Third Party Bike Insurance Price

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Two Wheeler Third Party Insurance Rates

Third Party Bike Insurance Premium Rates

The third-party bike insurance premium is charged based on a bike’s engine capacity. Let’s have a look at the prices for the year 2019-20 vs 2022

Engine Capacity

The premium for 2019-20 in INR

New 2W TP rate (effective 1st June 2022)

Not exceeding 75 cc

₹482

₹538

Exceeding 75cc but not exceeding 150 cc

₹752

₹714

Exceeding 150cc but not exceeding 350cc

₹1193

₹1366

Exceeding 350 cc

₹2323

₹2804

Third Party Premium for New two-wheelers (5-year Single Premium policy)

Engine Capacity

The premium for 2019-20 in INR

New 2W TP rate (effective 1st June 2022)

Not exceeding 75 cc

₹1,045

₹2,901

Exceeding 75cc but not exceeding 150 cc

₹3,285

₹3,851

Exceeding 150cc but not exceeding 350cc

₹5,453

₹7,365

Exceeding 350 cc

₹13,034

₹15,117

Premiums for new Electric Vehicle (EV) two-wheeler (1 -Year Single Premium Policy)

Vehicle kilowatt capacity (KW)

The premium for 2019-20 in INR

New 2W TP rate (effective 1st June 2022)

Not exceeding 3KW

₹410

₹457

Exceeding 3KW but not exceeding 7KW

₹639

₹609

Exceeding 7KW but not exceeding 16KW

₹1,014

₹1,161

Exceeding 16KW

₹1,975

₹2,383

Premiums for new Electric Vehicle (EV) two-wheeler (5 -Year Single Premium Policy)

Vehicle kilowatt capacity (KW)

The premium for 2019-20 in INR

New 2W TP rate (effective 1st June 2022)

Not exceeding 3KW

₹888

₹2,466

Exceeding 3KW but not exceeding 7KW

₹2,792

₹3,273

Exceeding 7KW but not exceeding 16KW

₹4,653

₹6,260

Exceeding 16KW

₹11,079

₹12,849

What’s Covered in Third Party Bike Insurance?

Personal Damage to Third Party

Personal Damage to Third Party

If a person is injured in an accident, all his or her medical costs till recovery is taken care of by Third Party bike insurance. In an unfortunate case of loss of life, a compensation amount is given too.

Property Damage Compensation

Property Damage Compensation

In case damage occurs to someone’s vehicle, house or any property, the owner is covered for the loss. There is a limit of ₹7,50,000

Personal Damage to Owner/Driver

Personal Damage to Owner/Driver

In case the driver/owner of the car, unfortunately, faces physical injuries or death/permanent disability.

What’s not Covered in Third Party Bike Insurance?

It is equally important to know what’s not covered in your Third-party bike insurance policy so that there are no surprises when you make a claim. Here are some such situations:

Own Damages

In the case of a Third party bike insurance policy, damages to own vehicle won’t be covered. 

Drunk Riding or without a Licence

Your third party bike insurance won’t cover for you in situations where you were riding drunk or without a valid two-wheeler licence.

Driving without a valid Driving Licence holder

If you hold a learner’s licence and were riding your two-wheeler without a valid licence-holder on the pillion seat- then your claim in those situations won’t be covered.

Add-ons not Bought

Some situations are covered in add-ons. If you haven’t bought those two wheeler add-ons, the corresponding situations will not be covered.

Why Third Party Bike Insurance is Important?