Third party insurance plan is a mandatory policy that you need to have for driving legally. In the event of an unfortunate accident, any damage caused to the third party property, bodily injuries or death of the victim is covered under the policy. Your insurer shall compensate the third party, and you won’t have to bear the financial brunt of it. But does every vehicle get the same third party bike insurance price? So, let’s explore this question and understand how two wheeler insurance
third party price is decided with some more details of the plan.
What Is Covered Under Third Party Bike Insurance?
Here are some key aspects that are covered by the insurance provider:
Bodily Injuries or Death of Third Party
Due to an unforeseen accident, a third party could sustain bodily injuries or even die. In this case, you would have to pay for the medical treatment of the victim or offer compensation for death. But with a third party plan, your insurance provider takes care of the financial liability, and thus, you don’t have to pay from your own pocket.
Loss to Third Party Property
In the event where your vehicle crashes into the third party’s property like their vehicle and causes loss or damage, third party insurance secures you. The insurer will cover the cost of damage, and the victim shall get the rightful compensation. A limit of INR 7.5 lakhs is set to cover such damages.
Death of Policyholder (Rider)
Third party insurance also covers accidental death under the Personal Accident cover, which is mandatory for all riders. Thus, if an unfortunate mishap leads to the death of the rider, the nominee shall be compensated for the loss. The coverage amount has to be at least INR 15 lakhs.
Disability of Policyholder (Rider)
In case an accident causes the rider to experience permanent disability, the insurance provider shall have your back. The policy will offer compensation based on the terms and conditions under the Personal Accident cover.
Mandatory Long Term Third Party Insurance Plan
According to the Insurance Regulatory and Development Authority of India (IRDAI), new bikes as well as cars bought after 1 September 2018 need to purchase long term third party cover. It is now mandatory to have a minimum of five-year third party insurance policy. Thus, you will have to pay the premium amount for five-year cover upfront and the same would also be a component of two wheeler insurance prices
for comprehensive policies. But this only applies to third party component and not on Own Damage (OD) if you have comprehensive insurance. This rule does not affect old policyholders who want to renew their insurance plan and only applies to new vehicle owners.
How Are Two Wheeler Insurance Third Party Prices Calculated?
Bike insurance 3rd party price is determined based on the engine capacity of the two wheeler. So, here’s a list of two wheeler third party insurance price that you should know:
||Third Party Bike Insurance Prices
|Capacity less 75cc
|Between 75cc to 150cc
|Between 150cc to 350cc
|More than 350cc
The third party bike insurance price for the year 2019-2020 has been extended beyond 31 March 2020 as notified by the IRDAI. It will not be increased for the financial year 2020-21, which is FY2020-21.
Now that you know how 3rd party insurance for bike price is set and the current rate, you can get a suitable insurance plan to secure your vehicle. With Bajaj Allianz, you can now avail a policy with the help of contactless insurance right from the comforts of your home. But to get an estimate of premium cost for your vehicle, you can use a two wheeler insurance premium calculator
without any hassles. This will help in easy comparison of policies and also enable you to get an affordable premium price!