It is simply a liability policy.

What is third party insurance for bike in india. What is Third-Party Cover. Buying online Third-party bike insurance is an effortless process requiring minimum documents. As per the Motor Vehicle Act 1988 third party bike insurance is mandatory in India.

A Third-Party bike insurance is the most basic type of two-wheeler insurance policy that helps cover for any damages and losses your bike could cause to a third-party person property or vehicle such as in the case of an accident or collision. It is an inexpensive form of vehicle insurance. It covers third-party property damage and provides liability cover to the insured in case of injury or death to the third party.

A third-party insurance policy covers against all the third-party damages. Damage caused to third-partys property such as car bike or any property. Definition of Third Party Insurance Definition.

In the case of an accident involving the policyholder the basic third-party insurance coverage provides financial protection to reimburse the third party for their damages. This form of insurance primarily protects the policyholder from financial and legal obligations stemming from the third-party property or person damages. The same is mandatory by law without which you could be liable for a fine of Rs 1000 to Rs 2000.

5 rows Third-party bike insurance is the basic type of two-wheeler insurance policy that covers you. In India third-party liability insurance is the most basic type of two-wheeler insurance. Explore in Other Languages.

Type 1 Third party car insurance. In the event of an accident claims raised by the injured person can be covered under this policy reducing your financial burdens and thereby your stress. Motor third-party insurance or third-party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act.