What Is Third Party Bike Insurance ?

What Is The Cost Of Third Party Bike Insurance?

The cost of third party bike insurance depends on the cubic capacity of the two wheeler bike. Higher the cubic capacity, higher would be the premium. The third party premium of your bike is calculated on the basis of the cc and a compulsory owner/driver personal accident cover would be added if the registration is in individual’s name. Below is the cost for third party bike insurance policy:

What is Compulsory Third Party Two Wheeler Insurance?

Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.

What is 3rd Party Bike Insurance?

Third-party bike insurance is a type of insurance policy that covers the policyholder's liability for damages caused to a third-party person or property due to an accident involving the insured bike. In India, it is mandatory for all two-wheeler owners to have at least third-party bike insurance as per the Motor Vehicles Act. This insurance policy is designed to protect the interests of third-party individuals who may suffer injuries or property damage due to an accident caused by the insured bike. In case of an accident, the third-party bike insurance policy will cover the cost of damages or compensation that the policyholder may be legally required to pay to the affected third-party. This may include compensation for medical expenses, property damage, or loss of income.

What is Comprehensive Insurance for Two Wheeler?

Comprehensive two wheeler insurance covers the loss or damage to the bike due to any of the insured peril acting at the time of the accident. Third party insurance covers only the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured two wheeler. Third party section also covers the property damage of third parties involved in the accident.

What is covered under Bike Insurance?

Bike insurance has two sections and the coverage under each section is mentioned below:-

• Third party section: This section covers the bodily injury or death of third parties involved in an accident with the insured bike. In addition to this third-party property damage is also covered. Personal accident cover of up to Rs.15 Lacs is provided to the insured customer in case of death or disability due to an accident involving the insured vehicle.
• Own damage section: This section covers the loss or damage to the bike due to an insured peril. Insured perils under bike insurance include Fire, Natural calamities, riots, strikes, and Malicious damage, accidental damages, etc. These perils are covered under the own damage section of the bike insurance policy. Any damages which are intentional in nature are not covered under the bike insurance policy. This section also includes the add-on covers which can increase the coverage available with the bike insurance policy.

My Bike Insurance is Expired, How to Renew It?

Bike insurance renewal has never been easy with the introduction of online insurance portals. PolicyBachat helps to renew your bike insurance policy as you can have many options from different insurance companies. The process of renewing bike insurance is simple, you can renew your bike insurance by following the below steps:

Step 1: Visit our online portal online portal and proceed to the data entry section or call our toll free number for assistance.

Step 2: The next step in using the bike/two wheeler insurance premium calculator is to enter the below details clearly and correctly.

• Make and model of the two wheeler – Bajaj is the Make while Platina is the Model
• Enter the RTO in which the two wheeler is registered
• Enter the registration date of your two wheeler bike.

Step 3: The premium from different insurance companies is displayed in this step. Select the best insurance company as per your requirements and proceed to the payment page. Instant policy would be available after the payment is completed.

What to do in case of an accident of my bike?

This is one of the most important things to know before taking an insurance policy and driving the bike. If you have met with an accident while driving the bike it is important to understand how to proceed further. Here is the process to be followed if you are met with an accident:

• For accidents involving third party vehicles, register FIR with the police if there is any causality in the accident.
• Next inform the insurance company about the accident and provide a brief description of the accident and confirm if any third party bodily injury or property damage is there.
• Take the bike to the nearest garage for repair or request for towing assistance from the insurance company.
• Do not try to repair the bike yourself as it may further escalate the damage caused to the bike.
• In the next stage the insurance company will appoint a surveyor to get an estimate of the repair expenses and the claim would be settled.

When Can I Cancel My Bike Insurance Policy?

There are few situations in which you can cancel your bike insurance policy:

• If you are not satisfied with the service provided by the insurance company after taking the insurance policy.
• If you have taken a double policy for the same two wheeler bike. Two policies are active at the same time for a single bike.
• If you have taken Comprehensive policy but wanted to take only Third party bike insurance.

How is my Bike Premium Calculated?

The bike insurance premium is calculated on the basis of the below factors:-

• Cubic capacity – The major factor deciding the third party premium of your bike is the cubic capacity of the bike. Higher the cubic capacity, higher would be the premium.
• Make & Model – The premium of your bike depends on the make and model of the bike. Few makes of bikes have higher premium compared to the other makes. For instance Yamaha bikes have higher premium when compared to Bajaj bikes for the same cubic capacity. This is due to the cost of replacement of parts being high at the time of claim for few make and models.
• Date of registration – The date of registration is used to calculate the age of the bike. The premium depends on the age of the vehicle.
• Insured Declared Value - IDV is the sum insured of the bike which is agreed between the insured and the insurance company. Higher the IDV, higher would be the premium.
• RTO – The place of registration of bike also plays an important role in deciding the premium. For the purpose of premium calculation cities are divided in two zones; Zone A- which covers all the capitals of states, Zone –B which includes all other cities other than that of Zone-A.