Everything You Should Know About Third-Party Bike Insurance
The danger to self and vehicle is grave enough in case of any unforeseen contingency while you are riding your two-wheeler, but the fact that the opposite party with whom you have an accident can claim exorbitant amounts in compensation makes it imperative for you to take out a third-party bike insurance. It is also mandatory as per the Motor Vehicles Act. Once you have taken a third-party bike insurance you can relax because the insurance company will take care of any such emergencies. Here we outline everything you need to know about third-party bike insurance.
How Does Third-Party Bike Insurance Protect You?
Although a third-party bike insurance will not entitle you to claim any losses that you may suffer from your own vehicle being damaged, you can rest easy that it will compensate the damages caused to the third party. You will have to immediately call up your insurance provider who will send a surveyor to assess the damage and submit a report to the company. You will also have to submit the bills from the service station where the third party’s vehicle is repaired to speed up the process of compensation.
In case the third party is injured, you can claim medical expenses, compensation for any disability caused to the third party, any loss of income as a result of the accident, and any ancillary expenses that you are bound to pay to the third party.
If the third party suffers a fatality, you will have to pay compensation to their nominee. The nominee may also claim compensation for the loss of regular income earned by the diseased person, and it may be of great comfort to you knowing that your insurance provider will cover these expenses. If the owner of the two-wheeler suffers a permanent disability, compensation for that too can be claimed from the insurance provider.
Process to Claim Third-Party Bike Insurance
The process you need to follow to make a claim for your third-party bike insurance is as follows: First thing to do when you are involved in an accident is to inform your insurance provider. After that you will have to file an FIR at the police station nearest to the accident site in which you have to state all information related to both vehicles, and the name and contact details of at least one eye-witness. After that you will have to move the Motor Accident Claims Tribunal, as this is the authority responsible for clearing claims. All supporting documents related to the vehicles involved and details of the people involved with extent of damages and injuries will have to be submitted with this tribunal. When the tribunal clears the compensation amount, your insurance provider will pay the amount.
Taking out a third-party bike insurance is the least you can to protect yourself and the third party in case of accidents. Bharti AXA is one of the leading insurance providers in the country and you would benefit from considering their third-party bike insurance policies.