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Third Party Bike Insurance

Third-party two-wheeler insurance cover is one of the most basic kinds of two wheeler insurance . It is crafted to safeguard you against all third party liabilities caused by an accident involving your two-wheeler. It is compulsory that every two-wheeler owner in India has to have third-party two-wheeler insurance to abide by the Indian Motor Vehicles Act, 1988.

Why do You Need Third Party Two Wheeler Insurance?

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.

How to Buy a Third Party Bike Insurance Online?

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:

  • Step 1: Visit the website of Coverfox and select ‘Bike’
  • Step 2: Feed-in your bike’s registration number.
  • Step 3: Provide your name and mobile number and click on get quotes.
  • Step 4: Now compare the insurance policy provided by different insurers and choose the one that ticks all your boxes.
  • Step 5: Now, you can pay for the selected bike insurance policy online.
  • Step 6: Your policy documents will be sent to you via email.

Key Features of Third Party Bike Insurance

Before opting for a third party bike insurance plan, you should know some of its basic features:

Features Availability
Property Damage Available with a limit of Rs. 1 Lakh
Personal Accident Cover ✔️
Add-on Covers
Purchasing Options Online and Offline
Own Damage Costs

What is Third Party Two Wheeler Insurance Premium Calculator?

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.

How Much is the Third Party Insurance Premium/Rate?

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
Rs. 482
More than 75cc but not more than 150cc
Rs. 752
More than 150cc but not more than 350cc
Rs. 1193
More than 350cc
Rs. 2323

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.

What is Covered by a Third Party Two Wheeler Insurance?

  • Any third party property damage caused by the insured’s two-wheeler is covered under the third party/liability only insurance policy up to Rs.1 lakh.
  • The compensation amount in case of third party bodily injuries/death is decided by a court of law. In case of loss of both the limbs or both eye sights/ permanent disability and death of a third party, the insurer provides 100% compensation. Whereas, in case of partial disabilities like bodily injuries or loss of one limb or loss of one eyesight, the insurer provides 50% compensation.
  • One can buy coverage for the pillion rider by making an additional premium for personal accident cover.
  • A necessary Personal Accident cover is included for the driver of the insured two-wheeler of Rs. 15 Lakh.

What is Not Covered by a Third Party Two Wheeler Insurance?

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.

  • According to Indian Motor Law under a third party bike insurance plan, a policyholder would not receive any coverage concerning loss or damage to their own insured bike
  • In case you were drunk driving or were riding your insured bike without a valid driving license then in such scenarios you won’t be liable to make a claim
  • In case the accidents happen outside the geographical boundaries of the cover, then such accidents are not eligible for any monetary claim
  • Any claim that arises because of contractual liabilities are not covered under a third party bike insurance plan
  • Any claims that arise because of damage or loss caused by war or war-like conditions, radioactive contaminants are also not covered in this policy

Difference Between Comprehensive and Third-Party Two Wheeler Insurance

What is Covered?
Third Party Vehicle Damage
Third Party Property Damage
Personal Accident Covered
Own Vehicle Damage
Vehicle Theft
Fire Damage
No Claim Bonus
Cashless Claim
Damage from Natural Calamities
Engine Protection
Zero Depreciation Cover
NCB Protection
Invoice Cover
Third Party
✔️
✔️
✔️
Comprehensive
Through Add On
Through Add On
Through Add On
Through Add On
Above chart represents the entire comparison of Comprehensive vs Third Party Cover Two Wheeler Insurance Plans

Benefits of buying from Coverfox.com

Avail upto 75% Discount
Avail upto 75% Discount
Claim support available 24*7
Claim support available 24*7
3000+ Cashless Garages
3000+ Cashless Garages
Get Two Wheeler Insurance in your mailbox
Get Two Wheeler Insurance in your mailbox

Add-on Cover for Third Party Two Wheeler Insurance

Roadside Assistance

Roadside Assistance

Return to Invoice

Return to Invoice

Daily Allowance Benefit

Daily Allowance Benefit

EMI Protection

EMI Protection

Engine Protection Cover

Engine Protection Cover

How to Claim Third Party Bike Insurance Online?

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.

  • For the Insured Person:
    • Take clear pictures of the damaged parts of your bike.
    • Take down all the necessary details of the damaged vehicle or vehicles.
    • Look for any eye-witness of the accident; if any, note down their contact details.
    • Inform your insurance provider immediately about the accident and follow their instructions.
    • File a First Information Report (FIR) at the police station of that jurisdiction.
    • With the guidance of a lawyer, register a case at the Motor Accident Claims Tribunal Court
    • Be present at the court proceedings, provide the details of the incident, and submit the required documents.
    • Give the court’s order to the insurance provider and get the expense covered of the bodily injuries and property damages.
  • For the Victim:
    • If you are the victim, you must take down the details of the third-party involved in the accident or a mishap and inform the insurer about the incident.
    • Based on the information provided, the insurance provider will transfer your case to the motor insurance claim tribunal.
    • You have to be present in the court proceedings and provide all the documents required, a copy of the FIR, and proofs related to the incident.
    • Depending on the facts, the tribunal will decide on the compensation amount to be paid.

    Claim Procedure for Third-Party Bike Insurance If You Are the Victim

    • If you are the victim, you must take down the details of the third-party involved in the accident or a mishap and inform the insurer about the incident.
    • Based on the information provided, the insurance provider will transfer your case to the motor insurance claim tribunal.
    • You have to be present in the court proceedings and provide all the documents required, a copy of the FIR, and proofs related to the incident.
    • Depending on the facts, the tribunal will decide on the compensation amount to be paid.

    Frequently Asked Questions

    • Q. What is the Difference Between Third Party Bike Insurance and Comprehensive Bike Insurance?
      • Third party bike insurance is a basic insurance plan owning at least which is compulsory as per the Indian Motor Tariff. It is designed to take care of damages incurred towards the third party with the involvement of the insured person’s vehicle.

        Whereas, the comprehensive bike insurance plan gives complete coverage to policyholders against the financial liabilities towards the third party and own damage expenses due to an accident or mishap.

    • Q. What is the Procedure to Cancel Third Party Bike Insurance?
      • The insured owner is required to provide a notice of 7 days to the insurer in writing, of their intention to cancel the policy.

        • Contact the insurer, preferably by phone and express your intention to cancel the policy.
        • Follow the procedure provided by the representative and ensure that you notify them officially in writing, at least 7 days in advance.
        • Ensure availability of documentary evidence like the policy document if you bought an insurance policy for your
        • Mail or fax it to the number or address provided. You may also be asked to drop the paperwork at the nearest branch.
        • A minimum premium of Rs.100* will be retained by the insurance company and the balance will be refunded based on a pro rata basis as per the timelines. Rs.25 in case of two wheelers designed/or modified for vehicles owned by blind/handicapped/mentally challenged owners.
    • Q. Can I Buy Stand-Alone Third Party Insurance For my Bike?
      • With effect from 1st September 2019, Own Damage is no longer being bundled with Third Party and is being sold as a standalone annual policy. If you bought your two-wheeler after 1st September 2019, you now have the option of buying a Standalone Own Damage Bike Insurance for the second year. With a 5-year Third-Party Insurance policy now being mandatory for all bike owners in India, the purchase and renewal of Own Damage cover is now independent and optional.

    • Q. Will I Lose my NCB if I Make a Third Party Claim Under bike Insurance?
      • In case you make a claim during the insurance tenure. If you do not renew the policy within 90 days of the expiry date, the NCB stands nullified. NCB is not available with the two wheeler Third-Party Liability plan

    • Q. What if Someone Else was Driving my Bike During the Time of The Accident, Will The Insurer Cover For my Losses?
      • If the owner of the vehicle meets with an accident, the insurance company will cover the cost of repairs, but not if the bike was lent to someone else. Any damage or loss arising when the two wheeler is used by an unauthorised rider will not be covered by the insurance.

    • Q. Is buying a third party bike insurance policy enough for my bike?
      • No, third party insurance for your bike isn't enough because it offers limited coverage. However, it doesn't provide coverage to the owner of the bike in case of any mishap or natural disaster. It covers damages or death or accidents related costs for a third party. It is always better to buy a comprehensive cover for your bike.

    • Q. Can I avoid taking the third party two wheeler insurance?
      • No, it’s mandatory in India.

    • Q. What is the maximum compensation provided under a third party bike insurance policy?
      • There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs 7, 50,000. The Insured has the option to restrict coverage for Third Party Property damage to Rs 6,000 and this will result in a lower ”Liability Only” premium.

    • Q. Which documents should I submit to make a claim under third party bike insurance?
      • Two Wheeler Claim form
        Copy of Policy Document/ Cover Note
        Copy of your Driving licence
        Copy of registration certificate
        Copy of FIR
        Other documents as required by the insurer

    • Q. What if I am caught driving a bike without a valid third party two wheeler insurance policy?
      • If you caught while driving without a valid third party two wheeler insurance policy you may get penalised up to Rs 2000 and imprisonment up to 3 months

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