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7 Benefits of Having Two-Wheeler Third Party Insurance
According to the Motor Vehicles Act, 1988, it is mandatory for every two-wheeler owner to have third-party bike insurance to legally ride on the Indian roads. This insurance policy offers coverage for losses and damages caused to the third parties by the policyholder’s two-wheeler.
In case of an unfortunate event involving the insured bike, a third party bike insurance plan provides coverage against third party liabilities and injuries sustained by them. It also offers financial security to the insured individual against legal liabilities arising due to any damage caused to a third party.
However, it must be noted that third party two-wheeler insurance plans do not provide coverage against losses or damages caused to the policyholder’s own bike. Hence, it is recommended that if you are a bike owner, you must consider buying a comprehensive insurance policy. This will provide you with coverage against financial losses and third party liabilities.
Benefits of Third Party Two-wheeler Insurance
Here are a few benefits of third party two wheeler insurance plans:
- Hassle-free Purchase Procedure
Every insurance company offers their products and services on online platforms. This will allow you to purchase a third party two-wheeler insurance policy with ease. The transactions can be completed with the digital insurance providers with zero paper documentation process through their app or website. Moreover, it is also more convenient to compare several policies offered by varying insurers and choose the one that best fits your goals and requirements.
- Affordable
The premium of third party two-wheeler insurance is standard since it is provided by India’s insurance regulator, the IRDAI (Insurance Regulatory and Development Authority of India). These rates are significantly lesser than those of the comprehensive insurance plans.
- Long-term Coverage
Third party two-wheeler insurance plans are mandatory for the bike owners because of the legal requirements laid down by the government. These plans have an expiration date of at least five years. Additionally, several multi-year coverage options are also available. Hence, you can get your bike insured once and rest assured for a minimum of the next five years.
- Easy Renewal Process
Getting your two-wheeler insurance renewed before its expiry date is mandatory to have it covered at any given time. The process of policy renewal is seamless and easy as it can be done online from the insurers’ website with just a few clicks. If you have no claim bonus (NCB), you can use these points to get a significant discount on your renewal premium. However, it must be noted that you can retain the NCB only if you get your two-wheeler insurance plan renewed within 90 days of its expiry.
- Sense of Peace
Accidents are not foreseen and can result in irreplaceable losses, damages, and trauma. The situation gets further aggravated if there is an involvement of a third party. If their property is damaged, you are liable to pay the associated expenses. Besides, if any third party legal liability arises, you will have to face the consequences, no matter how. That’s where the need for a third party insurance cover at every possible time arises. In any such case, your respective insurer will take care of the legal liabilities or financial duties instead of you. This will take away any type of mental stress associated with such a scenario.
- Legally Mandatory
As per the Motor Vehicles Act, 1988, it is mandatory to possess a third party two-wheeler insurance plan for every bike owner. If you do not own a bike insurance policy, you will have to face the legal consequences. Hence, in order to save yourself from such events, you must keep your third party two-wheeler insurance handy at any given time.
- Personal Accident Cover
A Personal Accident Cover can be purchased as an add-on policy with a third-party two-wheeler insurance policyholder. This coverage amount has been increased to a whopping ₹15 Lakhs. This cover will provide you with financial security in case of an accident, thereby taking care of any hospitalisation or treatment expenses which arise.
- Final Takeaway
Having a third party two-wheeler insurance cover is not only legally mandatory but also beneficial in multiple ways. However, there are a plethora of options available for third party insurance plans in the Indian market. It is, therefore, advisable to consider several factors, perform comparative analysis amongst these options, and choose the one that perfectly aligns with your goals.
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Samsung India elevates Aditya Babbar to lead mobile business
Exec takes charge of MX sales and marketing after Raju Pullan’s exit
NEW DELHI: Samsung India has elevated Aditya Babbar to lead its mobile phone business, following the exit of Raju Antony Pullan.
Babbar, who previously served as vice president within the mobile division, has been appointed head of sales and marketing for the MX (mobile experience) business, effective May 1. In his new role, he will oversee the company’s sales and marketing operations for smartphones and related categories in India, reporting to the executive vice president of the MX business.
A long-time Samsung executive, Babbar brings over a decade of experience within the organisation, having held multiple leadership roles across product, marketing and category management. Most recently, he led product marketing and e-commerce for the mobile division, following earlier stints as head of product and marketing and senior director roles.
His career within Samsung Electronics and its India operations has also included responsibilities for flagship devices, tablets and wearables, giving him a broad view of the company’s premium and mass-market portfolio.
Babbar succeeds Pullan, who stepped down from the role, marking a leadership transition at a time when India remains a key battleground for global smartphone makers.
The appointment signals continuity within Samsung’s leadership bench, with an internal candidate stepping up to steer one of its most critical business units in a highly competitive market.
