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.
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.
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.
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