Exclusions Under Third Party Bike Insurance Policy You Must Be Aware Of

The Motor Vehicles Act of 1988 has made it compulsory for all bike owners to have either a general two-wheeler insurance policy or a third-party two-wheeler insurance policy. The objective behind such directive measures of the Government of India is to ensure safety of the bike-rider, pedestrians, and other individuals availing road transports. Insurance Regulatory and Development Authority of India (IRDAI) is the nodal agency which regulates and watches over the insurance sector.

Two-wheeler insurance schemes provide the owners with a cover against any legal complications arising out of any unforeseen, unpleasant incident. Third party bike insurance policies, also known as two-wheeler insurance plan or motorcycle insurance plan, are generally of 2 types-

However, before availing the third-party two-wheeler insurance, it is important to know thoroughly about the policies, terms and conditions of the insurance scheme.

Exclusions under a third-party two-wheeler insurance policy:

A third party bike insurance covers all damages caused at any circumstances, except for a few instances. A brief list of exclusions to these plans is listed here-

Other than the handful of exceptions, a bike insurance policy covers almost all damages possible.

Covers provided under a third-party insurance policy for a bike –

While availing an insurance scheme for your two-wheeler, you must look for the best bike insurance policy that would cover maximum damages of your vehicle. The covers included in a comprehensive third-party two-wheeler insurance plan are-

  1. Injury or death of third-party individual

If an individual is harmed or injured by your two-wheeler, the insurance-providing company will provide medical expenses for his/her recovery. In case of the third-party’s death, compensation would be provided to his/her family for the unprecedented loss of income.

  1. Property damage caused to the third party

As directed by IRDA, a cover amount of up to Rs. 1 Lakh is to be provided by the insurance company if the insurance-holder accidentally causes damage to the property of a third party.

  1. Death of the insurance-holder

If the owner or the rider of the insured bike ends up losing his/her life due to a road accident, the two wheeler insurance policy provider will extend a compensation amount to his/her family.

  1. Permanent disability of the rider

Any permanent disability caused to the insurance-holder due to an accident would also mean a loss of income for his/her family. A third-party two-wheeler insurance scheme compensates for such instances as well.

According to a report, the total count of fatal road accidents in India increased to nearly 1.4 lakh in 2018. Considering the rampant rise in road accidents in India, it is a wise option to avail an insurance policy for your two-wheeler vehicle. Reliable insurance policies from likes of Bajaj FinServ can be a great option.

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