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Is Third-Party Insurance Enough for a Bike?

Understand the coverage offered, and whether it's enough to protect your bike in case of accidents or damage.

  • 18 Jan 2023
  • 5 min read
  • 753 views

Choosing the best motorcycle insurance is critical to safeguarding your bike. It protects you financially from all calamitous situations that may result in bike damage. In India, there are three types of bike insurance—standalone own-damage cover, bare minimum third-party liability insurance and comprehensive insurance. Today, we will discuss some crucial points related to third-party liability coverage. 

What is 3rd party insurance for a bike?

In India, it is mandatory to have third-party insurance to ride your bike on public roads. According to the law, you are not permitted to ride your two-wheeler unless it is covered by this policy. Third-party insurance protects you financially against legal liabilities arising from hurt or damage caused to a third-party person or property, respectively. It also covers legal fees if the victim files a lawsuit against you.

Is third-party insurance enough for a bike?

Third-party insurance does not cover damage to the insured bike. If your bike is involved in a road accident and is severely damaged, third-party insurance will not cover the repair costs. The scope of coverage also excludes situations in which your bike is stolen or damaged as a result of a natural or manmade disaster.

Therefore, it is recommended to have either comprehensive bike insurance or to supplement third-party coverage with a standalone own-damage policy. You should also think about adding appropriate riders to broaden the scope of coverage.

Is the premium of a third-party insurance policy high?

No, it is, in fact, the most affordable policy available in the market. The price of third-party liability insurance is fixed by the Insurance Regulatory Department of India (IRDAI). It is decided based on the engine displacement size. Let's see how much it costs for different models.

Bike Cubic Capacity 

Cost 

Below 75 cc

Rs 538

Between 75 cc to 150 cc

Rs 714

Between 150 cc to 350 cc

Rs 1366

Above 350 cc

Rs 2804

Also read:

How to purchase third-party insurance coverage?

Third-party insurance can be purchased both online and offline. If you purchase the policy online, the insurer will request KYC documents, vehicle information, and a few other details. The offline process is time-consuming. You will have to visit the branch or motor insurance agent's office to get the coverage.

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