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✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Acko or Bajaj Allianz Bike Insurance Plan Starting at ₹538/year*
Third-party bike insurance covers all financial losses suffered by a third-party or person following an accident caused by an insured two-wheeler. Here, the insurer covers all the expenses required to meet the resulting financial liabilities that occur due to them. In case of damage to a property, the insurer shall release ₹1 Lakh as compensation to the owner.
Also known as Liability Only Insurance, third-party two-wheeler insurance was made mandatory under Section 146 of the Motor Vehicles Act, 1988. It is a basic risk coverage provided by the insurer and does not provide insurance protection to the bike or its owner.
It is a good idea to select an all-round bike insurance policy that provides coverage for third-party legal responsibility. This can also provide financial protection against losses brought on by natural or man-made events.
Here are a few key features of third-party bike insurance.
Avoid legal consequences
Get financial coverage for third-party legal liability
Enjoy a zero documentation, online application process
Stay covered against unforeseen bike-related expenses
Bike Insurance Partners |
Incurred Claim Ratio (2022-23) |
Premiums Starting at* |
Buy Plans |
SBI General Bike Insurance |
98% |
₹538 |
|
Bajaj Allianz General Insurance |
98.54% |
₹538 |
|
HDFC ERGO General Insurance |
99% |
₹538 |
Disclaimer: The premium rates are indicative. The actual premium that you may have to pay may change depending on various factors. Please check the prevailing premium rates before purchasing your bike policy.
The parties that may be involved in a bike insurance contract are described as follows:
First party: It is the party that owns the bike and drives it
Second party: The second party is the insurance company
Third party: The third-party refers to any person or property not associated with the first or second parties
If a third party is injured in an accident that was caused by the insured bike, all associated medical costs and hospitalisation fees are covered by the third-party bike insurance. The stated insurance also covers disability claims resulting from third-party damage injuries and third-party death claims stemming from the accident.
If a third party files a lawsuit as a result of the damages the insured bike caused, a third-party two-wheeler insurance policy will also cover the expense of the accompanying legal liabilities.
How to Buy a Third-Party Bike Insurance Policy Online?
The digital age has made all types of online transactions easier and faster. You can also buy third-party two-wheeler insurance instantly online. Here are the steps you need to follow to buy third-party bike insurance online.
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Head over to the ‘Bike Insurance Premium Calculator’ page
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Fill up the details by entering your two-wheeler registration number and mobile number
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Click on the ‘Get Quote’ tab and see third-party bike insurance price listings
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Enter all required details and choose a bike insurance plan that suits your needs
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Pay your premium online according to the third-party bike insurance price
Renewal of your third-party two-wheeler insurance is a pretty straightforward process. Check your policy’s expiry date to avoid penalties and fines by following the steps given below:
Visit your insurer’s official website
Enter details like your existing insurance policy number, vehicle registration number and mobile number
Check your insurance renewal amount
Make the premium payment online
Your renewed bike insurance will be sent to you instantly
Inclusions |
Exclusions |
A third party who is wounded in an accident or who sustains an injury that leaves them physically disabled and prohibits them from returning to work may file a claim for medical expenses or lost wages. |
Any damages to the insured two-wheeler |
If there is third-party property damage, the insurer is obligated to pay up to Rs. 1 lakh in damages under the terms of the third-party two-wheeler insurance that was purchased for third-party protection. |
Claims arising due to Contractual Liability |
Under third-party bike insurance, insurers also offer compensation to the dependents of the owner or rider of the insured bike, if they die in an accident. |
Damages or losses caused due to accidents that happened outside the prescribed geographical region in the insurance policy |
In third-party bike insurance, if the owner or rider of the insured bike happens to sustain permanent total disability due to the accident, then that person is eligible for compensation. The compensation amount depends on the degree of disability. |
The accidental losses caused due to illegal activities, speeding, riding someone else’s bike or riding under the influence of alcohol |
|
Any damages caused directly or indirectly due to radioactivity from nuclear fuel or nuclear waste. |
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Accidental damages or loss incurred in connection with the invasion by foreign enemies, warlike operations, civil war, mutiny rebellion, military or usurped power. |
Below are some scenarios where third-party bike insurance coverage is applicable.
SCENARIO |
COVERAGE |
Injuries or fatalities caused by your covered bike to third parties |
The policy will pay for any medical and hospital bills incurred by the third party. It also includes claims for disabilities and the death of a third party. |
Damages to a third party's bike or property |
The financial repercussions of these losses are covered by the third-party two-wheeler insurance for your bike |
Legal consequences |
The financial cost of legal responsibilities in case of an accident is covered by the third-party two-wheeler insurance policy |
Third-party bike insurance is a legal mandate and acts as a safety net when it comes to the financial implications during a mishap. Injury or damage to a third party or property during an accident can not only result in financial losses but may also lead to further legal liabilities. In such cases, two-wheeler insurance comes in handy.
You can check the bike insurance for third-party coverage prices online and choose the best insurer. Whether it is a third-party or comprehensive two-wheeler insurance plan, Bajaj Markets is the platform where you can find various insurance policies offered by different partners.
FAQs on Third-party Bike Insurance
What are some of the risks that your third-party bike insurance policies cover?
Some of the hazards covered by third-party bike insurance policies include
Death or injury to a third party
Any damage caused to a third party
Some policies may also include personal accident insurance.
How to check bike insurance details?
The Ministry of Road Transport & Highways website is accessible from the public domain. Simply input your bike's registration number on the internet to see your insurance status. Alternatively, you could also install the mParivahan App on your smartphone and access your bike’s insurance status.
Is online bike insurance valid?
Yes, third-party bike insurance coverage bought online or through a third party is just as legitimate as one that was bought in person.
Is two-wheeler insurance compulsory in India?
Yes, the Motor Vehicles Act requires all vehicle owners to purchase at least third-party insurance.
Are there any discounts available on bike insurance premiums?
If you had no claims during the previous policy year, you will be eligible to get NCB (No-claim Bonus) benefits of up to 50% upon policy renewal.
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