IFFCO Tokio Third Party Bike Insurance
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IFFCO Tokio Third Party Bike Insurance
A third party insurance cover is meant to cover third party damage caused by the insured vehicle. It is exclusively designed to protect the legal liabilities of the third party resulting out of property damage, death or disability. IFFCO Tokio third party bike insurance is a cost effective plan which helps you mitigate third party liabilities. It provides you coverage against hefty financial expenses, thus, saving you from legal liabilities and unwanted stress.
IFFCO Tokio Third Party Bike Insurance vs Comprehensive Bike Insurance
|
Basis |
Third Party Bike Insurance |
Comprehensive Bike Insurance |
|
Coverage |
It covers expenses/compensation for third party property damage and damages caused due to death or bodily injury of a third party. |
It covers expenses for all damages incurred by a third party (property damage as well as bodily injuries/death) along with damages incurred by the insured’s bike |
|
Nature of Requirement |
It is compulsory to have a third party insurance policy under the Motor Vehicle Act. |
It is not compulsory to have a comprehensive insurance plan under the law. It is optional and totally depends on the owner’s preferences |
|
Add-ons Availability |
No add-ons are obtainable with this cover. |
A wide variety of add-ons are available that can be obtained under this cover. |
|
Cost |
As the coverage is limited, third party coverage is comparatively cheaper. |
Due to extensive coverage, it is relatively high-priced. |
What All is Covered Under IFFCO Tokio Third Party Bike Insurance Plan?
Third party insurance policy provides coverage to the policyholder against damage, loss or injury caused to the third party in an unfortunate event. It also protects against several legal as well as financial liabilities. IFFCO Tokio third party bike insurance provides the following coverages to the policyholder:
- Damage Caused to The Third Party Property - In case the property of a third party got damaged during an accident, the liability arising out of the situation can be unlimited. Therefore a third party insurance policy provides protection to the policyholder against such liabilities.
- Injury or Death of The Third Party - If the insured’s vehicle is involved in the damage or loss of life caused to a third party, the insurance company will bear all the hospitalization as well as medical expenses. It also provides compensation to the third party and their nominee in case of partial or permanent damage or death. The amount is decided by a court of law.
What All Is Not Covered Under IFFCO Tokio Third Party Bike Insurance Plan?
A third party insurance plan is essential to be owned by every bike owner, but offers limited coverage. Here are a few points that are not covered under the third party insurance policy:
- No coverage for injury suffered by the policyholder.
- Damages caused to the insured bike will not be covered.
- Optional personal accident cover for policyholder is not offered.
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IFFCO Tokio Third Party Bike Insurance FAQs
Can I buy a third party two-wheeler insurance policy online?
Yes, a third-party two-wheeler insurance policy can be brought online to save both time and money. You can check the benefits and best features available under the two-wheeler insurance policy. It will help you to select the best insurance plan yourself based on the needs and requirements.
What are the limitations of IFFCO Tokio third party bike insurance?
There are numerous situations where the insurance company fails to provide protection. For example, in case of theft, intoxication, natural and man-made disasters, if the accident has occurred outside the geographically defined area etc.
What happens in case of death of the third party?
In case of the death of the third party or partial or permanent damage, the insurance company will provide compensation to their nominee.
Does it provide coverage against natural or man-made disasters?
No, third party insurance policy do not provide coverage in case of a natural or man-made disaster.
Can I bear unlimited liability without third party insurance policy?
If you are not financially very well established, it is unimaginable to pay off all the liability associated with the third party. It is better to have a third party policy than paying a lot of money in one go.
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