What is Third Party Bike Insurance?
Third Party Cover Only Two-Wheeler insurance is the most basic type of insurance plan available for two-wheelers. 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 Third Party Bike Insurance
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.
How to Buy Third Party Bike Insurance Policy Online?
You can easily purchase a third party bike insurance at InsuranceDekho portal by following the below-mentioned steps:
Step 1: Visit InsuranceDekho’s website, i.e., www.insurancedekho.com 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 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 www.insurancedekho.com 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 the sides:
Claim Procedure for 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-witness 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 required documents and details.
8. Share the court’s order with the insurance provider and get the compensation for the expenses of the bodily injuries and property damages.
Claim Procedure for Third Party Bike Insurance If You Are the Victim
1. If you are the victim of an accident or a mishap, you should take 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 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 the 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:
- Helps you adhere to the legal obligation of owning basic insurance cover
- Available at an affordable premium as compared to other bike insurance plans
- Easy documentation as the plan does not include coverage of the owner’s vehicle
- Covers the bodily injuries, death case and property damage of the third party
- Gives a cover of 15 lakh for disability or death of owner or driver, if Personal Accident (PA) cover has opted.
Difference Between Comprehensive and Third-Party Two Wheeler Insurance
Here are the basic differences between the 3rd party bike insurance and comprehensive bike insurance.
Points of Difference
Third Party Bike Insurance
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.
The comprehensive bike insurance plan gives a 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 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 multi-year or long-term insurance plans are 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 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 the 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?
- Third Party Property Damage: 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.
- Third Party Death/Bodily Injury: 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 eye sight, the insurer provides 50% compensation.
What is your bike's brand?
What Is Not Covered Under 3rd Party Two-Wheeler Insurance?
A 3rd party two-wheeler insurance does not cover any damage incurred by the insured’s two-wheeler or its owner or driver. You can opt for comprehensive two-wheeler insurance or standalone own-damage two-wheeler insurance to get your two-wheeler insured for own-damages. For insuring yourself or the driver of your two-wheeler, you can purchase a personal accident cover or paid driver cover as per the requirement.
Bike Insurance for Popular Bike Models
Add-on Covers For Your Bike Insurance Policy
Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.
In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.
No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.
The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.
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Bike Companies User Reviews
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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