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A third-party insurance policy covers all the damages incurred by the third-party in an accident. The IFFCO Tokio third-party two-wheeler insurance offers you the most basic type of two wheeler insurance coverage. It covers you from any damage/ losses done to a third-party property, person or vehicle.
Third Party policy of IFFCO Tokio bike insurance extends financial and legal assistance in the event of an accident where your two-wheeler inflicts bodily or material damage to the third- party. The insurer reimburses the claim amount to the third-party at the time of claim settlement. These damages may include material damage to the third-party vehicle, bodily injuries caused to the third-party person and property damage of up to INR 7.5 lakh. The policy even provides coverage in case of the third party’s death or complete disability. You also get legal coverage from the IFFCO Tokio third-party insurance.
Aspects | Third Party Bike Insurance | Comprehensive Bike Insurance |
Extent of Cover | A third-party policy covers expenses only for third-party property, vehicle and death/body injuries. | It provides esxtensive coverage including third-party liabilities and policyholder’s own damages. |
Requirement | It is mandatory by law. | It is not mandatory to buy a comprehensive insurance policy under Indian law. |
Availability of Add-Ons | No add-ons are available with this policy.. | Varieties of add-ons are available with this policy. |
Cost | It is comparatively cheaper. | It is comparatively costlier. |
IFFCO Tokio allows you to purchase the policy online or offline. IFFCO Tokio third-party two-wheeler insurance online is hassle-free and user-friendly. To buy the policy, follow the process given below:
• Affordable
Given the limited coverage that third-party insurance provides, these policies are affordable when compared to a comprehensive insurance.
• Avoid Penalties
If you’re caught riding a bike without insurance, it is considered illegal according to the Indian traffic rules. You will have to pay a fine or will have to face imprisonment.
• Legal Implication
If the third-party suffers death in an accident, the policy cover will protect you from getting trapped in a criminal case and aid in providing financial support to the third-party.
The online buying process and payment are very easy and smooth. Helpful customer support team, helpful and knowledgeable staff. They always connect with their customers on a timely basis and, most importantly, provide 24*7 support. The website is quite user-friendly and very easy to use. The website is filled with information and useful content with which you could get the solution to all the insurance-related problems.
In a third-party policy, if there is a death in an accident, the company would give compensation to their nominee.
The amount of compensation in such cases would be decided by the court of law.
If you are not financially sound, you might find it difficult to pay off your liabilities arising out of third-party expenses. Therefore, it is recommended to have a third-party policy in place.
For new bikes, the minimum coverage period is 5 years. But after that, the policy must be applied for annual renewals.
In case you have lost/misplaced your insurance cover, then you can request a copy of your policy document from the IFFCO Tokio insurance provider through a written application.