Third-Party Two-Wheeler Insurance Online from Rs. 538*

Know about the key features, benefits, coverage, and claim process of third-party two-wheeler insurance policies.
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Buy third-party two-wheeler insurance online from Rs. 538*
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3 mins
28-May-2024

Third-party two-wheeler insurance gives financial coverage against third-party liabilities. You get coverage for accidentally causing damage to the third party’s property or life. However, 3rd party bike insurance does not cover damages to your own two-wheeler.

What is third-party two-wheeler insurance?

Buying a third-party insurance for bike is mandatory for all two-wheeler owners as per the Motor Vehicles Act of 1988. A third-party bike insurance gives the policyholder financial security to cover all third-party liabilities. It covers the expenses incurred because of injuries or damages caused to third party’s property by you. For example, suppose you meet with an accident while you are riding and damage another bike and injure the rider.

In such cases, third-party insurance will cover the damages that your bike caused to the other rider and their bike.

All vehicle owners must have this bike insurance policy in order to avoid any penalties or hefty fines. The law is to ensure roads are safer, and people feel secure when they take their vehicles out on the roads. A third-party insurance, however does not cover damages caused to your vehicle.

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How does a third-party insurance for bike work?

Third-party two-wheeler insurance is a type of insurance policy that covers the bike owner's liability towards any third-party losses in the event of an accident. It does not cover any damage caused to the insured bike itself. If the insured bike causes any accidental damage or injury to a third party, the policyholder can claim for the third-party damages with the insurer. The liability is limited to the sum insured in the policy.

Key features and benefits of third-party two-wheeler insurance

Here are some features of the third-party bike insurance policy:

 Avoid legal complications

Third-party bike insurance is mandatory by law. It is essential to purchase and renew the policy on time to avoid any legal repercussions. You may need to pay hefty traffic penalties for not having an active third-party insurance for your two-wheeler.

Coverage for third-party liabilities

Third-party insurance covers third-party liabilities. It gives the policyholder financial coverage to pay for the damages caused to third party’s vehicle or property by them. Also, gives coverage in case of third party’s death.

Online processing

Bike owners can purchase a third-party bike insurance policy online with zero documentation. The online process is much faster, more efficient, and hassle-free.

Affordable premiums

Compared to comprehensive or own-damage insurance, third-party two-wheeler insurance is affordable and comes with lower premiums. So, you can get high-risk coverage by paying a reasonable amount.

Peace of mind

You get financial security in case of an accident that leads to causing damage to third party or their property. Not having third-party two-wheeler insurance can result in massive out-of-pocket expenses. Legal liabilities are also stressful. Third-party two-wheeler insurance takes care of all third-party liabilities.

Personal accident cover

The rider of the insured two-wheeler gets a coverage up to Rs. 15 lakh for death, injuries or disabilities sustained due to an accident.

Saves from heavy penalties

Third-party insurance saves you from the substantial penalties linked to failure to adhere to insurance regulations. In case you are driving without a valid insurance policy, you may have to pay a penalty of Rs. 2,000 to Rs. 4,000, depending on the fine charged.

Secure your vehicle with budget-friendly plans

While third-party insurance helps you stay legally compliant on Indian roads, it does not cover damages caused to your own vehicle, along with a host of other expenses. Bajaj Finance Insurance Mall offers various motor insurance and subscription plans that covers expenses your current insurance plan may not include. For example, you can buy a key safeguard plan that covers the replacement cost of your car keys in case they are lost or stolen at a nominal fee of Rs. 749.

At Bajaj Finance Insurance Mall, you get to choose from over 300 insurance or subscription plans across various categories and buy them through a 100% digital process.

Some of our pocket-friendly plans

Compensation offered under third-party bike insurance policy

The Insurance Regulatory and Development Authority of India (IRDAI) predetermines the compensation amount. You get up to Rs. 7.5 lakh for damages to the third party’s vehicle, property, or physical injury.

The percentage of coverage offered for physical injury is based on the nature of injury. However, the percentage of coverage differs from insurer to insurer. Following is the scale of compensation given.

Nature of injury caused to the third party

Coverage

Death coverage

Get 100% of the sum insured

Loss of two limbs or sights of both eyes

Get 100% of the sum insured

Loss of one limb and one eyesight

Get 50% of the sum insured

Permanent total disability coverage

Get 100% of the sum insured


Premium rates of third-party bike insurance

As like the compensation amount, IRDAI also sets the premiums of third-party bike insurance policies. IRDAI calculates the premium based on the two-wheeler’s engine cubic capacity (CC). Below are the defined prices against different engine CCs for old two-wheelers.

Two-wheelers with engine CC

Premiums

Up to 75 CC

Rs. 538

75 – 150 CC

Rs. 714

150 – 350 CC

Rs. 1,366

More than 350 CC

Rs. 2,804


Long-term third-party bike insurance policies for new two-wheeler owners

Recently, the IRDAI has mandated insurance companies to offer long-term third-party two-wheeler insurance policies to new vehicle owners. The regulatory body has ordered to offer five-year third-party bike insurance policy to new two-wheeler owners. This rule is effective from June 1, 2022. According to this, following are the revised prices for the long-term third-party insurance policies.

Two-wheelers with engine CC

Premiums

Up to 75 CC

Rs. 2,901

75 – 150 CC

Rs. 3,851

150 – 350 CC

Rs. 7,365

More than 350 CC

Rs. 15,117

Reasons to buy third-party bike insurance

· Quick and easy purchase

You can get your preferred insurance online with minimum documentation by visiting the Bajaj Finance website.

· Financial assistance and legal coverage

The insurance company mitigates any problems the insured faces. Third-party bike insurance not only covers injuries/damages caused to third party but also gives legal help.

· Cost-effective insurance policy

Third-party bike insurance provides maximum benefit at minimum cost. IRDAI regulates all third-party insurance premiums, making the premium rates attractive and affordable.

· Waives off unwanted penalty

As per the Motor Vehicle Act, you should buy a third-party two-wheeler if you own a two-wheeler. The minimum requirement is third-party insurance. It saves you from penalty.

Steps to apply for third-party bike insurance

If you are looking to buy third party two-wheeler insurance or 3rd party bike insurance, the following steps can guide you through the application process:

1. Click here to visit our online application form.
2. Fill in the details of your two-wheeler, such as the type, registration number, and PIN code, and click on Get Quote.
3. Choose the IDV, NCB value, optional add-on covers, and plan type for your third-party two-wheeler insurance.
4. Select the owner-driver personal accident cover as mandated by the RTO and proceed to the next step.
5. Confirm the vehicle registration date and previous policy type (Comprehensive/third-party).
6. Provide your personal details such as name, date of birth, residential address, contact number, and previous insurance policy details.
7. Review the details entered and make the payment through your preferred online payment mode.

Follow these simple steps to apply for third-party two-wheeler insurance. Stay protected against liabilities arising due to third-party property damage or injury caused by your vehicle.

Process to renew third-party bike insurance online

Here are the steps to renew your third-party bike insurance online:

1. Visit the insurance provider’s website and select the option to renew your third-party bike insurance online. You can also click here to visit our online application form to renew.
2. Provide your policy number and other relevant details such as your vehicle registration number, mobile number, and PIN code.
3. Check and update your policy coverage and make any necessary modifications.
4. Review your policy information and premium amount and make the payment through your preferred online payment mode - debit/credit card, net banking, or digital wallets.
5. Once the payment is processed, you will receive a confirmation of the policy renewal along with the updated policy document.

By renewing your third-party two-wheeler insurance online, you can ensure that your two-wheeler stays covered against third-party liabilities.

Difference between comprehensive, own damage and third-party two-wheeler insurance

Here is a quick comparison between own damage, comprehensive, and third-party bike insurance.

Comprehensive bike insurance

Own damage insurance for bike

Third-party bike insurance

Covers financial losses caused to own vehicle and third party. It includes losses for theft, fire, or man-made disasters.

Covers damages caused to the policyholder’s insured vehicle due to accidents, theft, natural or man-made disasters and other perils.

Covers financial losses arising due to damage to third-party property or life by the insured vehicle.

Policy premium is usually on the higher side as the coverage is extensive.

Policy premium is lower compared to comprehensive insurance.

Policy premium is comparatively lower.

Extend your motor insurance policy with add-on covers like zero depreciation, roadside assistance, engine protection, etc.

Customise the own damage cover with add-on covers and get extra financial protection. Some popular add-ons include roadside assistance, engine protect, zero depreciation, and pillion rider cover.

Add-on coverage for personal accident cover is applicable.

Know more

Know more

Know more


Inclusions of third-party bike insurance

These are some exclusions of third-party two-wheeler insurance policy:

· Death or injuries to third party

Third-party two-wheeler insurance covers medical expenses of third party. It also covers the loss of income of third party due to death or disability because of the accident.

· Third-party property damage

In case the insured bike causes any damage to third-party property, one can pay for it using the third-party bike insurance coverage.

· Death of the owner or rider of the insured two-wheeler

If the owner of the bike or rider dies due to an accident, the policy will compensate their dependents for loss of income.

· Permanent total disability of the owner or rider of the insured two-wheeler

A third-party two-wheeler insurance policy will offer financial coverage in case of permanent total disability to the bike owner or rider.

Exclusions of third-party bike insurance

These are some exclusions of third-party insurance for bike:

  • Losses caused to the insured vehicle due to over-speeding.
  • Damages due to riding a bike under the influence of alcohol.
  • Accidents due to electrical or mechanical failure.
  • Damages to third-party caused outside the stated geographical area.
  • Bikes used for any commercial purpose without prior communication to the insurer.
  • Loss due to riots, terrorist attacks, war, etc.

Claim process and documents required for third-party bike insurance in case of an accident

Here is how you can raise a third-party bike insurance claim in case of accidental damages caused to a third party.

Step 1: Take photographs of the damaged areas on your bike. Visual evidence is crucial for substantiating your claim.
Step 2: Note down the details of the vehicle responsible for the damage, including the registration number, make, model, and any identifiable features.
Step 3: If possible, identify and collect contact details from potential eyewitnesses to the accident. Their statements can serve as valuable evidence during the claims process.
Step 4: Then, inform your insurance provider so they will be able to guide you regarding specific scenarios.
Step 5: Visit the police station located where the accident took place and file a First Information Report (FIR). This legal document is crucial for initiating the formalities related to the accident.
Step 6: Register a case with the Motor Accident Claims Tribunal Court (MACT) with the help of a lawyer. A legal expertise ensures that you follow the correct legal procedures for your claim.
Step 7: Prove in court that the third party was guilty by providing the required documents and details. This may include witness statements, the FIR, and other relevant evidence.
Step 8: Once guilt is proven, you can claim applicable compensation from the insurance company of the person responsible for the damages. The compensation covers the financial losses incurred due to the accident.

Also, check the documents required for accident claims.

The claim process for third-party two-wheeler insurance if you caused the damage

If your two-wheeler caused an accident, the claim process would be as follows:

Step 1: Take pictures of the incident, note down all vehicle details, and get an eyewitness.
Step 2: Inform the insurer and register an FIR.
Step 3: Register a case at Motor Accident Claims Tribunal Court and be present at court proceedings.
Step 4: Submit all documents, inform about the court order to your insurer and get compensation accordingly.

Read more:- Car Insurance Plans

Frequently asked questions

Can I ride my bike with third-party insurance only?

Yes, you can ride a bike on Indian roads legally if you have third-party bike insurance. The Motor Vehicles Act mandates every vehicle owner to have third-party insurance. However, third-party bike insurance only covers the damages caused to a third party and not to your own vehicle.

What are first-party, second-party, and third-party in bike insurance?

First-party refers to the policyholder and second-party to the insurer. Third-party refers to a complete third person who incurs losses or damages because of the policyholder’s fault in an accident.

Can I claim for damages under a third-party insurance?

Yes, you can claim for third-party insurance, but the insurer pays the compensation to the third party. You need to file a claim at the Motor Accidents Claims Tribunal. Register the claim if you injured or caused death or property damage to the third party in an accident.

Which is the best insurance for bike; comprehensive or third party?

A third-party bike insurance covers any losses or damages caused to a third party. Also, covers if the third party suffers any injury or death in the accident.

Comprehensive bike insurance covers both own damages and third-party liabilities. You get coverage for damages caused to your vehicle. Covers damages caused due to natural calamities or man-made activities. You also get personal accident cover up to Rs. 15 lakh.
Choose a two-wheeler insurance policy that gives you adequate coverage and best fits your requirements.

Is third-party bike insurance mandatory?

Yes, the Motor Vehicles Act mandates every two-wheeler owner to have third-party insurance. You need to have a third-party bike insurance to ride on Indian roads legally.

Is third-party bike insurance enough?

It depends on your requirement. Third-party insurance is the minimum legal requirement for riding a bike on Indian roads. It provides cover against any damage caused to third-party property or individual in case of an accident. However, it does not provide cover for damages to your own bike. If you are looking for comprehensive protection for your bike, it is recommended to opt for a comprehensive insurance policy which includes cover for own damage as well.

Why do I need a third-party insurance?

Third-party insurance is a basic insurance policy that covers damages caused to a third-party in case of an accident. It is mandatory by law and provides legal protection for the bike owner against any legal liabilities that may arise from an accident. It is also a cost-effective option.

Is having a third-party insurance safe?

Absolutely. Third-party insurance provides essential coverage against liabilities arising from injuries or damages caused to a third party. While it does not cover your own bike's damages, it ensures legal compliance and financial protection if you are involved in an accident with another vehicle or pedestrian.

Can we buy only third-party insurance for a bike?

Certainly. You have the flexibility to opt for third-party insurance exclusively for your bike. It's a legal requirement and offers a cost-effective way to meet the essential coverage needs without the comprehensive coverage for your own bike's damages.

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