Third Party Bike Insurance

What is Third Party Bike Insurance?

A Third-Party bike insurance is the most basic type of two-wheeler insurance policy, that helps cover for any damages and losses your bike could cause to a third-party person, property or vehicle, such as in the case of an accident or collision. The same is mandatory by law, without which you could be liable for a fine of Rs 1,000 to Rs 2,000. 

If you are confused about whether a third-party insurance policy is enough for your two-wheeler or whether you should go for a comprehensive one, we’ve got you covered. Check out the situations below, find the most relevant to you and choose accordingly.

Case 1: If you own 2 or more two-wheelers - If you have 2 or more two-wheelers; let’s say a scooty and bike, and use only the scooty on a daily purpose, while you use a bike hardly in a month when going out with friends, then it is a wise decision to insure your bike with a third-party insurance cover. This will help save your premium and will keep you legally compliant. 

Case 2: If you want to upgrade to a bike but your current scooty’s policy renewal is due - Get your current scooty insured with a third-party policy in case its renewal is due, if you’re planning to sell it before buying the new bike you’ve always dreamt of. Having a minimum coverage will help save the insurance premium and will also keep you legally compliant.

Case 3: If you own that ages old scooter your grandfather used to ride - If you own such a scooter standing in the corner of your house covered in dust, you should immediately get it insured with a third-party two-wheeler insurance policy to prevent hefty fines, as it is mandatory by law. Getting a minimum coverage is enough for a two-wheeler that you’ve kept in memory of your grandparents, and not for driving.

Case 4: If you are an experienced two-wheeler rider

Don’t expect that if you have a clean driving record and are an experienced bike rider, you will not run into problems; driving on the roads always poses a risk of accidents. Therefore, it is best that you opt for enhanced coverage with a comprehensive two-wheeler policy. However, since you are experienced, you can choose not to buy add-on covers to save on the premium.

Case 5: If you’ve just bought a new luxury bike - A brand-new bike must be protected with the maximum coverage possible; therefore, you should go for a comprehensive policy with all the relevant add-ons possible, as it also includes third-party two-wheeler insurance and own damage cover. 

Case 6: If you drive your 6-year-old bike daily to office - You would want more protection than a third-party insurance cover offers to safeguard the bike you ride daily. So, go for a comprehensive two-wheeler policy with add-ons, as it also includes third-party two-wheeler insurance and protects you against accidents, theft, fire, natural calamities, bike breakdown, flat tyre, etc.

Note: These are just a few scenarios to help you easily understand the different policy covers. Please discuss with your insurer and advisor about the best policy for you. Remember to not take it as a recommendation from Digit.

Renewing third-party bike insurance with Digit is a seamless online process which requires you to follow only four simple steps given below:

• Step 1 - Go to the Bike Insurance page, and enter your bike’s make, model, variant, registration date. Then click on ‘Get Quote’ and choose your choice of insurance plan. 

• Step 2 - Select between Third-party bike insurance or Comprehensive bike insurance as per your convenience. 

• Step 3 - Provide details about your previous insurance policy- date of expiry, the claim made in the last year, No Claim Bonus earned. 

• Step 4 - You will get a quote for your premium. If you have chosen a Standard Plan, you can customize it further by selecting add-ons, for a higher IDV. You will see the final premium on the next page.

• The Third-Party has to file an FIR and obtain a charge sheet. Give us a call at 1800-103-4448.
• If there’s a compensation, we take care of it on your behalf.
• And if there’s no violation of terms, we will try for a non-monetary settlement on your behalf. If the situation arises, we will represent you in court.
• Most importantly, if you’ve been a good citizen and have admitted your fault for any kind of negligence, your Digit Third Party cover will still hold good.
• In case of a personal accident-related claim, all you need to do is call us at 1800-258-5956 and we’ll help you out.

Important Considerations When Making a Third Party Bike Insurance Claim

• The third-party person filing the FIR for the said claim must ensure he/she has suitable evidence. 
• It’s important to note that, your insurer and the police need to be contacted as soon as possible. You can’t make the claim days after the incident! 
• As per the rules and regulations of the IRDAI, it is up to the Motor Accident Claims Tribunal to decide on the claim amount. While there’s no upper limit on personal damages to a third-party, there is a limited liability of up to Rs 7.5 lakhs in case of damages and losses caused to a third-party vehicle or property. 

National Insurance Company Limited intimated/booked the maximum number of Third-Party Motor Insurance Claims during 2020-21. Checkout the number of third-party insurance claims intimated/booked by other leading insurers in India in 2020-21.