7 min read
Updated on Dec 22, 2022
A third party bike insurance policy is the basic plan of insurance, which is mandatory as per Indian Motor Tariff Act for two-wheelers as well as four-wheelers. A third-party /two-wheeler insurance allows protection to the insured person against financial liabilities of various kinds for the damages/loss caused to the third-party property/person in case of an accident/mishap caused by the insured.
Third-party bike insurance cover is an insurance policy that takes care of the only third-party liabilities in case of an accident that took place because of the insured person’s faults. Here, the policyholder cannot use the claim to incur damages caused to their own bike. However, the policy is specifically meant to incur the expenses of the damages caused to the third-party person/property/vehicle by the insured person’s bike.
The liabilities of the third-party covered under this plan include bodily injuries of the third party person, death and disability of the third party person, as well as damages caused to property/vehicle of third parties in the event of an accident or mishap. However, you must note that the compensation to be paid to the third party for the damages is decided by court.
Every vehicle owner needs a third-party bike insurance because it has been made compulsory In India by the Indian Motor Vehicles Act 1988. Without this insurance, if you ride your bike on the Indian road, you are liable to pay a heavy penalty and might even get imprisoned. Hence, it is necessary to buy a third-party insurance coverage to cover for any third party liability in case you met with an accident.
Below are some of the benefits of third-party insurance:
Let’s look at the things enclosed under third party two-wheeler insurance as mentioned below:
Most of us know what all are covered under third party insurance. However, you may not be aware about what all are not covered under third-party insurance, which is crucial to know.
Here are few common exclusions as follows:
Recently, the Supreme Court ordered all the general insurance providers to offer only long term third-party insurance to new bike owners across India. Hence, IRDAI has mandated insurers in India to offer 5 year insurance plans for bikes and 3 year plans for four-wheelers. So, any new bike owner will now have to buy third party insurance for 5 years compulsorily.
IRDAI decides the premium of the third party bike insurance price to be paid by policyholders for a third party bike insurance policy. It depends on the engine power of the policyholder’s bike and IRDAI keeps making changes in the premium price every year.
As per the latest update, the premium for third party insurance bike price applicable from June 1, 2022 is listed below:
So, from the above, it is clear that engine capacity up to 75 cc allows cheapest bike insurance third party.
You can easily renew your online bike insurance Third Party by following the below steps:
You can buy the cheapest third party bike insurance either online or offline. However, buying online is viable as it is an easy, hassle-free and economical way. Below are the steps that you can follow to purchase a third party bike insurance online:
Read More: Difference between First Party and Third Party Car Insurance in India
Claim Procedure for Third Party Bike Insurance is very simple as mentioned below:
Now you know almost everything about third party bike insurance. However, you may question, is third party insurance enough for bikes? Though third party insurance covers you against the worries of third party damages, it doesn’t cover you against your own bike damages. So, it is better to consider a Standalone Own Damage policy along with an insurance bike third party.
Also read: Long Term Third Party Bike Insurance Advantages and Benefits Everyone Should Know
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Third-party bike insurance is the mandatory insurance cover that a bike owner must have and which takes care of only the third-party liabilities. Here, the policyholder cannot use the claim to incur damages caused to their own bike. However, the policy is specifically meant to incur the expenses of the damages caused to the third-party person/property/vehicle by the insured person's bike.
There are 25 General Insurance companies in India and all of them offer third party bike insurance coverage. You can choose any lowest bike insurance third party policy offered by any of these insurers.
No, you cannot convert a third party bike insurance policy into a zero depreciation insurance. Firstly, zero depreciation is an add-on cover and not a proper insurance plan. And third-party insurance does not allow the insured to avail any add-on with the policy. So, you can select a zero depreciation add-on cover with either a comprehensive bike insurance plan or a standalone own-damage bike insurance plan.
If you want to buy a third party insurance plan for your 10 year old bike you can do so by following the process mentioned below:
Go to the portal of the insurer to whom you want to buy the policy or an insurance broker like PayBima.
Submit the Registration Number of your bike.
Submit other bike details like manufacturer and model of bike, type of fuel used, bike variant, year of registration, city of registration or RTO location etc.
Now, submit your personal details like name, phone number etc., and click on "Get Quotes’ button.
You can see various available premium quotes of various insurance companies. Here, you can make a comparison of the quotes and choose the one suiting your requirements best.
You can also opt for an add-on cover at this stage.
Once you have completed the formalities and selected the plan, you can proceed with the payment using online banking facilities.
Within seconds the policy will be issued and the documents will be sent at your registered email ID.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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