etc.

Things To Remember For the Renewal of Bike Insurance

• You should renew ahead of time and monitor the expiry date of the policy for avoiding riding without insurance.

• You should discover and compare different types of motor insurance policies before you renew the policy. You can find a superior policy which offers you greater coverage and a lesser premium.

• You must bear in mind to make sure of using the No Claim Bonus (NCB) if you haven't made any claims for more than a year.

How Long-Term Two-Wheeler Insurance Policy Can Be Beneficial For You

A majority of the population in India ignore or forget to renew their bike insurance policies. As a consequence, they face the risk of riding uninsured. For such individuals, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed the insurers for offering owners of the vehicle with long-term vehicle insurance. With this move, IRDAI plans in encouraging the vehicle owners to have a backup mechanism in safeguarding them from accidents which might occur while riding their vehicles. A policy can be purchased for three years.

Documents Required For Motor Insurance Policy Renewal

Against the standard practice, policyowners these days don't need to be physically present in the counters to renew their policies. You can follow the entire procedure without any hassles. Online two wheeler policy renewal can save you from vehicle inspection and avail many discounts on renewal. You will be required to provide the following documents to renew your policy online:

• Copy of DL

• Registration Certificate of the vehicle and the Registration Number

• Address Proof

• Policy number of the existing policy

What Should You Choose?

Comprehensive Cover is highly recommended. But, the decision of which policy to choose depends on you. If you think the road conditions in your locality is safe and it isn't prone to accidents, a Third Party Cover would be enough. The only major aspect which can hold you back from getting a comprehensive policy is the amount of premium paid. Considering the rise in road accidents in India, Comprehensive insurance can cover you against all the forms of liabilities and expenses.

How You Can Buy a Third Party Two Wheeler Insurance

This insurance coverage will be presented by the dealer when he/she  handovers the vehicle to you. Otherwise, before the expiration of the policy term, you can easily renew the Third party cover on the official website of the insurer under the DL renewal section. You must ensure that the renewal is done before the expiry date to avoid any charges.

Documents That You Must Keep Handy During Insurance Renewal

• Existing Policy

• Registration Certificate

• Debit Card/Netbanking details for payment for insurance renewal

FAQs on Third Party Two Wheeler Insurance

Can I cancel two-wheeler insurance policy before its expiry?

Yes, you can. However, you need to submit documents which indicate that:

• Your vehicle has been insured by an insurance provider

• RC of your two-wheeler has already been revoked by the RTO

If the insurer cancels the policy then he will be giving you a refund of the remaining amount after deducting the premium for the duration when they were provided the coverage. It must be noted that you can ask for a refund only if you have never made any claims during the policy tenure.

Can I avail No Claim Bonus on my expired insurance policy?

Yes, you can avail No Claim Bonus on your expired policy only if it is renewed within 90 days from the expiry date.

What can I do if my insurance policy is misplaced?

You must immediately contact your insurance provider and then apply for a duplicate copy of the policy. After contacting the insurance company, you will be receiving a soft copy of the policy through email. A coloured copy of the policy which is digitally signed is considered valid by the officials.

Is it mandatory to get the vehicle inspected before buying the insurance?

Vehicle inspection is mandatory before purchasing a vehicle

What's the tenure of a two wheeler insurance policy?

The tenure of a two wheeler insurance policy is one year. But now people can also purchase insurance of 3-5 years as a long-term insurance policy