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Two-wheeler Third-party Insurance
No matter what type of bike you own, be it a commuter, cruiser, sports bike, or scooter, the love for your bike will never stop you from maintaining it well or shielding it with a two-wheeler insurance policy. Whether you ride it to work or go for a long ride, it is not without its risks. When you ride your bike on Indian roads, it is always prone to accidents.
In most cases, accidents that involve third parties may involve huge financial liabilities, which can take a huge toll on your finances. Also, as per The Motor Vehicles Act, 1988, it is mandatory to protect your two-wheeler by insuring it with at least the Third-party Two Wheeler Insurance policy. Failure to adhere to this requirement can invite huge penalties. Third-party bike insurance policy protects you from financial burdens caused due to damage/injuries to a third party property/person. Read on to know more about Third-party bike insurance.
A Third-party bike insurance policy, also known as Third-party Liability cover, will protect you against financial liabilities arising out of damages sustained by the third party due to an accident involving your insured bike. This could include death or injury, bodily harm, and damage to the third party’s property or bike.
If you want to take your two-wheeler out on the road, you need to have a Third-party insurance policy, which is mandatory as per The Motor Vehicles Act. In case of an unfortunate event, your insurance company will pay for any financial liabilities. You can save yourself a lot of money and most of all it offers you peace of mind in case of an unfortunate accident.
Below are the key features of ACKO’s 3rd party Bike Insurance. Note that the premium is fixed by the IRDAI based on the engine cubic capacity (cc).
|Key features||ACKO bike insurance policy benefits|
|Bike insurance premium||Starting at Rs. 482*|
|Injuries to third party||Unlimited Liability Cover|
|Property damages to third party||Up to Rs. 1 lakh|
|Buy/renew/claim process||100% digital process|
Here are some of the main benefits of Third-party two-wheeler insurance.
The Third-party two-wheeler insurance covers your financial liabilities for the damages caused to the third party, especially related to medical needs. Also, in case you accidentally damage a third party’s property or their vehicle, the Third-party policy covers damages up to Rs. 1 lakh.
Since Third-party insurance is mandatory as per The Motor Vehicles Act, 1988, insuring your bike with a Third-party insurance policy will ensure you are not breaking any law. The Third-party insurance plan is also beneficial since your insurance company settles the claim.
Unforeseen accidents can leave you traumatised, especially when the third party suffers financial loss and you may have to bear the costs. Third party bike insurance protects you from mental stress by paying the financial liabilities of the third party and relieves you from stress.
The Third party bike insurance premium is relatively economical as compared to other types of two wheeler insurance. The IRDAI fixes the premium based on the bike's engine cubic capacity. Hence, there are very few chances of a sudden price hike.
This type of vehicle insurance requires less documentation and can be completed with fewer formalities. It needs fewer checks or inspections since it does not insure the vehicle. And, you can buy it as per your time and convenience.
With new-age insurance companies, you can perform almost all transactions online without stepping out to get the work done. It hardly takes any time to buy or renew Third party bike insurance with online insurance providers such as ACKO.
Note: You can additionally opt for the mandatory Personal Accident Cover with a sum assured amount of Rs. 15 lakh. This will come to your rescue in case of death/permanent disability while riding.
It’s important for any insurance policyholder to know what is not covered under the Third party bike insurance. Below are the exclusions under Third party two wheeler insurance policy.
Damages to the insured bike are not applicable in case of an unfortunate accident under this insurance coverage.
In the case of death or permanent disability of the rider/owner of the insured vehicle, the insurance company will compensate accordingly under this policy if you have chosen to add Personal Accident Cover along with a Third-party Insurance plan. Personal Accident Cover is mandatory by law.
If the rider or the owner of the insured bike is found riding under the influence of alcohol or intoxicating substances, this policy does not cover you in such situations.
If the owner or the rider is found riding the two-wheeler without a valid driving licence, then Third-party insurance does not cover you in such situations.
If the owner or the rider holds a Learner's Licence and even a pillion doesn't have a valid Driving Licence, then claims will be rejected in such cases.
The insured person is the first party, the insurance company is the second party, while the third party is the victim.
In case of an unfortunate accident, and if the third party feels that you are responsible for the damages, they may raise a claim against you.
If your bike is insured with Third-party insurance, the insurer (second party) will pay for the financial liabilities.
You can buy third party insurance online for two wheeler and the entire process is easy and fast. All you have to do is follow the below steps to buy Third party two wheeler insurance on ACKO.
To buy 3rd party bike insurance online, visit the official website of ACKO or download the mobile app.
Enter or select the two-wheeler model from the options offered in the search box.
Select the year you bought the bike and share details about your previous policy.
Click on ‘View Prices’ to view the Third-party insurance policy for your bike offered by ACKO.
Choose the most appropriate Third-party plan, pay the required premium and receive the policy document instantly into your inbox.
The process of renewing a Third-party policy purchased from a different insurer is similar to buying a new policy. If you would like to renew the Third-party bike insurance which you bought from ACKO, then login to your account and renew the policy accordingly.
Renewing your bike insurance policy online on ACKO is easier and faster. To renew your Third-party bike insurance policy, you would only need to share your bike's make and model details, purchase year and details about your previous policy.
Everybody who owns a two-wheeler should insure their vehicle as it is mandatory as per law. It is important to renew your bike as it offers complete protection against the financial liabilities of the third party.
Renew your bike insurance ahead of the expiry of the current policy. When your policy lapses, you tend to lose all the benefits of an active insurance policy. Since Third-party insurance is mandatory, you may be subject to heavy penalties for not owning a valid Third-party two-wheeler policy.
The right time to correct any mistakes is during the time of renewal. In case your address or other personal details are incorrect, you can get it corrected while renewing your bike insurance policy.
Here are the steps to claim Third-party insurance for bikes.
The first step is to file an FIR with the nearby police station. Normally the third party files a case with the police.
After this, Motor Accident Claims Tribunal, a special court registers this case and decides on the compensation amount.
Based on the verdict by the Motor Accident Claims Tribunal, the insurance company of the first party compensates the third party.
Third-party Liability Insurance is compulsory as per The Motor Vehicles Act. However, the Comprehensive Bike Insurance policy offers exhaustive coverage as it covers both Own Damages and Third-party Liability component.
The Third-party bike insurance premium is much lower than that of the Comprehensive insurance due to the extent of the coverage. Also, in the case of a Comprehensive policy, you have the option to select add-ons that enhance the coverage of your policy.
Below are some of the common questions about Third-party Two-wheeler insurance.
Buying related FAQs
While Third-party Liability insurance is mandatory for the 15-year-old bike, Comprehensive insurance will cover Own Damages as well.Can I buy only the Third-party bike insurance and not the Comprehensive plan?
Yes, you can buy only Third-party two-wheeler insurance. However, Comprehensive bike Insurance offers the benefit of both Third-party Liability and Own Damage cover.What if I am caught riding a bike without Third-party insurance coverage?
Since it is mandatory as per the law under The Motor Vehicles Act, you are liable to pay a fine while riding a bike without a valid Third-party insurance policy.How much do I have to pay for Third-party insurance for the Hero iSmart Splendor bike?
The premium for Third-party insurance is decided by the IRDAI based on the cubic capacity (cc) of the bike's engine. Since the Hero iSmart Splendor is powered by a 113.2cc engine, the premium for bikes with engine capacity between 75cc and 150cc is approximately Rs. 752 per annum. This rate is dynamic and the IRDAI regularly revisits the premium rate.
Claims and renewal related FAQs
The maximum compensation under this policy depends on the extent of damages sustained by the third party. While Third-party personal damage offers unlimited liability, the third-party property or vehicle damage is limited up to Rs. 1 lakh.Can I renew my Third-party bike insurance online?
Yes, you can renew your Third Party two-wheeler insurance online. There are several insurtech companies, such as ACKO that allow you to renew your bike insurance policy online. To renew on ACKO, you can visit the website or download the mobile app.Will I lose the No Claim Bonus (NCB) if I raise a claim under the Third-party policy?
NCB is not available on this type of insurance coverage. It only comes into the picture when you buy a Comprehensive bike insurance policy.
The cost of Third-party Bike Insurance is fixed by the IRDAI and not by the insurance provider. The apex body revises Third-party Bike Insurance premium rates periodically. The basis of the rates is on the cubic capacity of the vehicle's engine. Below are the latest Third-party two-wheeler insurance rates applicable in India.
|Engine Capacity||Third-Party Bike Insurance Rates|
|Up to 75cc||Rs. 482|
|75cc to 150cc||Rs. 752|
|150cc to 350cc||Rs. 1193|
|350cc and Above||Rs. 2323|
Also read: Add-on Covers in Bike Insurance
A Third party bike insurance policy is compulsory under The Motor Vehicles Act. But how does it impact the insured person? Below are the advantages and disadvantages of Third party Liability Insurance.
Save Money: By ensuring your bike is protected with Third-party liability insurance, you could potentially save money by not paying any penalties or fines as it’s a traffic violation as per the law.
Comply With Law: Third-party insurance for the bike will ensure that you adhere to the law and ride your bike legally in the country.
Protects You from Unforeseen Losses: In case of an unfortunate accident, the policy protects you from financial liabilities arising out of damages to the third party or their property.
Peace of Mind: With a Third-party Liability cover, you can rest assured that you are well protected in case of any third-party damages or injuries as the policy will cover your financial liabilities.
Natural Calamities are Not Covered: In case of floods, fire, riots and natural calamities, the policy does not cover damages or losses arising out of such situations.
Own Damages Not Covered: In case you accidentally damage your bike, the insurance policy does not cover such losses or damages.
No Coverage Against Theft: In case your bike is stolen, then the Third-party Insurance policy does cover against this type of loss.
Zero Benefit of No Claim Bonus (NCB): Even if you do not raise any claim under the Third-party insurance plan, you do not get benefits such as NCB which you enjoy in a Comprehensive Bike Insurance Policy.
Bike insurance plans are broadly classified based on coverage and the benefits. Below are the types of bike insurance plans in India.
Third-party Liability Insurance is the most basic form of bike insurance. It offers protection against financial liabilities arising out of third party injuries/death and damages to their property caused by an unfortunate accident. As per The Motor Vehicles Act, it is mandatory for two-wheelers to be insured with at least Third-party Liability insurance.
This type of bike insurance offers protection against Third-party Liabilities as well as Own Damage coverage. As the name suggests, it offers exhaustive coverage which includes damages sustained by the insured vehicle as well as that of the third party involved in a mishap.
ACKO General Insurance Limited
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IRDAI Registration No: 157
Category: Non-Life Insurance
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