Third party bike insurance is a mandatory two-wheeler insurance policy that covers you if you accidentally damage or injure someone else's property in a road accident. Hence, having this policy protects both you and others on the road.
Read moreIn India, having at least a third-party bike insurance policy is mandatory for all two-wheeler owners. A 3rd party bike insurance policy covers the expenses or costs incurred because of injuries or damages caused to a third party's property by the insured bike.
Since this is a mandatory policy, all motor vehicle owners must have this to avoid a hefty fine of ₹ 2,000 and/or imprisonment of three months. The Motor Laws of India ensure all two-wheelers are insured when they take out their vehicle to ride on public roads.
As the name suggests, third-party bike insurance covers the insured bike owner's liability towards any third-party losses in a road accident. In the event of third-party death or property damage, compensation is limited up to ₹ 7.5 lakh, depending upon factors such as the third party's age, occupation, income, and status.
However, remember, a third-party bike insurance policy does not cover any damages caused to the insured bike itself.
Let's understand the working of a third-party bike policy with the help of an example.
Suppose Mr. Kartik (the insured bike owner) meets with an accident that damages another bike and injures its rider, Mr. Mayank. In this case, the mandatory third-party bike insurance will cover the costs of injuries and the damages to the third party, i.e. Mr. Mayank.
Hence, 3rd party bike insurance policy ensures that individuals like Mr. Mayank receive compensation for the losses incurred due to accidents involving insured bikes.
Policybazaar.com helps you stay legally compliant on Indian roads. Here, you can compare and buy third-party bike insurance plans starting at ₹ 1.3/day*. In addition, you can instantly renew your bike insurance in just 60 seconds and save unnecessary hassles & costs.
The IRDA (Insurance Regulatory and Development Authority of India) determines the third-party bike insurance compensation amount. However, the bike owner must have a valid Driving License and Registration Certificate.
The coverage offered for the physical injuries caused to 3rd party depends upon the nature of the injury. Here is a table showing the scale of compensation offered for different types of injuries under third-party insurance for bikes:
Nature of Injury Caused to the 3rd Party | Scale of Compensation 3SR |
In case of death | 100% |
In case of loss of two limbs or sight of two eyes | 100% |
In case of loss of one limb and sight of one eye | 50% |
In case of permanent total disability from injuries other than injuries mentioned above | 100% |
*Note: The compensation percentage may vary from insurer to insurer in case of loss/injury to different body parts.
Similar to the compensation, the IRDA also decides the premiums of third-party bike insurance policies depending upon the bike's engine capacity (CC).
Below is the table showing pre-defined annual or 1-year third-party bike insurance premium rates depending on the bike's engine capacity:
Bike Engine Capacity (in CC) | Annual Third-party Bike Insurance Premium Rates (in ₹) |
Up to 75 CC | ₹ 538 |
Between 75 to 150 CC | ₹ 714 |
Between 150 to 350 CC | ₹ 1366 |
Above 350 CC | ₹ 2804 |
The IRDA has mandated all general insurance companies to offer only long-term third-party bike insurance policies to new two-wheeler owners. Following the order, all the bike insurance companies provide a mandatory five-year policy for new two-wheelers.
Henceforth, two-wheeler owners must insure their newly bought possessions with a long-term third-party insurance policy. Any changes in the policy benefits or terms and conditions will be intimated accordingly, if any.
Usually, two-wheeler owners forget to renew their policy before the expiry date. With the introduction of this new rule, there is no hassle of renewing the policy every year.
The table below highlights rates for long-term or 5-year third-party bike insurance premiums that are applicable from 1 June 2022:
Bike Engine Capacity (in CC) | Third-party Bike Insurance Premium for 5 years (in ₹) |
Up to 75 CC | ₹ 2,901 |
Between 75 to 150 CC | ₹ 3,851 |
Between 150 to 350 CC | ₹ 7,365 |
Above 350 CC | ₹ 15,117 |
Here are the inclusions of a third party bike insurance policy:
Note: It offers the compulsory Personal Accident (PA) cover for the bike owner that can be purchased by paying an additional premium. The PA cover insures the bike owner against injuries/death and temporary/permanent disabilities with financial coverage of up to 15 lakh.
Here are the exclusions of a third party bike insurance policy:
Buying/renewing 3rd party bike insurance online is a very convenient and cost-effective. By following the below steps, you can easily buy from Policybazaar.com:
The claim procedure for third-party bike insurance varies as per the situation. Here are the steps that you have to follow for raising third-party bike insurance claims for two different situations:
When a third party caused damage to your insured bike:
Step 1: Click the photographs of your damaged bike, as they will act as visual evidence while settling claims.
Step 2: Note down the third-party details responsible for causing damage to your bike.
Step 3: Identify and take the contact details of the potential eyewitnesses present during the accident. Their statements will act as valuable proof during the claim settlement process.
Step 4: Connect with your insurance company, who will further guide you regarding the specific scenarios.
Step 5: Register an FIR at a police station nearest the accident spot with jurisdiction over the area.
Step 6: Next, register a case with the Motor Accident Claims Tribunal Court (MACT) with your lawyer. A legal professional ensures you follow the correct procedures while filing your claims.
Step 7: On the hearing day, prove that your bike was damaged by the third party person's vehicle with the help of relevant evidence & documents.
Step 8: Once the court announces its decision in your favor, the motor insurer of the guilty third party person will compensate you for all your losses and damages.
When you have caused damage to a third-party vehicle, property, or person.
Step 1- Contact the police helpline number and inform them about the accident.
Step 2: Take pictures of the damaged vehicle or injured 3rd party person on the accident spot for evidence.
Step 3: Note down all the contact and vehicle details of the third-party person who has been injured during the accident.
Step 4: Take the contact details of the eye-witlessness who were present at the place of the event.
Step 5: Lodge an FIR regarding the accident at the nearest police station holding jurisdiction over the accident area.
Step 6: Notify your bike insurance company about the accident at the earliest.
Step 7: Submit all the required details and documents to your insurance provider.
Step 8: Register a case at the Motor Accidents Claims Tribunal in your city.
Step 9: Keep a copy of all the conversations or emails of the case to avoid any future discrepancies.
Step 10: The Tribunal will fix the compensation amount, and your insurance company will pay the claim amount to the third party person.
Step 11: If the claim amount paid by your insurer is less than the compensation amount, you pay the balance amount to the third-party accident victim to avoid future hassles.
The following documents are required for third-party bike insurance claims in India:
Note: The insurer may ask for other documents depending on the requirements.
Here are a few pointers that you should keep in mind while raising third-party bike insurance claims:
Here is a quick comparison between third-party and comprehensive bike insurance policy:
Third-Party Bike Insurance | Comprehensive Bike Insurance |
It covers financial and legal expenses arising to the third-party property/life of the insured bike. | It covers damages or losses arising to the insured bike and third-party liabilities. |
It’s a basic cover, so the bike insurance premium is affordable. | It offers extensive coverage, so the bike insurance premium is higher. |
Mandatory by the law. | Optional policy. |
Only the PA cover is available as an add-on, because it is compulsory add-on cover. | Various add-ons, such as PA cover, zero depreciation cover, engine protection cover, 24x7-roadside assistance cover, etc., can be purchased to enhance the policy coverage. |
Bajaj Allianz 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
Oriental Third Party Bike Insurance
Reliance Third Party Bike Insurance
SBI Third Party Bike Insurance
Shriram Third Party Bike Insurance
TATA AIG Third Party Bike Insurance
United India Third Party Bike Insurance
Universal Sompo Third Party Bike Insurance
Zuno Third Party Bike Insurance
Zurich Kotak Third Party Bike Insurance
Q. Can I ride my bike with third-party bike insurance only?
Q. What are 1st party, 2nd party, and 3rd party in bike insurance?
Q. Can I buy an own-damage policy with third-party insurance for my bike?
Q. Will I lose my NCB if I make a third-party claim under bike insurance?
Q. Which is the bike insurance policy?
Q. What is the need for a third-party bike insurance policy?
Q. Is having a third-party bike insurance is enough?
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Read more^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 is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the 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 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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*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.
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*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.