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IRDAI Fixes Latest Premiums For Third-party Bike And Car Insurance

Wish

Written by Amit Jain

Updated Oct 18, 2023

IRDAI Fixes Latest Premiums For Third-party Bike And Car Insurance

A third-party bike insurance is one that provides coverage in case the third party faces a property loss or physical damage due to the policyholder’s vehicle. As per the Motor Vehicles Act of 1988, third-party insurance is a must-have for all car owners and bike owners in order to legally drive on Indian roads.

With the help of third-party insurance, a policyholder can stay stress-free about the financial burden to compensate for the losses caused to a third party. Apart from this, third-party insurance also protects the vehicle owner against any third-party legal liability and is even cost-effective compared to other types of bike and car insurance plans. 

Some of the instances where third-party insurance becomes highly advantageous are as follows:

  • If the third-party becomes partially or completely disabled as a result of an accident due to the policyholder’s vehicle
  • If a third-party faces any property loss or damage due to the policyholder's vehicle
  • If a third-party suffers from bodily injuries or dies due to the policyholder's vehicle.

The IRDAI or Insurance Regulatory and Development Authority determines the premium of third-party insurance plans and not the insurance company. So, here is the latest premium of the third-party bike and car insurance:

Category

Vehicle type

Rate

Private cars

Not exceeding 1000cc

Rs. 2094

 

Exceeding 1000 cc but not exceeding 1500 cc

Rs. 3416

 

Exceeding 1500 cc 

Rs. 7897

Two-wheelers

Not exceeding 75 cc

Rs. 538

 

Exceeding 75 cc but not exceeding 150 cc

Rs. 714

 

Exceeding 150 cc but not exceeding 350 cc

Rs. 1366

New Private Car – Three-year single premium

Not exceeding 1000 cc

Rs. 6521

 

Exceeding 1000 cc but not exceeding 1500 cc

Rs. 10,640

 

Exceeding 1500 cc

Rs. 24,596

New Two Wheeler – Five-year single premium

Not exceeding 75 cc

Rs. 2901

 

Exceeding 75 cc but not exceeding 150 cc

Rs. 3851

 

Exceeding 150 cc but not exceeding 350 cc

Rs. 7365

 

Exceeding 350 cc

Rs. 15,117

So, owing to the many benefits that third-party insurance offers, do not delay in buying one for your vehicle. You can also contact us to know more about third-party insurance plans.

Also read: Do Sports Cars Cost Higher Insurance Premium?

Wish

Written by Amit Jain

Amit is an upcoming name in the motor industry be it new cars/ bikes or used ones. Amit in his last stint worked as a consultant for major Fortune 500 companies across the globe.&Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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