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New India Assurance Third-Party Bike Insurance
A third-party bike insurance policy is necessary for all two-wheeler owners as per the Motor Vehicles Act. A third-party bike insurance policy provides basic coverage in case of bodily injuries, demise, and property damage of a third party during a road mishap. All these expenses of the third party during the accident involving the insured two-wheeler are covered by the insurance provider.
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New India Assurance Third-Party vs. Comprehensive Two-Wheeler Insurance
The below table mentions all the major differences between third-party bike insurance and comprehensive bike insurance:
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Parameters |
Third-party bike insurance |
Comprehensive bike insurance |
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Type |
Third-party bike insurance is a general and very basic policy. It comes under the Motor Vehicles Act that covers the basic third party damages |
It is an all-inclusive bike insurance that covers a third party and the policyholder, including damage of property, injury, or accidental death. |
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Details of coverage |
The basic third-party insurance covers the general damage or loss of the victim. |
Comprehensive insurance takes care of all legal and financial liabilities, arising due to natural and man-made calamities |
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Add on covers |
No additional covers can be added to the third-party insurance |
Additional covers such as zero depreciation cover, roadside assistance, etc., can be added |
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Insurance premium |
The premium amount of third-party insurance is relatively cheaper as the coverage is limited |
The premium amount is higher as it provides broad coverage |
Explore New India Assurance Bike Insurance
What is covered under the New India Assurance third-party bike insurance plan?
The third-party bike insurance of New India Assurance includes the following coverages:
- The New India Assurance third-party insurance policy covers any kind of property damage of the third party up to Rs 1 lakh
- This type of bike insurance also helps the insurance holder to claim for any damage, injury, or demise of the third party due to the insured two-wheeler
- In situations of damages or injuries, the insurer pays 50% of the coverage. If the third party is affected by severe permanent disability, or damage, or death, the insurance will be obliged to pay complete amount
What is not covered under the New India Assurance third-party bike insurance plan?
The limitations of the third-party policy of New India Assurance are as follows:
- It only covers liabilities caused to third parties. Own damage is not covered by the policy.
- The basic third-party insurance plan doesn't insure for the loss or damage caused to the driver of the insured two-wheeler.
- It won’t provide coverage if the accident was caused due to intoxication or if the driver was without a driving license.
- It won’t provide coverage for damages occurring in any natural or manmade calamity or in cases of theft.
FAQs
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Q1. Is third-party bike insurance mandatory?
Yes. It is compulsory for every two-wheeler owner in India to have a third-party insurance as stated by the Motor Vehicles Act.
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Q2. What is the premium amount for New India Assurance third-party bike insurance?
The third-party two-wheeler insurance doesn't involve a higher premium because of its limited coverage benefits that extend only to a third-person, property or vehicle. The premium is decided by the IRDAI. To know more about New India Assurance 3rd party bike insurance premium you can get in touch with experts at Policybazaar.com at 1800-208-8787 or write to them at care@policybazaar.com.
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Q3. What are the disadvantages of third-party bike insurance?
Third-party bike insurance only pays for the injury or damage caused to the third party. It doesn’t cover for the damages of the policyholder, neither does it allows adding additional covers to enhance coverage.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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To regulate and ensure safe operation, every motorbike owner inNew India Assurance Third-Party Bike Insurance Reviews & Ratings
(Showing Newest 10 reviews)
^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis
