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Third Party Bike Insurance Policy

Discover the importance of third party two wheeler insurance in India, covering features, benefits, and FAQs. Learn how to apply online, renew, and stay legally protected.

  • 22 Feb 2024
  • 4 min read
  • 193 views

In India, bikes are considered perfect travel companions, helping navigate the roller-coaster roads and ensuring timely arrivals. However, riding in India, although it may seem easy, is not so in reality. The countless potholes and pedestrians' or motorists' carelessness regarding traffic laws put your bike at risk. While going on a ride, have you ever wondered what would happen if, due to unavoidable circumstances, you caused physical injury to others? Have you ever thought about the repercussions? Well, to safeguard you against all these odds, a third party liability cover exists. In this blog, we’ll thoroughly explain the nitty-gritty of two wheeler insurance with 3rd party protection.

 

What Is Third Party Two Wheeler Insurance?

Third party two wheeler insurance is a kind of motor insurance that pays for the damages or bodily injuries you may cause to another person or their property while riding your bike. This is also called  “2 wheeler insurance with 3rd party cover.” Having this insurance in India is legally required because it shields you from the financial and legal repercussions that can arise from being in an accident with another party. However, this insurance does not cover any damages to your own bike or yourself. The annual premium for a bike with less than 75cc engine is Rs. 538, while for a bike with more than 350cc engine, it is Rs. 2,804. You can also opt for a long-term policy that covers your bike for up to five years. When browsing, you should always look for third party two wheeler insurance rate charts online to make an informed decision.

How Does Third Party Bike Insurance Work?

When you buy a 3rd party bike insurance policy, you pay a premium to the insurance company. The premium amount depends on the engine capacity of your bike and is fixed by the IRDA. In the event of an accident involving your bike and a third party, you need to inform the insurance company as soon as possible and file a claim. The insurance company will verify the claim and settle it per the policy's terms and conditions. The compensation amount will be paid to the third party or their legal representative.

Features of Third party Two Wheeler Insurance

  • Third Party Coverage: This insurance primarily covers damages and injuries you might cause to third parties in an accident. It ensures you can meet your legal obligations in such situations.
  • Cost-Effective: While two wheeler third party insurance prices vary from company to company, it is usually more affordable than comprehensive coverage, making it a budget-friendly option.
  • Instant Policy: You can often get your policy instantly online, making it a convenient choice for quick coverage. This facility is typically known as two wheeler insurance online with third party cover.

Reasons to Buy Third Party Bike Insurance

There are multiple reasons to opt for this insurance coverage. Some primary ones are:

  • Legal Requirement: The most fundamental reason to purchase third party bike insurance is that it is a legal requirement in India. Riding without it can result in hefty fines, licence suspensions, or even legal consequences.
  • Legal Defense: Insurance companies often provide legal support if you're involved in a lawsuit following an accident. They can help you navigate the legal process, saving time and stress.
  • Cost-Effective: Third party insurance is typically more affordable than comprehensive coverage.
  • Safeguarding Your Savings: Without insurance, you risk depleting your savings or assets to cover accident-related expenses. Third party insurance protects your financial stability.

 

Steps to Apply for Third Party Bike Insurance

Here are the steps to apply for third party bike insurance with ICICI Lombard:

  • Visit the official website of ICICI Lombard. 
  • Click on the bike insurance tab.
  • Enter your bike’s registration number, mobile number, and email address for an instant quote.
  • If you are satisfied with the quote, click on Buy Now, fill in additional bike details, and provide a few of your personal details.
  • Review your policy details and make the payment online using your preferred mode of payment, such as debit card, net banking, credit card, etc.
  • You will get a confirmation email with your policy document attached. You can also download it from the website or the IL TakeCare app.

 

Process to Renew Third Party Bike Insurance Online

Here are the steps to renew your third party bike insurance online from ICICI Lombard:

  • Visit ICICI Lombard and tap on the “Renewals” section in the top right corner of the homepage.
  • Select “Bike Policy” from the drop-down menu and enter your policy or mobile number to retrieve your policy details.
  • Check the specifics of your policy, including the premium amount, and proceed with the payment using your chosen payment method.
  • You will get a confirmation via text, SMS and email with your renewed policy document attached.
  • Download and print your policy document for future reference.

You have successfully renewed your third party bike insurance online from ICICI Lombard. You can also call their toll-free number, 1800-2666 or visit their nearest branch for assistance.

 

What's Covered in Third Party Bike Insurance?

  • Bodily injury or death of a third party: If you are involved in an accident with your bike and cause injury or death to another person, your third party bike insurance will cover the medical expenses or compensation for the victim.
  • Property damage of a third party: It covers damage to another person’s property, such as a car, a wall, or a fence; your third party bike insurance will cover the repair or replacement costs of the property up to Rs 7.5 lakhs.
  • Legal liability: If you face a legal case from a third party, your insurer will cover the legal fees and expenses you may incur in defending yourself.
  • Compulsory personal accident cover: You must buy this additional coverage along with your third party bike insurance by paying an extra premium. It covers the accidental death or permanent disability of the owner-driver of the bike up to Rs 15 lakh. This cover is useful if you are the sole breadwinner of your family and want to secure their financial future in case of a mishap.

 

What's Not Covered in Third Party Bike Insurance?

  • Damage to your own bike: If your two wheeler is damaged due to a collision, fire outbreak, theft, natural calamity, or any other reason, you will not get any compensation from third party bike insurance. You will have to bear the repair costs or buy a comprehensive bike insurance policy that covers both third party and own damage.
  • Illegal or deliberate acts: If you cause an accident intentionally or while breaking the law, such as drunk driving, speeding, or racing, the third party bike insurance will not cover that. You will be liable for the legal consequences, penalties, and damages.
  • Wear and tear: If your two wheeler suffers from unavoidable wear and tear due to ageing or usage, such as rusting, corrosion, depreciation, etc., the third party bike insurance will not cover that. You must maintain your bike regularly and replace the parts when needed.
  • Contractual liability: If you have entered into a contract with someone and agreed to be liable for any damage caused by your two wheeler, the third party bike insurance will not cover that. For example, if you have rented your bike to someone and they cause an accident, you will be responsible for the damages, not the insurer.

 

Documents Required for Third Party Bike Insurance Claim

To file a third party bike insurance claim, you need to have the following documents ready:

  • A copy of the FIR you filed at the nearest police station after the This is a mandatory document to support your claim.
  • A copy of your driver's licence to prove that you are a valid driver.
  • A copy of your registration certificate to prove that you own the bike.
  • A copy of your third party bike insurance policy to show that you have a valid cover.
  • A claim form duly filled out and signed by you. You can get this form from your insurance company or download it from their website.
  • Any other document that your insurance company may ask for, such as medical bills, repair bills, photographs of the damage, etc.

Also read:

Frequently Asked Questions

 

Q.1. Is 3rd Party insurance enough for a bike?

Ans. Third party insurance for your bike provides essential coverage for injuries and damages you might cause to others in an accident. It is the minimum legal requirement in India and is suitable for meeting that requirement. However, knowing that it won't cover your bike's repairs or medical bills if you're at fault in an accident is essential. For better protection for yourself and your bike, you might want to consider comprehensive insurance covering both third party and your own damages. It costs more but can save you considerable money and stress in the long run.

 

Q.2. Is 3rd party insurance expensive?

Ans. No, third party insurance is not more expensive than comprehensive insurance. The premium depends on the bike engine's cubic capacity. In fact, it is often the cheaper option because it covers fewer things. Comprehensive insurance costs more because it provides extra coverage for your bike's damages and even theft.

 

Q.3. What are the benefits of third party bike insurance?

Ans. Third party bike insurance offers many essential benefits. It is affordable and meets legal requirements. If you cause an accident, it covers the costs of injuries and damages to others, saving you from big bills. It also provides peace of mind, knowing you won't face legal trouble.

 

Q.4. How do I benefit from an online purchase of my two wheeler third party insurance policy?

Ans. Online purchase of your two wheeler third party insurance policy comes with several benefits. It is convenient because you can buy it from anywhere, anytime, using your computer or smartphone. You can easily review different insurance plans and find the one that suits your needs and budget. Online policies often have competitive prices because you don't have to pay any middlemen. Plus, the process is quick and hassle-free, with instant policy issuance and digital documents. You can always reach out to us to learn more about bike insurance 3rd party prices.

 

Q.5. Am I eligible for a No Claim Bonus on my two wheeler third party insurance?

Ans. No, you are not eligible for a No Claim Bonus on your two wheeler third party insurance. A No Claim Bonus (NCB) is a discount you can get on your premium payment if you do not claim during the policy period. However, NCB only applies to comprehensive or standalone own-damage bike insurance policies, not third party bike insurance policies.

 

Q.6. What is the difference between third party & comprehensive bike insurance?

Ans. Third party bike insurance covers harm to others, like damage to pedestrian property or physical injury to them. It is cheaper but won't pay for your bike's repairs. Comprehensive insurance costs more but covers others and your bike's damages, theft, and sometimes injuries. So, third party is basic, while comprehensive offers broader protection for you and your bike.

 

Q.7. What are the exclusions of third party bike insurance?

Ans. This policy usually excludes damages to your own bike in an accident, theft of your bike, or any personal injuries you might sustain. It will not pay for upgrades or accessories on your bike. If you're riding under the influence of alcohol or drugs, your policy may not cover you either. Also, if you use your bike for illegal activities, like racing, your insurance might not apply. Knowing these exclusions helps you understand what your policy will not pay for.

 

Q.8. Will I lose my NCB if I make a third party claim under bike insurance?

Ans. No, you will not lose your NCB if you make a third party claim under bike insurance. NCB is only applicable to the own-damage component of your bike insurance policy, which covers the damages to your own bike.

 

Q.9. What happens if I am caught riding without a valid third party bike insurance policy?

Ans. You could face serious consequences if you are caught riding without a valid third party bike insurance policy. It is usually against the law and can lead to hefty fines, your licence being suspended, or even your bike being seized. Moreover, if you are involved in an accident without insurance, you may have to pay for damages and medical bills out of your pocket, which can be very expensive.

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