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SBI Third Party Bike Insurance
SBI General third-party bike insurance is a two-wheeler insurance policy covering the insured for any damages an individual's bike can cause to a third party vehicle, person, or property, during an accident. Having third-party bike insurance is also mandatory as per the Motor Vehicles Act. SBI Third-party bike insurance covers all costs and expenses to meet third-party legal and financial liabilities.
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SBI Bike Insurance
- SBI Third-Party Bike Insurance
SBI Third-Party Bike Insurance vs. Comprehensive Bike Insurance
| Categories | Third-Party Bike Insurance | Comprehensive Bike Insurance |
| Coverage | This insurance policy is designed to cover the damages caused to a third party person or vehicle by the insured vehicle | This type of bike insurance policy is designed to cover damages incurred by both the third party and own damages |
| Nature of requirement | Third-party bike insurance is compulsory as per the Indian Motor Vehicles Act | It is not necessary but is recommended for higher coverage benefits |
| Availability of add-ons | There are no add-on options under this policy | You can choose from a variety of add-on covers at a nominal extra premium |
| Premium | Due to the limited coverage provided under this insurance, it costs less than comprehensive bike insurance | As this insurance provides a variety of coverage, including add-ons (if desired), this insurance costs a bit more than the third-party bike insurance |
What is covered under SBI third-party bike insurance plan?
The following coverage is provided to customers who wish to avail of the SBI third-party bike insurance:
- This type of two wheeler insurance bears the cost of losses incurred by the insured's bike to the third party, which may be a person, a property, or a vehicle
- Up to Rs 1 lakh property damage cover is provided
- Suppose the accident causes any damage to the third party, such as injuries, any disability, or death, by the insured's bike. In that case, the third party is compensated by the Insurer
Explore Sbi General Bike Insurance
What is not covered under SBI third-party bike insurance plan?
SBI third-party bike insurance policy does not provide a wide variety of coverage to customers. The exclusions under this third-party bike insurance are given below:
- Any loss or damage incurred by the insured or the pillion rider
- Loss or damage due to unlawful activities
- Claims files for loss or damage incurred due to drunk driving
- If the policyholder is found to be without license at the time of incident
- There is no personal benefit for the policyholder. Any type of damage incurred by the policyholder’s bike will not be compensated
FAQs
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Q1. Is buying third-party bike insurance necessary in India?
Yes, it is mandatory by law for every person that owns a bike in India to possess at least third-party bike insurance. If one is caught and doesn't have third party bike insurance, they will be fined heavily by the police, and in some cases, they might even be imprisoned.
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Q2. What benefit do I get by opting for SBI third-party bike insurance?
The person who opts for SBI third-party bike insurance does not get any insurance benefit for himself or the bike. The policy only covers the third party losses or damages from the insured’s bike.
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Q3. Why is SBI third-party bike insurance less expensive than comprehensive bike insurance?
Third-party bike insurance is less expensive than comprehensive bike insurance. It also has no option for an individual to opt for add-ons, unlike the comprehensive bike insurance plans.
Two Wheeler Third-Party Insurers
Bajaj Third-Party Bike Insurance
Digit Third-Party Bike Insurance
HDFC ERGO Third party Bike Insurance
ICICI Lombard Third Party Bike Insurance
IFFCO Tokio Third Party Bike Insurance
Liberty Third Party Bike Insurance
National Third Party Bike Insurance
New India Assurance Third Party Bike Insurance
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Bike insurance companies
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Read more^The buying/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.
*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%.
*₹457/- per annum (₹1.3/day) is the price for third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable annually. The list of insurers mentioned is arranged according to alphabetical order of the names of insurers respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For the complete list of insurers in India, refer to the Insurance Regulatory and Development Authority of India website: www.irdai.gov.in
