First-Party Bike Insurance: What Is It?
In bike insurance, “first party” refers to the person who purchases the insurance. The first party who qualifies for benefits and other payouts under the bike insurance plan is responsible for paying the premium.
On the other hand, 1st party bike insurance is a kind of insurance that offers comprehensive protection against damage to your bike. First-party bike insurance protects against theft, accidental damage, total loss, fire, and calamities caused by nature and humans.
What Is First-Party Bike Insurance Covered For?
According to first-party bike insurance, the following are protected:
- Theft, break-ins, or housebreaking, as well as loss or damage to the vehicle caused by a fire, explosion, lightning strike, or self-ignition
- Riot or strike, an earthquake with shock, fire, and car damage from landslides or rock slides.
- Natural disasters like floods, storms, typhoons, and inundations, among others, result in car loss or damage. Any damage or loss to the vehicle caused unintentionally by a third party;
- Any harm or damage to the vehicle caused by criminal activity committed by a third party or acts of terrorism
- Transporting a vehicle by rail, road, inland canal, elevator, lift, or aircraft can cause damage or harm to it.
Second-Party Bike Insurance: What Is It?
The term “second party” in bike insurance denotes the organisation providing the insurance coverage. In this instance, it is the insurance company. The first party has the responsibility for paying the insurance premium. At the same time, the insurer, also called the second party, is responsible for paying any claims against the insurance policy.
What Is Bike Insurance For Third Parties?
The owner or driver must obtain third-party insurance before operating a motor vehicle on public property. Third-party insurance covers any third-party property damage or bodily injury when an insured vehicle is involved. Prevalent laws state that failing to have third-party insurance can result in a hefty fine or even jail time if the offence is repeated. Hence, carry your insurance papers with you at all times. .
“Third-party car insurance” is an agreement between the owner of the car and the insurance company that obligates the insurer to reimburse the insured if the insured gets into legal trouble for causing injury to a third party or damaging his property without fault. One of the most well-known concepts among those who own vehicles is third-party insurance protection.
What’s Included In Third-Party Bike Insurance?
A 3 party insurance bike policy can give you peace of mind in legal liability related to third-party damages.
- Protection from unintentional harm or passing away of others
- Insurance against personal accidents and coverage for unintentional harm to other people’s property.
The list of exclusions for the Third Party Policy is as follows:
- Damage to your car
- Operating a vehicle without insurance
- Driving while breaking the law
Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.