A third party bike insurance policy is a mandatory requirement if you were to follow the rules of the Motor Vehicles Act, 1988. This is the bare minimum requirement when it comes to two wheeler insurance. Third party policies cover any financial liability which arises when, due to your bike, any third party dies or suffers any bodily injury. Moreover, in case your bike damages any third party property, you are held financially liable for the damages caused. This liability is also covered by third party bike insurance plans.
These plans are available with all insurance companies offering a bike insurance policy. You can find the cheapest third party insurance for two-wheeler across all companies as the premiums are fixed by IRDA and remain the same.
A third party bike insurance policy is necessary simply because it is legally compulsory. As stated earlier, the Motor Vehicles Act mandates this cover on every bike which is driven on Indian roads. So, you have to invest in a third party insurance policy to honour legal rules.
Secondly, the necessity of third party bike insurance plans can also be felt in its coverage. A third party policy covers your liabilities against third parties. Accidents are common and when they occur, you, unintentionally, cause injury to an individual or might damage someone’s property. The insurance policy protects your finances in these contingencies. It pays for the losses caused and spares you the financial burden.
The premium for a third party bike insurance policy is fixed by the IRDA (Insurance Regulatory and Development Authority). It depends on the engine capacity of your bike. The premium rate is very low and reviewed every year. Currently, the rate is as follows –
|Engine capacity of your bike||Two wheeler third party insurance rates|
|Up to 75 cc||Rs.569|
|More than 350 cc||Rs.1114|
So, you can calculate your third party bike insurance plan’s premium rate by simply knowing the cubic capacity of your bike’s engine. Simple, isn’t it?
Buying a third party bike insurance policy has been simplified with the availability of the online medium. You can visit any aggregator or broker’s website, enter your bike’s details and find the available third party bike insurance plans. You can, then, choose a plan, pay the premium online and the policy would be bought. Isn’t the process simple?
Turtlemint is a leading online broker which has partnered with many leading general insurance companies. As such, you can find all the third party bike insurance plans under one platform. You can compare the different plans, find out their coverage features and then buy the plan which has the best features among others. By comparing you can get the best third party bike insurance plan at the best rate. Moreover, Turtlemint gives you personalized assistance both at the time of buying the policy as well as at the time of a claim. When buying if you have any queries you can contact Turtlemint’s representatives. They guide you with your purchases. Similarly, at the time of a claim you can contact Turtlemint and get complete assistance in claim settlement. Turtlemint’s team provides you all the knowledge with respect to the claim process and helps you in getting your claim settled easily and quickly.
The policy covers death or accidental injury caused to a third party and third party property damage.
Any individual other than you and your bike is treated as a third party for insurance purposes.
Currently, third party plans are available for 1/2/3 years.
No, third party bike insurance plans do not allow you to choose add-ons to increase coverage.
Bike Insurance Companies