Third-party bike insurance is a simple type of two-wheeler insurance policy. It covers you against financial liabilities claimed by a third-party person, property or vehicle arising from an accident where the insured bike is at fault. Third-party two-wheeler insurance is compulsory as per the Motor Vehicles Act that helps cover losses & damages to a two-wheeler. There are two types of car insurance available in India, comprehensive insurance and third party insurance. Third-party car insurance shields the car owner against losses incurred from physical injuries, the death of a third party, or damage to the property of the injured person.
As per the Indian Motor Vehicles Act 1988, third party bike insurance is a mandate in India. Therefore, it’s necessary to have adequate insurance coverage for financial protection in the event of any liability arising from a third party. The whooping rise in road fatalities has furthered the importance of having insurance as it provides financial security under all adversities. As per figures reported by statista.com, the number of road deaths in India in the year 2019 crossed over 151 thousand.
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