Owing to its young population with disposable income, India is one of the largest two-wheeler markets in the entire world. This means, a massive number of two-wheelers are added to the roads on a daily basis which also increases the probability of accidents on the road. The simplest way to handle such situations is to buy a third party two wheeler insurance.
With the Motor Vehicles Act of 1988, the Indian government made it mandatory for all vehicles to have a third party insurance. The main motive behind this is to have you covered financially against unfavorable situations that might arise due to an accident. While it does not provide any coverage for your vehicle, it ensures that any damage or injuries done to other individuals are taken care of.
In terms of insurance, the policy buyer is the first party, the insurance company is the second party and anyone else involved is the third party. Thus, a third party two wheeler insurance benefits the third parties involved with an accident. Should an accident lead to injuries such as disability or even death, the policy looks after the expenses. Similarly, if there are any damages to properties up to INR 7,50,000, the policy has your back.
How to Claim?
It is quite obvious that if you are buying a two wheeler insurance, you would like to claim it when there is a need. Here are the steps that can follow to making the two wheeler insurance claim process … Read More
