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.Read more
SBI Third-Party Bike Insurance vs. Comprehensive Bike Insurance
Third-Party Bike Insurance
Comprehensive Bike Insurance
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
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 bike 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
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
Explore Sbi General Bike Insurance
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.
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.
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.
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SBI Third-Party Bike Insurance Reviews & Ratings
^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