Bike insurance is a crucial requirement for any bike owner, and it is mandatory by law to have at least third-party insurance for your vehicle in India. Third-party bike insurance provides coverage against any damage or loss caused to third-party individuals or property. Here are all the details about the features of third-party bike insurance online. Read to know more!
Coverage against third-party liability:
Third party bike insurance provides coverage against any damages or injuries caused to third-party individuals or property. If your bike causes damage to someone's property or injures someone, your third-party insurance policy will cover the expenses for the same. This coverage can be beneficial in case of accidents or collisions with another vehicle.
Affordable premium:
Third-party bike insurance is the most basic and affordable form of insurance available in the market. It provides coverage against any third-party liabilities at a reasonable price, making it an ideal option for those who want basic coverage without paying a high premium.
Online application and renewal:
Third-party bike insurance policies can be easily purchased and renewed online. This feature makes it convenient for policyholders to buy and renew their policies without any hassles.
Add-on covers:
Third-party bike insurance policies come with various add-on covers that can be purchased at an additional premium. These add-ons provide additional coverage to your policy. Some of the common add-ons include personal accident cover, zero depreciation cover, and engine protection cover.
No-claim bonus:
If you do not make any claims during the policy period, you are eligible for a no-claim bonus (NCB). The NCB is a discount offered on the premium during policy renewal, and it can be up to 50% of the premium amount. This feature is beneficial for those who maintain a good driving record and do not make any claims during the policy period.
Cashless claim settlement:
Third-party bike insurance policies offer cashless claim settlement, which means that the policyholder does not have to pay any expenses from their pocket. The insurance company settles the claim directly with the service provider, and the policyholder does not have to worry about the payment process.