2314
3 min read
Updated on Oct 21, 2022
As soon as you buy a two wheeler, you need to get it insured. This is a compulsory rule in India. While this rule is widely known, there is another rule that not many riders know of. That is, when you get a new two wheeler, you also need a 5 year third party insurance for bike. The Supreme Court of India has made this mandatory since 2018.
The IRDAI issued a guideline in August 2020 where the rule of buying insurance for five years was slightly modified. Here are the new rules:
For a new bike insurance rules are a little different. When you buy a new bike, you compulsorily have to buy the third party liability cover for a period of five years. However, the own damage component can be bought for just one year. There are bundled plans available that combine the 5-year third party liability cover with a one-year own damage cover.
Once you complete the mandatory one-year OD cover, you can then opt to cover the own damage component or not. It is not compulsory any longer and you can make the decision based on what your needs are.
Also Read: Reasons a Two-Wheeler Insurance Claim gets Rejected
The rule if buying bike insurance for five compulsory years only pertains to the third party liability component. If you buy a third party liability bike insurance plan, only then will you have to buy it for a term of five years. If you opt for a comprehensive bike insurance plan, a regular plan would suffice. This is an important component that needs to be remembered here. 5 year third party insurance mandatory for 2 wheeler, so go and get it at the earliest.
Also Read: What is a Two Wheeler Insurance Background Check?
Keeping the points mentioned above in mind, you can surely consider getting two wheeler insurance for five years. So go ahead and buy this policy and make a very wise move. Go online, compare and find the best plan. Buy it and stay secure, keep your vehicle covered and stay protected from the third party liabilities as well.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
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.
NOC or No Objection Certificate is required by a bike owner for different purposes like selling a bike. NOC is issued by either a RTO.
If you are 18 years and above and are planning to ride a two-wheeler on the highway, it’s time for you to apply for a.
When you buy a bike, you are likely to be offered bike insurance by the same dealer. You might think that it is mandatory; however,.
Most of us grow up with the dream of owning a superbike to ride far and wide across the country. Though it is thrilling, it.
Got a challan issued for your two wheeler? Now you can do an online bike challan check and also conveniently pay for it from anywhere..
Looking for insurance to cover your new two-wheeler? Let's find out how much is the cost of bike insurance in India and what all purposes.
Let’s learn more about why an RC or Registration Certificate is absolutely essential for riding your motorbike on the road and how you can obtain.
Who is the first party in bike insurance? Why is it important for them to get bike insurance? What are the differences between 1st and.
How many times in a year is it advisable to raise a claim for bike damage with your insurance company? Is it only allowed once.
No Objection Certificate (NOC) Online for Bike or Two-wheeler in India NOC or No Objection Certificate is required if a bike owner is selling his/her.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.