• Let us help
  • Auto
  • Auto Parts
  • Automotive
  • Car Dealer
  • Car Repair
  • Driving Tips
  • Used Car
Close
Your Auto Stuff - Used car suggestions
Your Auto Stuff - Used car suggestions
Close
  • Auto
  • Auto Parts
  • Automotive
  • Car Dealer
  • Car Repair
  • Driving Tips
  • Used Car
The Effects of Two-Wheel Third-Party Insurance on You
Share:
Auto

The Effects of Two-Wheel Third-Party Insurance on You

In India, there are two types of bike insurance plans – third party bike insurance and comprehensive two-wheeler insurance. The Motor Vehicles Act 1988 makes it mandatory for all two-wheelers to have a third-party policy for two-wheelers. If you are found driving without an active two-wheeler bike insurance plan, then you will be liable to pay a fine and even face imprisonment. In this article, we will talk about bike insurance third-party plans and look at the benefits they offer.

What are Third-party Bike Insurance Plans?

Third-party bike insurance plans are designed to offer protection from damages to a third-party person or property to a bike owner. If your bike causes an accident that results in a third-party property getting damaged, a third-party person getting injured, or the death of such a person, then the bike owner is legally liable to manage the costs of repair, cost of treatment in case of injury, and even pay compensation as determined by the court. When you buy third-party two-wheeler insurance, the insurer takes care of all such costs.

In 2018, the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for all new bikes to have third-party liability coverage for five years plus one year of own-damage cover. Being a long term two wheeler insurance plan, a five-year bike insurance policy offers premium benefits to bike owners while keeping them worry-free for five years.

What is Covered in Third-party Bike Insurance?

Here is the coverage of a third-party bike insurance policy:

  1. Damage to a third-party property due to an accident involving the insured bike
  2. Damage to a third-party vehicle due to an accident involving the insured bike
  3. Injury or death of a third-party person

What is Not Covered in Third-party Bike Insurance?

Here are the exclusions of a third-party two-wheeler insurance policy:

  • No coverage for any damage to the insured vehicle or belongings of the policyholder
  • No coverage if you are found driving without a valid driving licence or driving under the influence of alcohol

Benefits of Third-party Bike Insurance

Financial protection is one of the biggest benefits of third-party bike insurance. If you are riding your bike and hit a pedestrian, then you will have to provide compensation to the pedestrian. Also, if you hit another bike, then you will have to compensate for damages to the bike and injuries to the biker. If your bike gets damaged during such an accident, then you can get compensation from the third-party insurer of the other bike.

How Much Does 3rd-Party Insurance Cost?

The premium of third-party bike insurance is determined by the Insurance Regulatory and Development Authority of India (IRDAI) based on the bike’s engine capacity. Here is the table of the prevalent premium rates:

Engine Cubic Capacity of the Bike Third Party Two-Wheeler Insurance Premium
Not more than 75cc ₹538
More than 75cc but not more than 150cc ₹714
More than 150cc but not more than 350cc ₹1,366
More than 350cc ₹2,804

Summing Up

While a third-party bike insurance policy is mandatory in India, it offers many benefits too that can help you manage the financial burden due to accidents and mishaps with ease. If our bike meets with an accident and causes damage to another vehicle, property, or person, then a third-party liability policy can help you manage the expenses associated with it. The insurer takes care of most of such expenses and even reimburses the compensation amount up to certain limits. Make sure that you go through the website of IRDAI to know the latest regulations surrounding third-party policies. Also, research the market and compare providers to buy a policy from a customer-centric provider. Good Luck!

Previous post Reasons You Need A Car Insurance Dispute Lawyer
Reasons You Need A Car Insurance Dispute Lawyer
Next post Why you are advised to consider rebuilt differentials for your car
Why you are advised to consider rebuilt differentials for your car

Related Posts

Car Shipping Carriers
Share:
Auto

Car Shipping Carriers

Car shipping carriers, or just auto transporters, are firms that supply the trucks, facilities, and services for that actual transport of...
Grabbed Auto Auction
Share:
Auto

Grabbed Auto Auction

Ever wondered how people have the cash to purchase such luxury cars as Mercedes or BMWs? There’s a strong possibility that these folks...
Close

Recent Posts

  • Guide To Your Teens First Car
    Auto
  • Whiplash Compensation Claim – Take These Actions
    News
  • Characteristics of a Successful Advertisement
    News

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • April 2022
  • February 2022
  • December 2021
  • January 2021
  • July 2020
  • June 2020
  • January 2020
  • December 2019
  • November 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • May 2018
Subscribe to Newsletter
Get the information first

Do not miss
Eco-Friendly Parking Tips
Do You Know About Various Plus Points of Becoming Professional Truck Driver?
Do You Know About Various Plus Points of Becoming Professional Truck Driver?
Teen Driving – A Different Way to maintain your Child Safe
Teen Driving – A Different Way to maintain your Child Safe
Driving During The Night Safety Tips
Driving During The Night Safety Tips
Fuel Efficient Vehicle Driving Tips
Fuel Efficient Vehicle Driving Tips
What You Need To Know to create Your Driving More and safer Efficient
What You Need To Know to create Your Driving More and safer Efficient
Tips about Safe Driving
Tips about Safe Driving

Copyright © 2020 Your Auto Stuff. All Rights Reserved.