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96% Claim
Settlement Ratio
3 Cr+
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Third-Party Bike Insurance Rates for Two Wheelers
Ever thought that your reckless driving on a bike can cause harm to a third-party? Has it happened to you at any time? Or has someone else driving on the road injured you even when it was not your fault? If yes, then you must be aware of the relevance of third-party liability insurance.
Most of the times a road accident results in damaging property or killing or injuring people. It gives rise to a dispute that cannot be resolved by the two parties involved. In such cases, your Third party bike insurance policy will play and the amount of compensation will be decided by the Motor Claims Tribunal.
Third-Party Premium for Old Two-Wheelers
Unlike Comprehensive two-wheeler insurance, the bike insurance premium for a third-party insurance policy is predefined by the IRDAI. The premium prices for the same are primarily dependent on the engine displacement of your two-wheeler.
As per the latest update by the IRDAI, the following are the third-party two-wheeler insurance rates for old bikes across various cc ranges. Check the bike insurance premium calculator.
Third-Party Premium for New Two-Wheelers (5-Year Single Premium Policy)
The table below shows the third-party two-wheeler insurance rate chart for new two-wheelers with a 5-year single premium policy.
Third-Party Premium for New Electric Two-Wheelers (1-Year Single Premium Policy)
Here is the third-party two-wheeler insurance rate chart for new electric two-wheelers with a 1-year single premium policy.
Third-Party Premium for New Electric Two-Wheeler (5-Year Single Premium Policy)
Here is the third-party two-wheeler insurance rate chart for new electric two-wheelers with a 5-year single premium policy.
What’s Covered in Third-Party Bike Insurance by Digit?
Personal Damage to Third Party
If a person is injured in an accident, all his or her medical costs till recovery are 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
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
If you don’t already have a Personal Accident Cover, this cover can be included in your Third-Party Bike Insurance to protect you from losses that could arise if you face any physical injuries or death/permanent disability.
What’s Not Covered in Third-Party Bike Insurance by Digit?
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 bike insurance won’t cover for you in situations where you were riding drunk or without a valid two-wheeler licence.
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.
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.
Why Third-Party Bike Insurance is Important?
As per the Motor Vehicle Act, here’s why you need a Third-Party Bike Insurance:
Mandatory by Law
Having at least a third-party insurance for bike in India is the law! Driving without one can lead to fines and penalties.
Financial Security
It covers you financially in case of loss, damage, or injuries to third party property or person caused in an accident due to your vehicle.
Peace of Mind
You can drive your bike worry-free knowing that you're covered for third-party damages.
Affordable
Compared to comprehensive insurance, third-party is a cheaper way to meet legal requirements and basic protection in accidents.
Limited Liability
Third-party bike insurance is perfect for people who primarily use a two-wheeler for short, low-risk commutes, or those who have an older bike with a lower market value.
Events in Which Bike Owner can be Liable to Pay for Third-Party Losses
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Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.
Product Head - Motor
Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.
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