3rd party bike insurance or third-party two-wheeler insurance cover is the most basic type of bike insurance plan available. It provides coverage to the policyholder for all third party liabilities (bodily injuries, death and/or property damage) caused due to a road accident or any other mishap involving the insured's two-wheeler. While the amount of compensation in case of third party bodily injury/death is decided by a court of law, the extent of compensation for third party property damage is limited to Rs. 1 lakh.
It is mandatory in India for every two-wheeler owner to have at least a 3rd party two-wheeler insurance, as per the Indian Motors Tariff 2002. A 3rd party two-wheeler insurance policy is the most basic insurance coverage. Buying 3rd party insurnace policy online is secure and easy.
You can easily purchase a 3rd/third party bike insurance at the InsuranceBox portal by following the below-mentioned steps:
Step 1: Visit InsuranceBox website and click on the ‘Bike' tab.
Step 2: Enter your bike's Registration Number in the “Get Your Quote” column. If you do not know the number of your bike, you can also enter details like brand, model, and a variant of your bike, registration year of your bike, RTO location of your bike, etc.
Step 3: Enter your name and mobile number to get bike insurance policy quotes
Step 4: Choose a bike insurance policy quote as per your needs and budget.
Step 5: Pay for the selected bike insurance policy and get the policy document via email.
You can easily renew your third party bike insurance policy at InsuranceBox by following the below-mentioned steps:
Step 1: Visit InsuranceBox website and click on the bike tab.
Step 2: Enter the registration number of your bike and click the ‘'Proceed'' button. If you do not know your bike's number, you can also fill in other details like the bike's brand name, model, variant, registration year, registration city, etc.
Step 3: Enter the expiry date of your existing or previous two-wheeler insurance policy and your insurer's name. Also, share if you have made any claim in your previous policy and click on ‘Continue'.
Step 4: Enter some other required details like name, mobile number and number of days for which you wish to insure your bike. Click on ‘Submit and Get Quotes'.
Step 5: You will get policy quotes from different insurers from which you can compare and choose one as per your requirements. Also, you can include some add-on covers.
Step 6: Click on ‘Buy Now' to confirm your details and proceed to make the payment. After making the payment, the insurance policy will be issued instantly and you will get it via email.
The claim process of third party insurance for bikes is quite simple. The claim can be made by the insured person as well as by the victim. Here are the claim procedures for both sides:
Claim Procedure for 3rd/Third Party Bike Insurance If You Caused the Damage
1. Click the clear pictures of the damages sustained after the accident.
2. Note down all the required details of the damaged vehicle or vehicles.
3. If you find any eye-witness of the accident, note down his or her contact details.
4. Inform your insurance provider about the accident and act according to their guidance.
5. Register a First Information Report (FIR) at a police station of that particular jurisdiction.
6. File a case at the Motor Accident Claims Tribunal Court with the assistance of a lawyer.
7. Attend the court proceedings and share the happening of the incident and submit the required documents and details.
8. Share the court's order with the insurance provider and get compensation for the expenses of the bodily injuries and property damages.
The claim process for third party bike insurance in case you are the victim is as follows:
1. If you are the victim of an accident or a mishap, you should take the insurance details of the third-party involved in the incident and intimate their insurer about the incident.
2. On the basis of your information, the insurance provider will transfer the case to the motor insurance claim tribunal.
3. You should attend the court proceeding and submit all the relevant documents, FIR copy, and incident related proofs.
4. You can also bring some eye-witnesses of the accident to corroborate your facts in the court.
5. Based on all the facts submitted, the tribunal will decide the compensation amount to be paid.
Here are some advantages of owning a third party bike insurance plan:
Here are the basic differences between the 3rd party bike insurance and comprehensive bike insurance.
Third Party Bike Insurance
Comprehensive Bike Insurance
3rd/Third party bike insurance is a basic insurance plan owning at least which is compulsory as per the Indian Motor Tariff. It is designed to take care of damages incurred towards the third party with the involvement of the insured person's vehicle.
The comprehensive bike insurance plan gives complete coverage to policyholders against the financial liabilities towards the third party and own damage expenses due to an accident or mishap.
This policy offers limited coverage. A third-party liability bike insurance will protect you only against damage/loss towards the third-party.
This policy offers extensive coverage. Your bike will be covered against theft, loss, and damage. It offers financial assistance against all kinds of damages caused to your bike as well as another individual, vehicle or property.
This insurance cover provides only a Personal Accident Cover.
This insurance cover offers several add-on covers like Zero Depreciation, Engine Protection, Return to Invoice, Roadside Assistance, Consumable Cover and so on.
Due to limited coverage, the third party bike insurance policy is less expensive.
Due to extensive coverage, the premium of a comprehensive bike insurance cover is relatively higher than that of a third party insurance policy.
Which plan is better?
This insurance plan gives limited coverage, therefore, it is good only if you rarely ride your bike or it's too old already.
This insurance plan offers extensive coverage, hence, it is better if you require complete coverage for your vehicle with add-on covers.
As per the Insurance Regulatory and Development Authority of India (IRDAI), the owners of new two-wheeler vehicles are required to hold a third-party liability policy of five years for which they should pay upfront. To acquire such multi-year or long-term insurance plan is compulsory while buying a bike or scooter.
The long term third party two-wheeler insurance will offer coverage for damages incurred by the third party through bodily injuries, death and property damage due to the insured vehicle. But, it will not compensate for any sort of damages which are sustained by the two-wheeler of the insured person. This insurance policy is economical in comparison to a comprehensive bike insurance policy due to its limited coverage. However, there are various benefits that policyholders can avail themselves with this long term third party cover. Some of which are as follow:
No Hassle of Every Year Renewal - The long term third party insurance cover for two-wheelers is the most suitable option for people who want to pay the amount of premium in one go. However, with this insurance plan, it will not be possible for policyholders to port to another insurance provider next year.
A 3rd party two-wheeler insurance does not cover any damage incurred by the insured's two-wheeler or its owner or driver. You can opt for comprehensive two-wheeler insurance or standalone own-damage two-wheeler insurance to get your two-wheeler insured for own-damages. For insuring yourself or the driver of your two-wheeler, you can purchase a personal accident cover or paid driver cover as per the requirement.
Before opting for a third party bike insurance plan, you should know some of its basic features:
Availability with Third Party Cover
Available with a limit of Rs. 1 Lakh
Personal Accident Cover
Online and Offline
Own Damage Costs
Given below are the benefits of buying a third party bike insurance policy:
Below given are the steps that will guide you to buy third party bike insurance policy online:
Step 1: Visit the website InsuranceBox.
Step 2: In the ‘Get Your Quote' segment enter your bike registration number. If you do not know your registration number then you can also provide your bike's make, model, registration year, etc.
Step 3: Enter your personal details such as name and mobile number. All the policy quotes based on your entries will be displayed on your screen.
Step 4: Select a bike insurance policy among the list of bike insurance policy quotes which suits your requirements and budget.
Step 5: Make the payment for the opted bike insurance plan. After that, the policy document will be sent directly in your mailbox via your registered email ID.
To get compensation for damages after an accident or a mishap from your insurance company, you will have to follow the below-given steps:
All 25 General Insurance companies offer third party bike insurance companies. You can find the list of all bike insurance companies here.
No, you cannot convert a third party bike insurance plan into a zero depreciation bike insurance plan. Like all other add-ons, a zero depreciation add-on can be opted with a comprehensive bike insurance plan or a standalone own-damage bike insurance plan.
You can buy a third party insurance for a bike at InsuranceBox by following the below-mentioned process:
You can make a claim for your third party bike insurance in hassle-free manner by contacting the InsuranceBox team by clicking here. Our claims team will take care of the entire claims process. You can read about the claim process in detail here.
Yes, you can buy a third party bike insurance policy for bikes. As per the Indian Motor Tariff, every bike owner in the country is mandatorily required to have at least a third party bike insurance cover.
The best insurance company changes from policyholder to policyholder depending on their requirements such as type of plan, add-on covers, customer support service, etc. However, a reliable parameter to compare different insurance companies for bike insurance plans is the Claim Settlement Ratio (CSR) registered by them.
Claim Settlement Ratio is the percentage of claims settled by a car insurance company out of the total number of claims received by it during a financial year. The higher the claim settlement ratio, the better it is. In the financial year 2018-19, IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%) and The Oriental Insurance (93.16%) registered the highest Claim Settlement Ratio for motor claims as per IBAI's General Insurance Claim Insights Handbook For Policyholders.
Yes, you can get third party insurance for a new bike. Please note that all new bikes are required to have at least a 5-year third party insurance plan as per the Indian Motor Tariff.