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Royal Sundaram Third Party Bike Insurance
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Royal Sundaram Two Wheeler Insurance Highlights
"Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture by Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and other Indian Shareholders.
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialized insurance products in fire, marine, engineering, liability and business interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurance in India, having long-standing tie-ups with reputed banks and NBFCs."
Claim Settlement Ratio
90.3
Royal Sundaram two-wheeler third-party insurance is the most fundamental bike insurance policy. It protects the policyholder against any financial responsibilities suffered by a third-party property or person due to an accident in which the covered vehicle is at fault. In addition, it covers every third-party liability (property damage, bodily injuries and/or death) arising from a road accident or catastrophe involving the insured two-wheeler. According to the Indian Motor Tariff (1988), every bike owner must purchase at least a third-party insurance policy.
Royal Sundaram Third Party Bike Insurance Policy
Suppose a third party got injured during an accident caused by the protected bike. In that case, the third-party policy of Royal Sundaram two-wheeler insurance covers all medical expenditures and hospitalization bills incurred due to the event. Furthermore, the financial burden of the resulting legal responsibilities is covered by a Royal Sundaram third-party two-wheeler insurance, in case a third-party files a complaint.
Difference Between Royal Sundaram Third Party Bike Insurance and Comprehensive Bike Insurance
| Parameters | Third Party or Liability Only Bike Insurance Policy | Comprehensive Bike Insurance Policy |
| Coverage | It provides coverage for the third-party's financial and legal liability due to any unforeseeable incidents involving the insured's motorcycle. | It includes coverage for third-party financial and legal responsibilities as well as own damages. |
| Requirement | It is a legal requirement under the Indian Motor Tariff. | It is an optional feature that is determined by personal desire. |
| Add-ons | No add-ons are purchasable under the Royal Sundaram two-wheeler third-party insurance policy. | The policyholders can buy from a choice of add-ons with this coverage. |
| Cost | This policy is cost-effective due to the limited coverage it provides. | Because of its maximum coverage, this policy has a higher premium. |
What is Covered Under Royal Sundaram Third Party Bike Insurance
- The third-party liability insurance coverage provides protection against any third-party property damage that is caused by the insured two-wheeler. The amount is up to INR 7.5 lakh.
- The court of law decides the compensation for third-party bodily damage or death. The insurance gives 100% compensation in the event of the loss of both eyesight or both limbs or if the injury becomes a permanent handicap. For the death of a third party, it also provides 100% coverage. For partial disabilities like bodily injuries, the loss of one limb, or the loss of one eye, the insurance pays out 50% of the compensation.
What is not Covered Under Royal Sundaram Third Party Bike Insurance
Royal Sundaram third-party bike insurance covers a limited extent under the bike insurance. The following are some things that the third-party bike insurance policy does not cover:
- A policyholder would not receive any coverage for loss or damage to their covered bike under a third-party bike insurance policy.
- If driving while intoxicated or riding your insured motorcycle without a valid driver's licence, you can not file a claim.
- Accidents that occur outside the geographical limitations of the coverage are not eligible for any monetary compensation.
- Claims emerging from contractual duties are not covered by a third-party bike insurance policy.
- Claims arising from damage or loss caused by war or warlike conditions would not be covered.
- Claims involving radioactive pollutants are not covered under this insurance.
Key Benefits of Purchasing Royal Sundaram Third Party Bike Insurance
- Royal Sundaram third-party two-wheeler insurance offers a simple online method for acquiring coverage, allowing you to avoid extra paperwork.
- Royal Sundaram 3rd-party bike insurance coverage protects you against any third-party liability, and you do not have to pay for the damages out of your own money.
- In case of an accident involving your covered two-wheeler, a Royal Sundaram two-wheeler third party insurance policy relieves you of the stress and inconvenience of making up for third-party losses.
Add ons for your Two Wheeler Insurance
Royal Sundaram Third-party Bike Insurance FAQs
1. If I make a Royal Sundaram third-party claim on my bike insurance, will I lose my NCB?
With the Royal Sundaram two-wheeler third-party insurance coverage, the NCB is not accessible.
2. What documentation I must submit when willing to file a claim for Royal Sundaram third-party bike insurance?
You should submit the following documents to file a claim under the Royal Sundaram two-wheeler third-party insurance:
- Claim form for two-wheeled vehicles
- Cover note/copy of policy document
- A duplicate of your driver's licence
- Copy of the registration certificate and the FIR, as well as any other papers requested by the insurer
3. Is there coverage for any loss to the insured's bike under the Royal Sundaram third-party bike insurance?
The Royal Sundaram two-wheeler third-party insurance does not cover any type of loss or damage to the insured bike or owner.
4. Why should I go with Royal Sundaram for third-party bike insurance?
Royal Sundaram's third-party bike insurance offers legal liabilities against third-party and other benefits make it a good choice for everyone. Customer service is available 24*7. Purchase and renewal are quick with minimum paperwork.
5. Can Royal Sundaram third-party claims be filed online?
Yes, you can file claims online at the official website of Royal Sundaram.