Is Third-Party Bike Insurance Enough for Your Bike?

In India, third-party bike insurance is a mandatory requirement for every bike owner. It gives basic coverage against damages caused to third parties. However, is a third-party bike policy enough for your two-wheeler? Let us understand this in the article below.

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Understanding Third-party Bike Insurance Coverage

Third-party bike insurance offers financial coverage against any damage or loss caused to the third party by your two-wheeler. As per the Motor Vehicle Act 1988, all bike owners must buy at least this third-party liability policy to legally ride in India. If you are riding without a third-party bike insurance policy, you may have to pay hefty fines and face legal consequences.

Under a third-party policy, the insurer pays compensation for the damages caused to a third party. However, this compensation depends on the factors mentioned below-

  • Severity of injuries
  • Age of the third-party
  • The profession & income of the third-party

In case of the injury or death of a third party, the Motor Accident Claim Tribunal (MACT) decides the compensation amount. In addition, if there is property damage then the compensation amount is limited to Rs. 7.5 lakh.

You can also read- Own Damage V/S Third-party Bike Insurance Policy

Is Third-party Bike Insurance Enough?

The answer to this question is yes, third-party bike insurance is enough as per the Motor Laws. However, to cover your bike against the own damage you will need an extended coverage.

Third-party liability insurance does not cover any own damage sustained by your bike. It means damages caused to your own vehicle due to accidents, natural calamities, and theft are not covered under third-party bike insurance.

Thus, for better coverage, you must opt for a comprehensive bike insurance policy as it offers complete protection against several unforeseen risks, including third-party liabilities. Moreover, this policy can be enhanced with add-on covers such as 24x7 roadside assistance cover, engine protection cover, or NCB protection cover by paying a nominal extra premium.

Wrapping Up!

In India, the law mandates third-party bike insurance for all two-wheeler owners. However, if you are looking for complete protection, this policy is not sufficient. Hence, you must choose a comprehensive bike insurance policy for extensive coverage. For the best two-wheeler insurance plans, visit the official website of Policybazaar Insurance Broker Limited and find the right plan for your bike.

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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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^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