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What is Third Party Two Wheeler Insurance?

Third-party bike insurance covers all financial losses suffered by a third-party or person following an accident caused by an insured two-wheeler. The insurer covers all the expenses required to meet the financial liabilities. In case of damage to a property, the insurer shall release Rs. 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. 

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✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹457/year*

Third Party Bike Insurance

Under section 146 of the Motor Vehicles Act, 1988, it is mandatory to have at least a third-party bike insurance if you own a two-wheeler. A third-party two-wheeler insurance is the basic form of insurance cover and also known as Liability Only Insurance. In the event of an accident caused by the insured two-wheeler, all financial loss suffered by a third-party or person is covered under the third-party bike insurance. The insurer covers all the expenses required to meet the legal liabilities.

Since it is a basic risk cover, the 3rd party bike insurance does not provide insurance protection to the owner or the bike. It will be in the best interest if you choose a comprehensive bike insurance plan which offers financial protection against losses caused by natural calamities or man-made disasters along with coverage against third-party legal liability.

What Is Covered Under Third-Party Two-Wheeler Insurance?

  • In the event of an accident involving the insured two-wheeler, if a third party suffers an injury or injury resulting in a physical disability that prevents the person from resuming work, the injured individual can claim for the cost of treatment or loss of income. Under the third-party bike insurance, the insurance company shall pay the compensation to the individual.

  • In case, there is a third-party property damage, the insurer should release up to Rs. 1 lakh as compensation for the damage under the two wheeler insurance bought online as third party cover.

  • Some insurers provide compensation under 3rd party bike insurance to the dependents of the owner or rider of the insured bike, if they die in the accident.

  • Within 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. Only a few third-party bike insurances provide personal accident cover.

Here is a list of 3rd party bike insurance plans and their features available on Bajaj MARKETS.

 

Bajaj Allianz General Insurance Policy

Acko General Insurance policy

HDFC ERGO General Insurance policy

Category

Third-party

Third-party

Third-party

Price

Starting from Rs. 538.(- + GST (effective 1st April 2022)

Starting from Rs. 538.(- + GST (effective 1st April 2022)

Starting from Rs. 538.(- + GST (effective 1st April 2022)

Insured Declared Value

Depends on the make and model.

Depends on the make and model.

Depends on the make and model.

Coverage

Personal Accident Cover, Third-party Property Damage, Third-party Injuries

Personal Accident Cover, Third-party Property Damage, Third-party Injuries

Personal Accident Cover, Third-party Property Damage, Third-party Injuries

Tenor

One year

One year

One year

Premium

Depends on the make, year and model.

Depends on the make, year and model.

Depends on the make, year and model.

Personal accident cover

Available

Available

Available

Claim settlement

98%

95% for FY 2020-21

99.8% for FY 2020-21

Key replacement cover

Not included

Not included

Not included

No claim bonus cover

Not included

Not included

Not included

Depreciation protection

Not included

Not included

Not included

Engine protect cover

Not included

Not included

Not included

Roadside assistance

Not included

Not included

Not included

Consumable expenses

Not included

Not included

Not included

Claim registration process

Digital

Digital

Digital

 

Exclusions Under Third-Party Two-Wheeler Insurance

There are certain exclusions under third party bike insurance which the policyholder should be aware of. They are:

  • Any damages occurred to your own two-wheeler.

  • Claims arising out of any Contractual Liability.

  • Damages or loss caused due to accidents that happened outside the prescribed geographical region in the insurance policy.

  • The accidental losses caused while conducting illegal activities or speeding or riding someone else’s bike or riding under the influence of alcohol, etc will not be covered.

  • Any damages caused directly or indirectly due to radioactivity from nuclear fuel or nuclear waste.

  • Accidental damages or loss caused due to nuclear weapons.

  • Accidental damages or loss incurred in connection with the invasion by foreign enemies, warlike operations, civil war, mutiny rebellion, military or usurped power.

How To Buy A Third-Party Bike Insurance Policy Online?

The digital era has made every purchase quick and easy. If you want an online bike insurance for third-party coverage, you can buy one in a second. You can choose Bajaj MARKETS, a platform that has standard bike insurance policies from different insurers. Follow the steps mentioned below.

  1. Head over to the ‘Bike Insurance Premium Calculator’ page on Bajaj MARKETS website/app.

  2. Fill up the details by entering your two-wheeler registration number and mobile number.

  3. Click on the ‘Get Quote’ tab.

     

  4. Provide all necessary information and choose a bike insurance plan that suits your needs.

     

  5. Check the bike insurance third party price.

     

  6. Pay your premium online in the next step.

     

  7. Your bike insurance policy will reach you within a few hours.

How To Renew A Third-Party Bike Insurance Policy Online?

Renewal of your two-wheeler insurance for third party coverage is a straightforward process. Check your policy’s expiry date to avoid penalties and fines. Online third-party insurance renewal is the easiest. Follow the below-mentioned steps for that.

  1. Visit your insurer’s official website.

  2. Enter details like your existing insurance policy number, vehicle registration number and mobile number.

  3. Check your insurance renewal amount.

  4. Make the premium payment online.

  5. Your renewed bike insurance will be sent to you instantly.

Read More: Bike insurance renewal

How To Claim Third-Party Insurance For A Bike?

In case of an accident, there are two possibilities. You may have caused the damage or you are a victim of the accident. In both cases, the third-party bike insurance claim procedure is simple. Both are mentioned below.

  1. If you have caused the damage

  • Click clear pictures of the damages caused due to the accident and note down all the required details.

  • Intimate your insurer about the accident immediately and act according to their guidance.

  • Register an FIR at the nearest police station in case of a major accident.

  • With the help of a lawyer, you should file a case at the Motor Accident Claims Tribunal Court.

  • Submit the required documents and details in the court.

  • Share the court’s order with the insurer and get compensation for the expenses.

  1. If you are the victim

  • Take the insurance details of the third party involved in the incident and intimate their insurance provider about the incident.

  • Based on the information provided to the insurer, your case will be transferred to the Motor Insurance Claim Tribunal.

  • Submit the required documents and details in the court.

  • The tribunal will decide and instruct the insurance company to pay the compensation amount.

Read More: Car Insurance Claim Process

Difference Between Comprehensive And Third-Party Two-Wheeler Insurance

Before buying an online third party bike insurance, it is important you should know all the options you have. It will be a smart decision to avail a comprehensive insurance plan for your bike. And, why is it so? For that, understand the difference between comprehensive and third party two wheeler insurance plans.

Key Differences

Third-Party Two-Wheeler Insurance

Comprehensive Two-Wheeler Insurance

Legal Mandate

Mandatory by Law

Not Mandatory

Insurance Coverage

Covers only third-party damages

Covers third party as well as own-damage

Premium Cost

Lower premiums

Higher premiums

Add-on Covers

Only personal accident cover

Add-on covers like Zero Depreciation, Engine Protection, Return to Invoice, Roadside Assistance, Consumable Cover, etc.

Documentation Procedure

Comparatively less documentation is required.

More documentation is required.

 

Conclusion

The third-party bike insurance is legally mandatory, and it acts as a safety net when it comes to financial aspects 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 price 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. You can secure top class coverage for your two-wheeler at a reasonable cost, enjoy exclusive benefits and much more. So, choose wise and stay safe!

Check Out Bike Insurance Plans Available at Bajaj MARKETS

Top Bike Insurance Pages

Top Cities

Top Bike Brands

FAQs on Third Party Bike Insurance

✔️What are some of the risks that your third-party bike insurance policies cover?

 A third-party bike insurance policy covers these risks:

  • Injury or death of the third party

  • Any damage caused to the third party

  • Some policies may also provide personal accident cover

✔️How to check bike insurance details?

 You can visit the Government of India’s Ministry of Road Transport and Highways website. On the website, just enter your bike's registration number, and your insurance status will be displayed.  

✔️Is online bike insurance valid?

 Yes, a bike insurance policy that you have bought online or an online 3rd party bike insurance is just as valid as an insurance policy purchased in person.  

✔️Is two-wheeler insurance compulsory in India?

 Yes, the Motor Vehicles Act, of 1988 makes it mandatory for all vehicle owners to buy at least third-party insurance.

✔️Are there any discounts available on bike insurance premiums?

 You can enjoy NCB benefits up to 50% during policy renewal if you have made no claims in the previous policy year.