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Third Party Bike Insurance

We know you are very excited to ride your two wheeler through the city roads. And, why wouldnt you? After all, your bike reflects your personality. Which is why getting your two wheeler insured is the best thing to show your love and affection. This would cover bodily injuries or death of a person either accompanying you on the bike or on the road. Not only this, there are higher chances of the third party properties getting damaged due to accidents. But nothing to worry, you can cover all these types of risks by buying a "Third Party Two Wheeler Insurance".

In short, third party bike insurance is nothing but a risk cover. In case of an unfortunate event, your insurance company would pay you for any legal liabilities. Section 146 of the Motor Vehicles Act, 1988, makes third party insurance mandatory for any vehicles plying on the Indian roads.

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 CapacityApplicable 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 and make a payment via a debit/ credit card and even through net banking.


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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