A third-party coverage is mandatory as per the Motor Vehicles Act, 1988. It is the most basic form of vehicle insurance which offers coverage towards damages or injuries only to the third party due to an accident.
Outlined below are the features and benefits of third party two wheeler insurance:
(1) No Financial Liability towards Third Party DamagesThe third-party two wheeler insurance offers you a cover towards your financial obligation for the damages caused to a person, vehicle or property by your insured two wheeler.
(2) Online and Offline Application ProcessingYou can buy a third-party Two Wheeler insurance online as well as offline with minimal documents.
(3) Quick ProcessingAfter you submit the application online, your application is processed very quickly and hardly takes any time. The reason behind its fast processing is that it doesn't cover your insured vehicle.
(4) Mandatory by LawThird Party Two Wheeler Insurance has been mandated by law in India. If you have got your bike insured, then only you are allowed to drive it on road.
(5) Less Cost InvolvedThird party insurance of your bike is much cheaper as compared to comprehensive cover. Moreover, you will get a higher risk cover by paying a lesser premium.
(6) No-Claim BonusInsurance companies also allow to accumulate and secure the no-claim bonus given for each claim-free year.
(7) No Claim for Policy HolderNo coverage can be claimed by the policy holder for his/her own vehicle under third party insurance.
(8) Peace of MindAfter buying third party insurance you will get peace of mind as there will be no worries of any kind of financial liability for the damages caused to the third party by your insured vehicle. Further, as it is mandated by Indian law, you will feel relaxed after buying third party two wheeler insurance.