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The cost of third party bike insurance depends on the cubic capacity of the two wheeler bike. Higher the cubic capacity, higher would be the premium. The third party premium of your bike is calculated on the basis of the cc and a compulsory owner/driver personal accident cover would be added if the registration is in individual’s name. Below is the cost for third party bike insurance policy:
Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.
Third-party bike insurance is a type of insurance policy that covers the policyholder's liability for damages caused to a third-party person or property due to an accident involving the insured bike. In India, it is mandatory for all two-wheeler owners to have at least third-party bike insurance as per the Motor Vehicles Act. This insurance policy is designed to protect the interests of third-party individuals who may suffer injuries or property damage due to an accident caused by the insured bike. In case of an accident, the third-party bike insurance policy will cover the cost of damages or compensation that the policyholder may be legally required to pay to the affected third-party. This may include compensation for medical expenses, property damage, or loss of income.
Comprehensive two wheeler insurance covers the loss or damage to the bike due to any of the insured peril acting at the time of the accident. Third party insurance covers only the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured two wheeler. Third party section also covers the property damage of third parties involved in the accident.
The Third-Party Bike Insurance covers the death or bodily injury of third parties in case of an accident in addition to the property damage while the own damage section covers the loss or damage to the bike due to an insured peril operating at the time of loss or accident. The third-party Bike insurance also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage. Third Party Bike Insurance is a type of insurance policy that provides coverage to the policyholder against any legal liability arising out of third-party damages or injuries caused by the policyholder while riding their bike.
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