Third-Party Bike Insurance 

A third-party two-wheeler insurance is the most basic form of motor insurance and is also commonly referred to as liability insurance. In the event of an accident caused by the insured two-wheeler, financial losses suffered by the third party are covered under the third-party bike insurance. This insurance covers all the expenses required to meet the legal liabilities.

Since it is a basic liability cover, third-party bike insurance does not provide any insurance protection to the policyholder or their bike. Further, as per the New Motor Vehicles Act, 2019, it is mandatory to have at least third-party bike insurance if you own a two-wheeler. Let’s take a closer look at how third-party bike insurance works. 

List of Third-Party Plans Available at Bajaj MARKETS

If you are looking to buy a new third-party bike insurance plan for your precious vehicle, you can check out the various third-party insurance options available at Bajaj MARKETS:

 

Bajaj Allianz Third-Party Bike Insurance 

Acko Third-Party Bike Insurance 

HDFC ERGO Third-Party Bike Insurance 

Premium Price

Starting at ₹2,094  (- + GST, effective 1st June 2022)

Starting at ₹2,094  (- + GST, effective 1st June 2022)

Starting at ₹2,094  (- + GST, effective 1st June 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

Claim registration process

Digital

Digital

Digital

Disclaimer: The third-party insurance premiums are subject to change over time. 

How to Buy a Third-Party Bike Insurance Policy Online

If you are looking for third-party bike insurance, you can buy one in just a few minutes on Bajaj MARKETS, by following the simple steps given below: 

 

Step 1: Visit the ‘Bike Insurance Premium Calculator’ page on the Bajaj MARKETS website.

 

Step 2: Enter your bike registration information and personal details on the form available on the page and click on ‘Get Quote’.

 

Step 3: Select a third-party plan from the bike insurance options available on the site.

 

Step 4: Pay the online premiums for your chosen third-party plan.

 

Once all the above steps are completed, your third-party insurance will be activated and the details will be sent to your registered email. 

How to Renew a Third-Party Bike Insurance Policy

Here are the steps you can follow to renew your third-party bike insurance plan if it’s near expiry:

 

Step 1: Visit your preferred insurance provider’s website when your third-party plan is about to expire.

 

Step 2: Enter information about your expiring insurance plan and personal details on the website. 

 

Step 3: Go to the bike insurance plans page and select third-party bike insurance for your vehicle.

 

Step 4: Pay the online premiums for your chosen plan and your third-party bike insurance will shortly be renewed. 

 

Read More: Bike Insurance Renewal

Inclusions Under the Third-Party Two-Wheeler Insurance

The following are the inclusions under a typical third-party insurance plan: 

  • Damage to Third-Party Vehicles 

A third-party insurance plan provides coverage for the physical damages caused to the third party involved in an accident with you. 

  • Medical Expenses of the Third-Party 

This insurance also provides coverage for the medical expenses of any injuries caused to the third party involved in an accident with you. 

  • Personal Accident Cover 

This will cover the cost of medical expenses to the policyholder if they are injured during a motor accident. However, only a few third-party plans include the personal accident cover, and you may have to pay extra for it. 

Exclusions Under Third-Party Two-Wheeler Insurance 

The following are the common exclusions under third-party insurance: 

  • Own Damages

This insurance will not provide any coverage for damages caused to your own vehicle. 

  • Accident Due to Driving Under the Influence

If the accident is caused when you were driving under the influence of drugs or alcohol, coverage will not be provided. 

  • Geographical Area

If your accident happens beyond the specified locations covered by your third-party insurance, coverage will not be provided. 

  • Extraordinary Situations 

Extreme situations like war, riots, nuclear holocaust, etc. will not be covered under third-party insurance. 

Claim Settlement Process for Third-Party Insurance 

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.

If you have caused the damage

  • Take clear photographs of the damages caused to the third party and write down all the details about the incident.

  • Inform your insurance provider about the incident. 

  • Register an FIR at the nearest police station and make sure to keep a copy.

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

  • Submit all the necessary documents and information to the Tribunal.

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

If you are the victim

  • Get the insurance policy details of the third party in the accident and inform their insurance provider about the incident.

  • When you provide the information about the policy details and the incident to their insurer, your case will be transferred to the Motor Insurance Claim Tribunal.

  • Submit the required documents and details to the court.

  • The tribunal will take the final decision and instruct the insurance company to pay the decided claim amount.

Read More: Bike Insurance Claim Settlement

Conclusion 

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, third-party insurance comes in handy. 

You can check the prices of third-party bike insurance online and choose the best insurer. Whether it is a comprehensive or third-party 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. 

Check Out Bike Insurance Plans Available at Bajaj MARKETS

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 can I check the status of my bike insurance policy?

    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 is just as valid as an insurance policy purchased in person.

  • ✔️ Is third-party insurance compulsory in India?

    Yes, the New Motor Vehicles Act, 2019 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 of up to 50% during policy renewal if you have made no claims in the previous policy year.