- About Coverfox
Third-party two-wheeler insurance cover is the most basic type of two wheeler insurance plan available. In case of any road accident or any other mishap involving the insured’s two-wheeler it provides coverage to the policyholder for all third-party liabilities (bodily injuries, death, and/or property damage).
While the amount of compensation in case of third party bodily injury/death is decided by a court of law, the extent of compensation for third party property damage is limited to Rs. 1 lakh. It is mandatory in India for every two-wheeler owner to have at least a 3rd party two-wheeler insurance, as per the Indian Motors Tariff 2002. Buying a third party two wheeler insurance policy online is secure and easy.
Do you want to buy a third-party two-wheeler insurance policy? We have got your back! Buy third party two-wheeler insurance online at Coverfox.com by following these simple steps:
Before opting for a third party bike insurance plan, you should know some of its basic features:
|Property Damage||Available with a limit of Rs. 1 Lakh|
|Personal Accident Cover||✔️|
|Purchasing Options||Online and Offline|
|Own Damage Costs||❌|
A third-party bike insurance premium calculator is an easy to use online tool that helps you to get a third-party two-wheeler insurance premium for your bike. You just need to provide details of your two-wheeler such as the make and model, location, registration number of your bike and the tool will do the rest. Based on the information provided, the premium calculator will generate the premium amount payable for your bike.
The Insurance Regulator and Development Authority of India (IRDAI) decides the third-party two-wheeler insurance premium/rate based on the bike's engine capacity. IRDAI keeps changing the third party two-wheeler insurance premium based on the previous year’s TP claim data and other factors.
Below is the table with the third party two-wheeler insurance premium rates, according to the latest announcement released by IRDAI.
|Engine Capacity of the Bike||Third-Party Bike Insurance Premium Rates|
|Not more than 75 cc|
|More than 75cc but not more than 150cc|
|More than 150cc but not more than 350cc|
|More than 350cc|
Note: The above mentioned third party two-wheeler insurance rates are for the financial year 2019-2020 and are effective from 16th June 2019 till further notice from IRDAI.
It is extremely critical to know what all is NOT covered by your third party bike insurance plan so that there are no confusions at the time of making a claim.
Are you confused as to how to claim third party two-wheeler insurance online? Well, a third-party two-wheeler insurance claim can be made by the insured as well as the victim. Read on to know-how.