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Just as you make sure to buy the best motorcycle, scooter or even an electric scooter, you must also make sure that you protect your two-wheeler with bike insurance. As per The Motor Vehicles Act, 1988, you must insure your vehicle at least with Third-party Bike Insurance. Failure to adhere to this mandatory requirement may result in penalties.
It is the most basic type of bike insurance that offers coverage against financial liabilities claimed by a third person. The third-party can raise a claim in case of damage to their vehicle or property or injury/death of the third party caused by an accident, where the insured (your) two-wheeler is at fault.
It is mandatory as per law, and if you are found riding the bike without this type of two-wheeler insurance policy, you could be liable for a penalty of Rs. 2,000 to Rs. 4,000 (subject to changes).
As per the Ministry of Road Transport and Highways (MoRTH) research wing, approximately 4.5 lakhs of road accidents occurred in 2019. The sheer high number of accidents increases the importance of having your bike insured at all times. Here are some of the reasons why you need Third-party Two-wheeler Insurance.
Offers unlimited liability cover of injuries to the third party and up to Rs. 7.5 lakhs for third-party property and vehicle damages.
Apart from being mandatory as per law, you can be at peace knowing you are financially and legally protected against third-party liabilities when you buy two-wheeler third-party insurance.
Easily buy Third-party Bike Insurance online at ACKO for a hassle-free experience.
The table below provides an insight into the essential features of ACKO’s third-party bike insurance policy. The premium of the third-party bike insurance listed below is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and is based on the engine cubic capacity (cc).
|Key features||ACKO Two-wheeler 3rd Party Insurance Policy Benefits|
|Injuries to a third person||Unlimited liability cover|
|Property or vehicle damage to a third person||Up to Rs. 7.5 lakhs|
|Process to buy/renew/raise claims||100% digital/online|
|Personal Accident Cover*||Up to Rs. 15 lakhs|
*To be purchased as a separate cover.
Here are some of the key benefits of Third-party two-wheeler insurance.
With new-age insurers such as ACKO, you can perform almost all transactions online. All you need is an internet-enabled smartphone or device to buy or renew the insurance plan online within a few clicks. It is that simple.
This type of bike insurance offers you financial protection against damages caused to the third party, especially expenses related to medical needs. It also provides a financial cover of up to Rs. 7.5 lakhs in case you accidentally cause damages to a third party’s vehicle or their property.
All vehicle owners must possess this type of two-wheeler insurance policy since it is mandatory as per The Motor Vehicles Act, 1988, ensuring you are not breaking any laws. It is also beneficial since your insurer settles third-party claims.
Accidents can dent your finances, especially when a third party suffers financial loss and you have to pay for the expenses. The plan provides you peace of mind knowing you can ride your bike without the stress of financial liabilities of the third person.
To insure your bike with this type of two-wheeler insurance requires less paperwork or documentation. The process can be completed with fewer formalities as compared to other bike insurance plans. It requires lower inspection or checks as it does not insure the vehicle.
The premium is relatively cost-effective compared to other types of bike insurance. As the IRDAI fixes the Third-party Liability Plan premium based on the engine cubic capacity, there are significantly fewer chances of a sudden price hike.
Here are the inclusions under the Third-party Two-wheeler Insurance.
If your vehicle causes damages to a third person’s property or vehicle; you are covered for the loss of up to Rs. 7.5 lakhs.
If your bike causes an accident and the third party is injured, all the medical expenses until recovery are covered under this plan. In case of unfortunate death, the plan offers unlimited liability coverage.
If you have not opted for the Personal Accident Cover (PA) already, you can include it while purchasing this plan. It insures you against personal injury or death/permanent disabilities with coverage of up to Rs. 15 lakhs.
Here are exclusions under the Third-party Two-wheeler Insurance.
Damage to your bike due to an accident, natural or manmade calamities are not covered under the Third-party Liability Plan. You have to opt for Comprehensive Insurance to cover damages to your vehicle.
If the owner/rider of the insured vehicle is found riding the vehicle without valid documents such as bike insurance policy, Driving Licence (DL), Registration Certificate (RC), etc., the insurer may reject your claim.
If the rider is found riding the bike under the influence of alcohol or drugs, your bike insurance will not cover for you in case of third party liabilities.
Here are the two-wheeler Third-party insurance rates applicable in India as of February 2022.
|Engine Capacity (CC)||Third-party Bike Insurance Cost*|
|Up to 75||Rs. 482|
|75 to 150||Rs. 752|
|150 to 350||Rs. 1193|
|350 and Above||Rs. 2323|
*Prices are subject to change.
The third-party bike insurance policy renewal is a simple procedure at ACKO. Follow the process below for a hassle-free experience.
Step 1: Visit our website or download our mobile app.
Step 2: Enter your vehicle number and click on ‘Insure now’.
Step 3: Select the plan (1, 2 or 3 years) pay the premium to insure instantly.
Step 1: Login to your account on our website or mobile app.
Step 2: Select the policy against your bike.
Step 3: Select the plan (1, 2 or 3 years) and pay the premium to insure instantly.
Your policy document is sent immediately to your registered email address, or you may also download the policy from our website or mobile app.
The claim process for Third-party Two-wheeler Insurance Policy is simple and easy. Follow the process mentioned below for both policyholder and third person.
In case a third person’s bike causes damages to your vehicle or property,
Procure the bike rider/owner's third-party bike insurance policy details and inform their insurance company to raise a third-party insurance claim.
File a First Information Report (FIR) at the local police station.
After being informed, the bike rider/owner’s insurer transfers the issue to the Motor Accident Claims Tribunal.
The tribunal decides the amount to be paid as compensation, and the respective insurer shall settle your claim as per the tribunal’s decision.
Ideally, the third party must file an FIR at the local police station.
Share details of your bike insurance policy with the concerned third party.
Inform ACKO immediately about the accident.
ACKO will transfer the issue to the Motor Accident Claims Tribunal.
If you receive a legal notice from the tribunal, inform us immediately, and we’ll take care of the legal notice on your behalf.
The tribunal decides the amount to be paid as compensation.
Here are the documents needed to raise third-party claims.
Pictures of the accident site and damages to the vehicle
Soft copy of the policy document (if applicable)
Registration Certificate of the vehicle
The high number of uninsured vehicles on the roads has prompted the Insurance Regulatory and Development Authority of India (IRDAI) to make bike insurance mandatory for all types of vehicles.
When you buy a brand new bike, it is compulsory to insure your bike with a 5-year Third-party Liability Plan along with a 1-year Own Damage plan (5-years TP Plan + 1-year Own Damage Plan). You also have the option to buy a 5-year Own Damage Plan.
Here are some of the advantages of long-term third-party bike insurance.
Provides financial protection from third-party liabilities for 5-years.
Adherence to legal compulsion.
No hassle with renewing the plan every year.
The Third-party Bike Insurance price is fixed by the IRDAI and not by the insurer (ACKO in this case). The cost is based on the cubic capacity of the bike’s engine. The regulator revises the Third-party Two-wheeler Insurance premium rates periodically.
You can check the Third-party Bike Insurance cost for your bike through our bike insurance premium calculator. It offers quotes for both annual and long-term plans.
The Comprehensive Bike Insurance Policy considers various factors such as the year of manufacture, the Insured Declared Value (IDV), and the vehicle model to determine insurance cost. However, the Third-party Two-wheeler Insurance Policy considers only a single factor while determining the vehicle's insurance cost which is the engine cubic capacity.
The cost of a Comprehensive Policy is calculated by ACKO, while the IRDAI determines the price of a Third-party Policy. The apex body fixes the rates based on the engine cubic capacity.
Also, read: No Claim Bonus (NCB) in Bike Insurance
An ideal approach to determine which is the best policy for your bike is to compare them based on the coverage and premium.
Third-party Insurance for your bike is compulsory as per The Motor Vehicles Act, 1988. However, it does not provide financial coverage in case of damages to your bike. The Comprehensive Bike Insurance Policy offers wide coverage since it provides financial coverage for both third-party liabilities and damages to your vehicle.
The Third-party Insurance price is lower than the Comprehensive Bike Insurance Plan as the coverage is limited to third-party liabilities. As in the case of the Comprehensive insurance plan for bikes, it offers basic financial coverage for your bike, and it also has the option to enhance the coverage by including relevant add-on covers.
*To be purchased as a separate cover.
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Here is why Third-party Two-wheeler Insurance is important for you.
Provides legal and financial support against third-party liabilities caused by your bike.
Provides financial support against property or vehicle damage, physical injury or death of a third party if you are at fault.
Avoids penalties by insuring the bike with a TP plan.
Peace of mind knowing you are financially protected in case of third-party liabilities.
This type of bike insurance offers maximum benefit at a minimum cost.
Now, you can buy the TP plan instantly through the online platform with minimum documentation.
Here are some of the common questions related to Third-party Bike Insurance.
Yes, all vehicle owners must possess the TP Plan to ride the vehicle on public roads. This is mandated as per The Motor Vehicles Act, 1988. Failure to insure the bike at least with this plan shall result in huge penalties or even imprisonment. However, you must choose Comprehensive Bike Insurance to protect your bike against accidental damage or even theft for broader coverage.Can I buy only the Third-party Bike Insurance for my bike?
Yes, you can buy the Third-party Two-wheeler Insurance as a standalone plan. You have the option to buy the plan as an annual or long-term plan (1 year/3 year).Is the Third-party Insurance Plan enough for my bike?
While this type of vehicle insurance plan is primary, it does not provide financial protection against damages or losses sustained by your bike. You may purchase the optional Comprehensive Insurance Plan for broader coverage since it includes both the Third-party Liability Plan and the Own Damage plan. You can also choose from various add-on covers to further increase the Comprehensive Bike Insurance Policy’s coverage.What is the maximum compensation amount offered in the Third-party Two-wheeler Insurance Policy?
There is no fixed compensation amount for physical injuries or death to a third person or party. As for damages to their property or vehicle, the compensation amount is fixed at Rs. 7.5 lakhs.How to buy the cheapest Third-party Bike Insurance Policy?
The rates for Third-party Insurance is fixed by the IRDAI, and insurers do not set the Third-party Insurance cost. The IRDAI revisits the cost of third-party insurance periodically and fixes the rates. Therefore, there is no way you can get the cheapest Third-party Bike Insurance Policy since all insurers offer this type of policy for the same premium amount.What happens if I am caught riding without valid Third-party Bike Insurance?
The penalty for riding a bike without valid bike insurance attracts a fine of Rs. 2,000 for the first offence, and Rs. 4,000 for the second offence (subject to changes).Is 3rd party bike insurance more expensive?
No, the 3rd party bike insurance is not more expensive than the Comprehensive Bike Insurance Policy. The cost is based on the vehicle engine cubic capacity and is fixed by the IRDAI and not by the insurers.Which insurance is best for bikes? Comprehensive or third-party?
Although the third-party insurance is cost-effective, it is the comprehensive insurance that offers the maximum coverage since it includes Third-party Liability Plan and Own Damage cover components. You can also opt for add-ons to increase the scope of the coverage.Can I raise a claim for accidental damages incurred in a different city or state?
Yes, you can submit a claim against our vehicle insurance policy for damages incurred in a different city or state as the bike insurance coverage is valid across India. Ensure you inform the respective insurer immediately about the accident to initiate the claim.
ACKO General Insurance Limited
2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main road, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102
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IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
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