Third Party -Two Wheeler Insurance
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What Is - Third Party -Two Wheeler Insurance ?
Third Party – Two Wheeler Insurance is a type of insurance policy that provides coverage against legal liabilities arising from third-party damages or injuries caused by the insured’s two-wheeler. It is mandated by law in India and covers the insured’s financial liability towards third parties. This insurance does not cover any damages or losses to the insured’s own vehicle (own damage). Instead, it focuses on providing financial protection for the insured against any legal claims made by third parties for injury or property damage caused by the insured’s two-wheeler.
⛦ Example Scenario: If Mr. Rahul Sharma has Third Party – Two Wheeler Insurance and he accidentally hits a pedestrian while riding his bike, the insurance can help him in the following ways:
1. Liability Coverage: The insurance will cover the legal liabilities arising from the injury caused to the pedestrian. It will provide financial assistance to Rahul to compensate the injured person for medical expenses or any other damages claimed by the pedestrian.
2. Legal Defense: The insurance will also provide legal support and cover the expenses for legal representation if the pedestrian decides to file a lawsuit against Rahul. This helps Rahul to defend himself in the legal proceedings.
3. Peace of Mind: Having Third Party Insurance ensures that Rahul fulfills his legal obligation as a responsible rider. It offers him peace of mind knowing that he won’t bear the entire financial burden in case of an unfortunate accident involving third-party damages.
However, it’s important to note that Third Party Insurance does not cover damages to Rahul’s own bike. For that, he would need a Comprehensive Insurance policy.
Coverages Of Third Party -Two Wheeler Insurance
Third-Party Liability Coverage
Compulsory under Indian law, this coverage protects you from legal liabilities arising from injury, death, or property damage caused to third parties due to your bike’s involvement in an accident.
Personal Accident (PA) Cover
Offers financial compensation to you, the policyholder, in case of accidental death or permanent total disability arising from a bike accident.
Covers legal expenses for defending against any legal proceedings related to the insured’s two-wheeler causing third-party damages.
Property Damage Liability
Provides coverage for damages caused to third-party property due to an accident involving the insured’s two-wheeler.
Additional Add-ons OF Coverages of Third Party -Two Wheeler Insurance
Driver Liability Cover
Extends coverage to include legal liabilities arising from injury, death, or property damage caused to a driver of the insured two-wheeler.
Driver Personal Accident (PA) Cover
Offers compensation for accidental death or permanent total disability to the driver of the insured two-wheeler.
Passenger Personal Accident (PA) Cover
Provides compensation for accidental death or permanent total disability to the passengers traveling on the insured two-wheeler.
Factors Determining the Premium of Coverages of Third Party -Two Wheeler Insurance
Engine CC (Cubic Capacity)
The higher the engine CC of the two-wheeler, the higher the premium, as it indicates higher power and performance, which may lead to increased risks.
The type of fuel used in the two-wheeler (petrol, diesel, CNG, etc.) affects the premium, as different fuels may have varying risks associated with them.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Two Wheeler Insurance
|Coverage||Own Damage (OD) Cover||Third-Party Liability Cover|
Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more.
Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident.
Scope of Coverage
Protects your own vehicle against a wide range of perils and damages.
Only covers damages and injuries caused to third parties, not your vehicle.
Based on factors like vehicle's make, model, IDV, and add-ons chosen.
Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity.
Comprehensive coverage for your vehicle, including theft, own damage, and accidents.
Limited to liabilities arising from third-party property damage, injuries, or death.
Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage.
No add-ons are available, as it is a standardized cover as per IRDAI regulations.
Optional, but highly recommended for complete protection of your vehicle.
Mandatory by law to drive a vehicle on Indian roads.
Applicable for damages to your vehicle, subject to policy terms and conditions.
Covers financial liabilities towards third parties up to the prescribed limits.
Can significantly impact the premium amount based on the extent of coverage and chosen add-ons.
Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle's engine capacity.
How to Settle Third Party -Two Wheeler Insurance Claims?
Inform the Insurance Company
Report the accident to the insurance company immediately. Provide details of the incident, policy number, and vehicle registration.
File a Police Report
In case of third-party injury or property damage, file a police report and obtain a copy for the insurance claim.
Cooperate with Investigation
Cooperate with the insurer’s investigation team, provide required documents, and answer any queries truthfully.
Claim Form Submission
Fill and submit the claim form along with relevant documents, such as the police report, vehicle registration, and policy documents.
The insurance company will assess the claim and liability. If found valid, they will negotiate and settle the claim with the third party.
In case of disputes or legal issues, the insurance company may provide legal support and representation.
Exclusions of Third Party -Two Wheeler Insurance
Own Damage Coverage
Any damages to the insured two-wheeler are not covered under this policy.
Personal Injury to Policyholder
Injuries sustained by the policyholder while riding the insured two-wheeler are not covered.
Policyholder's Property Damage
Damages to the policyholder’s property are not covered.
Own Damage Coverage: Any damages to the insured two-wheeler are not covered under this policy.
Driving Under Influence
Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.
If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.
Racing or Adventure Activities
Damages occurring during racing, rallies, or adventure sports are typically excluded.
Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Two Wheeler Insurance policy.
Wear and Tear
Regular wear and tear of the vehicle or mechanical breakdowns are not covered.
Accidents caused while using the Two Wheeler for illegal purposes may be excluded.
Loss of Personal Belongings
Loss of personal belongings from the Two Wheeler may not be covered.
War or Terrorism
Damages due to war, war-like situations, or acts of terrorism are generally excluded.
Any damages caused by nuclear activity are not covered.
Expired or Lapsed Policy
If the policy is expired or lapsed at the time of the incident, there will be no coverage.
Mechanical or Electrical Failure
Any damages due to mechanical or electrical failures are excluded.
Documents Required " for Claim Settlement under Third Party -Two Wheeler Insurance"
FIR or Police Report
In case of accidents involving third-party property damage or injuries, an FIR or police report is necessary.
Valid Know Your Customer (KYC) documents of the insured, such as Aadhar Vehicled, Passport, Voter ID, etc., for identification purposes.
Insured's PAN Vehicle
A copy of the insured’s Permanent Account Number (PAN) Vehicle to verify tax-related information.
Insured's GST Certificate
If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.
Duly Filled Claim Form
A completed claim form provided by the insurance company, containing all necessary details about the incident.
Details of the accident, including the date, time, and location.
A copy of the valid Third Party – Two Wheeler Insurance policy.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC to establish ownership and vehicle details.
A valid driving license of the insured to verify the authority to drive the vehicle.
Medical Reports (if applicable)
In case of third-party injuries, medical reports and bills of the injured person.
Statements from witnesses present at the time of the accident, if available.
No Trace Report
If the vehicle is not recovered, a No Trace Report from the police stating that the stolen vehicle could not be located.
Contact Information for Claim Settlement:Third Party -Two Wheeler Insurance
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
Kindly reach out to the provided contact information to initiate the claim settlement process with Beemawala.com.