New India Assurance Third-party Two-Wheeler Insurance
To drive on Indian roads, all two-wheeler owners are required by the Indian government to carry Third-Party bike insurance for their motorcycles or scooters under the Motor Vehicles Act of 1988. Following the first of September 2018, scooters and bikes must have third-party two-wheeler insurance in place for at least five years. The Third-Party Bike Insurance’s terms and conditions state that any harm to the bike’s insured party’s property, vehicle, or person, including bodily injury or death, is covered.
The third-party bike insurance guards the vehicle’s owner against financial damage he would have to endure while covering his legal obligations to the third party. If you are looking for this insurance, then you can easily consider the New India Assurance third-party two-wheeler insurance.
New India Assurance third-party two-wheeler insurance (also known as Liability Only Policy) offers essential protection in the event of a third party’s physical harm, death, or property damage as a result of a traffic accident. The third-party bike insurance by the New India Assurance enables customers to comply with the Indian Motor Tariff’s legal requirements. Furthermore, it gives policyholders peace of mind by freeing them of the responsibility for the third party’s financial and legal obligations.
The liability is insured for an unlimited sum for death or injury and damage to third-party property for INR 7.5 lacs under commercial vehicles and INR 1 lakh for scooters/motorcycles with third-party bike insurance from New India Assurance.
Key Features and Benefits of the New India Assurance Third-Party Bike Insurance
Here is the list of the features and benefits of the third-party two-wheeler insurance by the New India Assurance.
Compared to comprehensive insurance, which protects third parties and all hazards, this type of third-party bike insurance by the New India Assurance is more economical. Therefore, third-party two-wheeler insurance is favoured by the majority of bike owners.
According to traffic regulations, it is prohibited to ride a bike without third-party bike insurance by the New India Assurance. Either you will have to pay a fine or serve time in jail.
You are protected by bike insurance from a variety of dangers, including both man-made and natural disasters. For example, if an accident leads to the death of a third party, the insurance coverage will prevent you from becoming involved in a criminal investigation and assist in providing financial support to the deceased.
Ensures Peace of Mind:
Having long-term third-party bike insurance by the New India Assurance in place gives you peace of mind if an accident or other unexpected roadside incident utterly destroys your financial status. You don’t need to stress about unforeseen costs because you can simply recover.
Convenient Renewal Processes:
You may buy or renew your New India Assurance third-party bike insurance coverage online from the comfort of your home with just a few clicks. The process is quick and easy because of the web platform’s user-friendly interface. Bring on a smooth digital experience and wave goodbye to paperwork.
Though the New India Assurance third-party bike insurance comes with some exclusions, we have listed down a few.
If the driver is under 18 or does not possess a valid driver’s licence:
If the bike’s driver is a minor or does not have a valid driver’s licence when the accident occurs, New India Assurance third-party bike insurance will not pay any claims.
Damage caused outside the Geographic Area:
The New India Assurance third-party bike insurance does not cover any damage that occurs outside of the boundaries of India.
Loss Due to War or Civil War:
Any financial loss resulting from damage to the bike that is caused by war or civil war-related activity is not covered by any of the New India Assurance third-party bike insurance.
Damage arising out of a Contractual Liability:
If the bike owner engages in a contract of any sort involving the covered bike and it sustains damage as a consequence of or during the term of the contract as a result of an accident, New India Assurance third-party bike insurance shall not be responsible for making any restitution for such damage.
Driving Under the Influence of Alcohol:
If the driver was using alcohol or another illegal substance when the accident occurred, the New India Assurance third-party two-wheeler insurance will not authorise any reimbursement.
Absence of Required Documents at the Time of Riding:
When the bike is damaged, the rider should have important paperwork on them, including a valid driver’s licence, the bike’s registration certificate, a valid insurance document, and a PUC (Pollution Under Control) certificate. If the insurer does not receive such valid documentation, the claim may be declared invalid.
Frequently Asked Questions
Listed below are the frequently asked questions related to the New India Assurance third-party bike insurance.
According to the Motor Vehicles Act of 1988, third-party bike insurance by the New India Assurance is sufficient. To drive on Indian roads lawfully, you must have this insurance. However, this kind of automobile insurance won’t protect you from all potential unforeseen damages to your vehicle on the road.
Yes. You can ask your insurer to switch your coverage from a third-party to a comprehensive insurance when the insurance is up for renewal.
The Third-party bike Insurance by the New India Assurance does not cover automobile theft or damage to the covered vehicle; rather, it only provides coverage for third-party injury or death as well as property damage.
Compared to third-party bike insurance, comprehensive bike insurance is more expensive but provides a wider range of benefits.
No. While driving or riding a motorbike in India, third-party bike insurance is a must. If you are caught riding in violation of this fundamental rule, you will face severe consequences. Non-compliance can occasionally result in incarceration.