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Third Party Two Wheeler Insurance

"Third Party Bike Insurance is the most basic form of Bike Insurance that you must mandatorily buy to use your vehicle on Indian roads as per section 146 of the Motor Vehicles act, 1988.

Third Party Bike Insurance provides cover against third party liability arising out of an accident by your vehicle towards a third person and property."

Third Party Two Wheeler Insurance from Popular Brands in India

Here is a list of top two wheeler insurance plans in India

  • Bharti AXA Two Wheeler Insurance
  • HDFC ERGO Two Wheeler Insurance
  • Bajaj Allianz Two Wheeler Insurance
  • TATA AIG Two Wheeler Insurance
  • Reliance General Two Wheeler Insurance
  • New India Assurance Two Wheeler Insurance
  • SBI General Insurance Two Wheeler Insurance

Two Wheeler Third Party Insurance Rates: How Much Does it Cost?

IRDA has standardized the two wheeler third party insurance premium rates with effect 1st April, 2017 as below:

Condition Relating to Engine Capacity Applicable Premium Rate
Up to 75 cc Rs. 569
75- 150 cc Rs. 720
150- 350 cc Rs. 970
Above 350 cc Rs. 1,114

Long-term Third Party Cover for Five Years for New Bike Owners

The Supreme Court has made the five-year upfront cover compulsory on all new two wheeler insurance policies, as per the regulation passed in July 2018. This has been enforced since 1st September 2018 and is applicable for all comprehensive and third party two wheeler insurance policies purchased on and after 1st September 2018. With this regulation, owners of new two wheelers no longer have to renew their comprehensive or third party two wheeler insurance policies every year.

The objective behind this rule is to ensure that every two wheeler owner purchases at least a third party two wheeler insurance, if not a comprehensive cover. This initiative is especially directed towards two wheelers that have been on the roads for a few years, but are yet to purchase at least a third party two wheeler insurance. Two wheeler owners often tend to not renew their third party two wheeler insurance plans after a few years of purchasing them. Or else, they purchase an insurance plan that does not offer sufficient risk coverage. This new provision is designed to serve the dual purpose of ensuring that newly purchased two wheelers have robust risk coverage and also financially protects third parties against injuries and accidental demises caused by the new two wheelers.

How to Renew Your Third Party Two wheeler Insurance?

Well, the third party two wheeler insurance renewal is simple, fast and online with Coverfox. In short, you can renew it online instantly. Don't worry even if you have an expired policy. With minimal paperwork, you can renew it in minutes!

Coverfox sends a renewal notice much before the policy expiration date. You can visit our website Coverfox.com and make a payment via a debit/ credit card and even through net banking.

Third Party Bike Insurance Premium Calculator

A bike insurance premium calculator is an online tool which helps you determine the right insurance premium for your two-wheeler. This tool is available free of cost online. The tool requires the following inputs - your bike's make and model, registration date, the city you ride in and the type of bike insurance plan you want to go for. Based on the input, the calculator will automatically generate the right quotes. You can also customize your input by opting for additional covers and No Claim Bonus for comprehensive bike insurance.

Third Party Bike Insurance Premium Rates

Two Wheelers Premium with effect from 16th June 2019 (Rs.)
Not Exceeding 75 cc 482
Exceeding 75 cc but not exceeding 150 cc 752
Exceeding 150 cc but not exceeding 350 cc 1,193
Exceeding 350 cc 2,323

Motorized Two Wheelers used for Carrying Passengers for Hire or Reward

Basic TP Premium Premium per licensed passenger
Not exceeding 75 cc 861 580
Exceeding 75 cc but not exceeding 150 cc 861 580
Exceeding 150 cc but not exceeding 350 cc 861 580
Exceeding 350 cc 2,254 580

Tips to Reduce Comprehensive Bike Insurance Premium

Here are a few tips to reduce your comprehensive bike insurance premium:

  • Select the right bike This is the most important factor. If you purchase an expensive bike with higher engine capacity, you are likely to pay more premium. If you purchase a standard bike or even an old one with a smaller engine, the premium rate will be less.
  • Annual Premium Pay your premium annually. If you go for annual premium payment, the insurer is likely to give an additional discount. Discounts are not applicable on monthly mode of premium payment.
  • Small Damages It is advisable that you do not make claims for small damages such as scratches or minor dents. If you make a claim against small damages, you are likely to lose the no-claim bonus for that particular year.
  • Riding Association: Insurers provide small to medium discounts to those individuals who are members of automotive associations.
  • Security Appliances Insurers are likely to offer you a lower premium rate if you installed anti-theft device on your bike, provided the device is approved by the ARAI.

How to Claim Third Party Two Wheeler Insurance?

You can claim comprehensive two wheeler insurance with your respective insurer immediately in case of an accident. For third party insurance, you have to depend on the compensation offered by the damage-causing person’s Third-party insurance policy as you are the third party in such a scenario. In case of an accident, you need to follow the mentioned steps:

  • Click photographs of the damaged parts
  • Collect details of the damaging vehicle
  • Look for bystanders and witnesses
  • Inform your insurance company
  • File a First Information Report of the accident
  • Register your case with the Motor Accident Claims Tribunal Court
  • Furnish the required details and documents in the court
  • Post submission, you will receive applicable compensation from the damage-causing person’s insurance company
Two Wheeler FAQs

FAQs On Third Party Bike Insurance

What is third party bike insurance?

Getting third party insurance is mandatory for your bike. In case of an accident, you would be legally and financially liable to the third party. However, keep in mind, it doesn’t cover any damages and injuries that have occurred to either you or your bike.

Which bike insurance should I buy comprehensive or third party liability Insurance?

If you can invest money in financially protecting yourself from third party liabilities, then why not spend a little more on protecting your bike as well? Thus, choosing a comprehensive plan over a third party plan always makes more sense!

What are the additional covers in two-wheeler insurance?

Having add-on covers always serves as a blessing in disguise. The Nil or Zero Depreciation Cover lets you have a full claim on the value of the parts without deducting depreciations on the parts that are replaced after an accident. Depreciation takes a major part of your expenses. To make sure you escape that, opt for a zero depreciation add-on cover by paying a little extra premium.

Personal Accident Cover for Pillion Passenger protects the pillion rider as well. Accidents can cause grave injuries to both rider and co-passenger! So, in a way both carry equal risk. With the help of this add-on, pillion passenger can be compensated up to a certain amount for partial and permanent disability. The premium is slightly higher, but worth it!

How to cancel two-wheeler insurance policy?

For policy cancellation, most insurance companies generally insist on a 7-day prior notice, which has to be submitted in writing. An insurance representative will state the list of actions to be carried out by the insured to initiate cancellation of the two-wheeler insurance policy. It is the responsibility of the policyholder to ensure all the documents are ready. This includes maintaining documents of the existing policy along with the alternative two-wheeler insurance policy that the insured would like to proceed with. These documents need to be sent either by email or by handing over the physical copies of the same at a branch office.

What is zero depreciation cover in two-wheeler insurance?

Zero depreciation cover is an add-on that provides comprehensive two-wheeler insurance coverage without factoring in depreciation of the value of the two-wheeler and its parts. Say for instance, if your two-wheeler was involved in an accident, the insurance company will cover the whole cost of the losses incurred. Depreciation will not be taken into account while settling claims for the insured parts of the two-wheeler. Zero depreciation cover is usually availed for new cars.

What are the best two wheeler insurance companies in India?

The following are some of the leading two wheeler insurance companies in India in 2018:

  • Bharti AXA
  • Bajaj Allianz
  • TATA AIG Insurance
  • HDFC Ergo
  • Reliance General Insurance
  • SBI General Insurance
  • New India Assurance

What benefits are not covered by third party two wheeler insurance?

  • Loss or damage arising as a result of reckless behaviour like drunk driving
  • Any damage or loss caused to a third party outside a certain geographical area, as mentioned in the policy document
  • Loss or damage caused to two wheeler by an under aged or unlicensed driver
  • Electrical or mechanical failure
  • In cases where the two wheeler is used other than the purposes that are stated in the third party two wheeler insurance document, like using a non-commercial two wheeler for commercial purposes
  • Loss or damage caused as a result of situations like war, terrorist activities, riots, etc.
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