Third Party Two Wheeler Insurance
This is the most basic type of bike insurance plan that offers coverage to the policyholder against any kind of financial liabilities legally claimed by any third party individual or property incurred because of an accident, where the insured vehicle is at fault. According to the Indian Motor Tariff Act, it is mandatory for every bike owner to at least hold a third party insurance plan.
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What is Third Party Bike Insurance?
Third-party two-wheeler insurance cover is the most basic type of two wheeler insurance plan available. It provides coverage to the policyholder for all third-party liabilities (bodily injuries, death, and/or property damage) caused due to a road accident or any other mishap involving the insured’s two-wheeler. 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.
Importance of Bike Insurance Third Party Policy Online
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. A 3rd party two-wheeler insurance policy is the most basic insurance coverage. Buying 3rd party insurance policy online is secure and easy.
How to Buy Third-Party Bike Insurance Policy Online?
You can easily purchase a 3rd/third party bike insurance at the InsuranceDekho portal by following the below-mentioned steps:
Step 1: Visit InsuranceDekho website and click on the ‘Bike’ tab.
Step 2: Enter your bike's Registration Number in the “Get Your Quote” column. If you do not know the number of your bike, you can also enter details like brand, model, and a variant of your bike, registration year of your bike, RTO location of your bike, etc.
Step 3: Enter your name and mobile number to get bike insurance policy quotes
Step 4: Choose a bike insurance policy quote as per your needs and budget.
Step 5: Pay for the selected bike insurance policy and get the policy document via email.
How To Renew Third-Party Bike Insurance Policy Online?
You can easily renew your third party bike insurance policy at InsuranceDekho by following the below-mentioned steps:
Step 1: Visit InsuranceDekho website and click on the bike tab.
Step 2: Enter the registration number of your bike and click the ‘’Proceed’’ button. If you do not know your bike’s number, you can also fill in other details like the bike's brand name, model, variant, registration year, registration city, etc.
Step 3: Enter the expiry date of your existing or previous two-wheeler insurance policy and your insurer’s name. Also, share if you have made any claim in your previous policy and click on ‘Continue’.
Step 4: Enter some other required details like name, mobile number and number of days for which you wish to insure your bike. Click on ‘Submit and Get Quotes’.
Step 5: You will get policy quotes from different insurers from which you can compare and choose one as per your requirements. Also, you can include some add-on covers.
Step 6: Click on ‘Buy Now’ to confirm your details and proceed to make the payment. After making the payment, the insurance policy will be issued instantly and you will get it via email.
How to Claim Third Party Insurance for a Bike?
The claim process of third-party insurance for bikes is quite simple. The claim can be made by the insured person as well as by the victim. Here are the claim procedures for both sides:
Claim Procedure for 3rd/Third Party Bike Insurance If You Caused the Damage
1. Click the clear pictures of the damages sustained after the accident.
2. Note down all the required details of the damaged vehicle or vehicles.
3. If you find any eye-witnesses of the accident, note down his or her contact details.
4. Inform your insurance provider about the accident and act according to their guidance.
5. Register a First Information Report (FIR) at a police station of that particular jurisdiction.
6. File a case at the Motor Accident Claims Tribunal Court with the assistance of a lawyer.
7. Attend the court proceedings and share the happening of the incident and submit the required documents and details.
8. Share the court’s order with the insurance provider and get compensation for the expenses of the bodily injuries and property damages.
Claim Procedure for Third-Party Bike Insurance If You Are the Victim
The claim process for third party bike insurance in case you are the victim is as follows:
1. If you are the victim of an accident or a mishap, you should take the insurance details of the third party involved in the incident and intimate their insurer about the incident.
2. On the basis of your information, the two wheeler insurance provider will transfer the case to the motor insurance claim tribunal.
3. You should attend the court proceeding and submit all the relevant documents, FIR copy, and incident-related proofs.
4. You can also bring some eye-witnesses of the accident to corroborate your facts in court.
5. Based on all the facts submitted, the tribunal will decide the compensation amount to be paid.
Advantages of A Third Party Bike Insurance
Here are some advantages of owning a third party bike insurance plan:
Easy Documentation: This plan involves an easy documentation process that can be completed with just a few formalities. Fewer inspections and checks are required as the motorbike is not insured under this plan. Also, you can purchase this plan according to your convenience and time.
Simple Online Procedure: Almost all insurance companies nowadays offer their services online, wherein you can also purchase the insurance plan online with just a few clicks. With an online purchase process, it becomes much more simpler and convenient to purchase an insurance plan.
No Financial Obligation: Under a third party liability insurance plan for a two-wheeler, the financial liabilities of the insured against any loss or damage caused to any third party property or person is covered
Mandated by Law: Since it is mandatory to get your bike insured at least with a third party liability plan as per Indian Motor Tariff Act, it will ensure that you are obeying legal obligations.
No Stress: Accidents can happen anytime and leave you traumatized, especially if any third party undergoes any loss and you are required to bear the cost for the same. Therefore, with a third-party insurance plan you are relieved from mental stress as all the financial obligations against the third party are handled by the insurance company in place of you.
Difference Between Comprehensive and Third-Party Two Wheeler Insurance
Here are the basic differences between the 3rd party bike insurance and comprehensive bike insurance.
Third Party Bike Insurance
Comprehensive Bike Insurance
3rd/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.
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.
This policy offers limited coverage. A third-party liability bike insurance will protect you only against damage/loss towards the third-party.
This policy offers extensive coverage. Your bike will be covered against theft, loss, and damage. It offers financial assistance against all kinds of damages caused to your bike as well as another individual, vehicle or property.
This insurance cover provides only a personal accident cover.
This insurance cover offers several add-on covers like Zero Depreciation, Engine Protection, Return to Invoice, Roadside Assistance, Consumable Cover and so on.
Due to limited coverage, the third party bike insurance policy is less expensive.
Due to extensive coverage, the premium of a comprehensive bike insurance cover is relatively higher than that of a third party insurance policy.
Which plan is better?
This insurance plan gives limited coverage, therefore, it is good only if you rarely ride your bike or it’s too old already.
This insurance plan offers extensive coverage, hence, it is better if you require complete coverage for your vehicle with two wheeler insurance add-on covers.
Long Term Third Party Cover for Five Years for New Bike Owners
As per the Insurance Regulatory and Development Authority of India (IRDAI), the owners of new two-wheeler vehicles are required to hold a third-party liability policy of five years for which they should pay upfront. To acquire such a multi-year or long-term insurance plan is compulsory while buying a bike or scooter.
The long-term third party two-wheeler insurance will offer coverage for damages incurred by the third party through bodily injuries, death and property damage due to the insured vehicle. But, it will not compensate for any sort of damages which are sustained by the two-wheeler of the insured person. This insurance policy is economical in comparison to a comprehensive bike insurance policy due to its limited coverage. However, there are various benefits that policyholders can avail themselves with this long-term third party cover. Some of which are as follow:
- Completes Legal Compulsion - To hold a two-wheeler third party insurance is mandatory in India. Also, for new two-wheeler buyers, it is also a compulsion to own long-term third party insurance which is of 5 years. Hence, the purchase of a long term third party policy will complete your legal compulsion.
- Provides Financial Assistance - A third-party two-wheeler insurance plan gives you a financial cushion against the liabilities which may arise due to an accident or death. With this insurance cover, the third party person will get immediate benefit from the insurance company.
- No Hassle of Every Year Renewal - The long term third party insurance cover for two-wheelers is the most suitable option for people who want to pay the amount of premium in one go. However, with this insurance plan, it will not be possible for policyholders to port to another insurance provider next year.
What All Is Covered Under A Third Party Two-Wheeler Cover?
- 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 or 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 PA or Personal Accident cover for the driver of the insured two-wheeler of Rs. 15 Lakh.
What is Not Covered Under a Third Party Two-Wheeler Insurance Plan?
It is very crucial 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. Some of the common situations are as follows:
- Under a third party bike insurance plan, a policyholder would not receive any coverage concerning loss or damage to their own insured bike.
- Your respective insurance provider would not offer coverage to you under a bike insurance plan in case you were drunk driving or were riding your insured bike without a valid driving license.
- In case the accidents happen outside the geographical boundaries of the cover, then such mishappenings are not eligible for 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 offered any compensation by the insurance provider.
How Does the Compensation Works Under the Third Party Bike Insurance Plan?
The compensation offered to a policyholder under a third party bike insurance plan works in the manner stated below:
- In the event of demise of the insured, 100% sum assured can be claimed as compensation by the nominee. However, in case of damage to the body parts, the percentage offered may differ from insurance company to insurance company.
- In case of loss to one eye or one limb, 50% of sum insured is offered as compensation.
- In case there is damage to the property, then up to Rs. 1 Lakh compensation is offered.
- The compensation offered is subject to the owner driver or driver, who is driving the insured vehicle carrying a valid RC or a valid driving license.
Calculate Your Bike Insurance
Key Features of Third Party Bike Insurance
Before opting for a third party bike insurance plan, you should know some of its basic features:
Availability with Third Party Cover
Available with a limit of Rs. 1 Lakh
Personal Accident Cover
Online and Offline
Own Damage Costs
What are the Benefits of Buy/Renew Third Party Two-Wheeler Insurance?
Given below are the benefits of buying a third party bike insurance policy:
- Legal Obligation: To hold a third party bike insurance policy is a compulsion as per the Indian Motor Tariff, and getting caught without it may land you in trouble with penalty and imprisonment. Hence, owning a third party bike insurance plan ensures you abide by the law.
- Low Premium: The third party insurance is available at very low and affordable prices. It gives you coverage without spending much and proves to be extremely useful in times of crisis such as after an accident or mishap with a third party.
- Peace of Mind: In case of an accident or mishap, you may have to experience immense financial liability and the involvement of a third party makes it even more cumbersome. With third-party bike insurance, you can be assured that such liabilities will be compensated which brings peace of mind.
How to Purchase A Third Party Bike Insurance Policy Online?
Below given are the steps that will guide you to buy a third party bike insurance policy online:
Step 1: Visit the website InsuranceDekho.
Step 2: In the ‘Get Your Quote’ segment enter your bike registration number. If you do not know your registration number then you can also provide your bike’s make, model, registration year, etc.
Step 3: Enter your personal details such as name and mobile number. All the policy quotes based on your entries will be displayed on your screen.
Step 4: Select a bike insurance policy among the list of bike insurance policy quotes which suits your requirements and budget.
Step 5: Make the payment for the opted bike insurance plan. After that, the policy document will be sent directly to your mailbox via your registered email ID.
How to Claim Third Party Bike Insurance?
To get compensation for damages after an accident or a mishap from your insurance company, you will have to follow the below-given steps:
- Intimate the insurance company about the event within the stipulated time mentioned in the policy. If a claim is raised after this period, then the insurance company can reject your request.
- Share all the details of the incident with the police and lodge an FIR at the nearest police station and its copy has to be submitted to the insurance company at the time of filing the claim or during the claim settlement process.
- The policyholder must hold all the relevant documents to submit to its insurance company during the claim settlement process.
- The insurance company will send a surveyor to check and assess the extent of the damage. After the examination, the surveyor creates a report and sends it to the insurance company.
- The insurance company analyses the claim report sent by the surveyor as well as documents submitted by the policyholder. If everything is fine, then the insurance company approves the claim and settles it.
Bike Insurance for Popular Bike Models
Two Wheeler Insurance Add-ons
Third Party Bike Insurance
- Bajaj Allianz
- Future Generali
- Hdfc Ergo
- Icici Lombard
- Iffco Tokio
- New India
- Raheja Qbe
- Royal Sundaram
- Tata Aig
- United India
- Universal Sompo
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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Bike Insurance Companies Reviews & Ratings
Third Party Bike Insurance FAQs
Which bike insurance company gives 3rd party cover?
All 25 General Insurance companies offer third party bike insurance companies. You can find the list of all bike insurance companies here.
Can I convert 3rd party insurance for my bike into zero depreciation insurance?
No, you cannot convert a third party bike insurance plan into a zero depreciation bike insurance plan. Like all other add-ons, a zero depreciation add-on can be opted with a comprehensive bike insurance plan or a standalone own-damage bike insurance plan.
What is the procedure for getting 3rd party insurance for 10-year-old bikes?
You can buy a third party insurance for a bike at InsuranceDekho by following the below-mentioned process:
- Step 1: Visit insuracedekho.com and click on the tab for bike.
- Step 2: Enter your bike’s Registration Number. If you do not remember your bike’s registration number, click on the ‘Don't know your bike number?’ option.
- Step 3: Select your bike’s brand name, model, fuel type, variant, registration year, registration city and RTO.
- Step 4: Fill in your personal details - Name and Mobile Number. Click on ‘Submit and Get Quotes’.
- Confirm the expiry date of your previous bike insurance policy and the name of your previous bike insurer.
- Step 5: All available premium quotes from different insurers will be displayed to you. Compare and select the quote which best suits your requirements. At this stage, you can also opt for different add-on cover to extend the coverage of your standard plan.
- Step 6: Fill in your personal details, nominee details, bike details and proceed with the payment. You can make payment using your credit/debit card or other net banking facilities
- The policy will be issued instantly to you and you will receive the policy document at your registered email address.
How do I claim 3rd party bike insurance?
You can make a claim for your third party bike insurance in hassle-free manner by contacting the InsuranceDekho team by clicking here. Our claims team will take care of the entire claims process. You can read about the claim process in detail here.
Is 3rd party insurance valid for bikes?
Yes, you can buy a third party bike insurance policy for bikes. As per the Indian Motor Tariff, every bike owner in the country is mandatorily required to have at least a third party bike insurance cover.
Which insurance is best for bike comprehensive or third party?
The best insurance company changes from policyholder to policyholder depending on their requirements such as type of plan, add-on covers, customer support service, etc. However, a reliable parameter to compare different insurance companies for bike insurance plans is the Claim Settlement Ratio (CSR) registered by them.
Claim Settlement Ratio is the percentage of claims settled by a car insurance company out of the total number of claims received by it during a financial year. The higher the claim settlement ratio, the better it is. In the financial year 2018-19, IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%) and The Oriental Insurance (93.16%) registered the highest Claim Settlement Ratio for motor claims as per IBAI’s General Insurance Claim Insights Handbook For Policyholders.
Can I get 3rd party insurance for a new bike?
Yes, you can get third party insurance for a new bike. Please note that all new bikes are required to have at least a 5-year third party insurance plan as per the Indian Motor Tariff.
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