Two Wheeler Insurance Kotak Two Wheeler Insurance Third-party

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Kotak Third-party Two Wheeler Insurance

As per the Motor Vehicles Act 1988, every vehicle should compulsorily have Third Party Liability Insurance. The type of bike insurance known as third-party liability only provides the bare minimum of coverage for losses and damages resulting from third-party liabilities. It is a legally required insurance, and operating a two-wheeler without third-party coverage may result in fines from the authorities. If you are looking to buy third-party bike insurance that protects you against third-party property damages or disability, then Kotak third-party two-wheeler insurance (Kotak Long Term Two Wheeler Secure -Liability Only) can help you out!

Kotak Third-Party Two-Wheeler Insurance provides financial protection to the policyholder against any liabilities arising from damages caused to a third party’s person, vehicle, or property due to an accident involving the insured bike.

Let’s take an example to understand!

For example: Mr. Ayush, a college student living in New Delhi, is riding his brand new Yamaha FZ and he unintentionally crashed into a Scooter. Now, if he doesn’t have third-party bike insurance, then he might run into paying all the expenses and legal complications, in worst-case scenarios. But if he has dedicated third-party bike insurance, it will cover the losses caused to the third party. However, it wouldn’t be able to cover damages and losses caused to your bike.

When compared to the Comprehensive bike insurance, Kotak third-party bike insurance is more reasonably priced. As a result, you pay less for affordable financial and legal protection against third-party liabilities.

Key Features and Benefits of Kotak Third-Party Two-Wheeler Insurance

Here are some of the salient features of third-party two-wheeler insurance by Kotak.

Third-Party Death or Injury and Property Damage:

Following the governing rules and regulations of the Motor Vehicle Act, Kotak third-party two-wheeler insurance provides coverage up to the legal liability for claims related to bodily injury, death, or property damage in an accident involving your bike or scooter.

Online Availability:

Third-party bike insurance by Kotak is available for purchase online instantaneously, with no paperwork required. The procedure is quite quick and easy.

Premiums Determined by IRDAI:

The Insurance Regulatory and Development Authority of India (IRDAI) sets and periodically modifies the premiums for third-party liability insurance because it is legally required. IRDAI uses the bike’s cubic capacity to calculate third-party liability insurance premiums.

Property Damage to the Third Party:

The Third Party Bike Insurance by Kotak covers the loss of up to Rs. 7.5 lakhs if your vehicle damages a third party’s home, vehicle, or other property.

Cost-Effective Insurance:

Everyone can afford this insurance because IRDAI predetermines all third-party two-wheeler insurance premiums. As a result, you can anticipate coverage for any unforeseen third-party costs that may arise at a later time for a nominal fee.

Mandatory by Law:

All motorcycle owners are required to carry third-party two-wheeler insurance as a matter of necessity. Traffic cops can fine you up to Rs 2000 if they discover you riding without third-party bike insurance.

Things Not Covered Under the Kotak Third-Party Bike Insurance

Here are the exclusions under the third-party two-wheeler insurance by Kotak.

Vehicle used otherwise:

Excludes coverage for any harm brought on by operating the bike in a way that deviates from the restrictions placed on its use.

Influence of alcohol or drugs:

Excludes damage caused to or caused by a driver who is impaired by alcohol or drugs.

Any contractual liability:

If it is determined that you are at fault for the damages, your third-party bike insurance by Kotak will not cover you for any contractual liability.

Mechanical/Electrical breakdown:

It does not cover any loss or damage brought on by an electrical or mechanical malfunction.

Depreciation or consequential losses:

Depreciation and consequential losses are not covered.

Wear, tear & general aging of vehicle:

Excludes coverage for any damages brought on by the vehicle’s normal aging and wear and tear.

Riding without a Valid License:

If you were operating a vehicle without a valid license, your claim will be rejected.

Frequently Asked Questions

Listed below are the frequently asked questions related to the Kotak Third-Party bike insurance.

1. Is it possible to change third-party insurance to first-party?

Third-party insurance can always be upgraded to comprehensive insurance without any difficulty. Turn the third-party bike insurance into comprehensive insurance by just giving your insurer the details of your vehicle and prior policies.

2. I incurred third-party liabilities in a different state or city; can I claim them?

Indeed, you are still able to file a liability claim even if the accident happened in a different state or city. In India, third-party bike insurance by Kotak is accepted everywhere. To prevent the possibility of a claim being denied, make sure you notify the appropriate insurer right away.

3. Is having third-party insurance required?

Indeed it is. In the event of an accident, you are accountable to the third party both financially and legally. Keep in mind that this does not cover any damages or injuries you or your bike may sustain.

4. I'm buying a new bike; can I get third-party insurance?

Certainly, third-party insurance is available for new bikes. Please be aware that the Indian Motor Tariff mandates that all new motorcycles have third-party bike insurance for at least five years.

5. I have third-party insurance for my bike; is it possible to convert it to zero depreciation?

No, third-party bike insurance by Kotak cannot be converted into zero-depreciation insurance. A zero depreciation add-on can be chosen in conjunction with comprehensive bike insurance or as a stand-alone own-damage bike insurance, just like all other add-ons.

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