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Home / Two Wheeler Insurance / Third Party Bike Insurance

Third Party Bike Insurance

Third Party Two Wheeler Insurance

Third party bike insurance covers third party liabilities due to an accident by the policyholder's vehicle. Two wheeler third party insurance provides coverage for damage to third party property/person accidentally by the insured person's vehicle. This includes the death or permanent disability of a third party person. As per The Motor Vehicles Act of 1988, a two wheeler owner must have a third party bike insurance. Driving a bike or scooter in India without third party two wheeler insurance is illegal and traffic cops can penalize you Rs 2000 for riding your vehicle without it. Buying third party bike insurance from HDFC ERGO website is easy and hassle-free, secure your ride today.

Features of Third Party Bike Insurance

Before buying a third party bike insurance, you should know about some of its features

Features Description
Low Premium Third party bike insurance premium starts at Rs 538 and it is very affordable compared to comprehensive insurance.
Provides Liability Cover The 3rd party bike insurance covers against financial and legal liabilities arising due to damage to the third-party property/person. This includes injury or death of a third party caused due to your insured two-wheeler.
Easy to Purchase Third party two wheeler insurance can be purchased online easily with zero documentation.
Fulfill Legal Requirement By purchasing a third party bike insurance policy you will fulfill the mandatory requirement as per the Motor Vehicles Act of 1988.

Benefits of Third Party Bike Insurance

Benefits Description
Avoid Legal Complications Third party insurance is mandatory as per the Motor Vehicles Act of 1988. If you are found riding a two-wheeler without a valid third party insurance policy, then you will be penalised.
Coverage for third party liabilities If a third-party is injured or meets an unfortunate death due to the insured bike, the financial compensation will be covered under this policy.
Affordable Policy Third-party bike insurance is more affordable than comprehensive and standalone own-damage policy. The IRDAI determines its premium based on cubic capacity.
Coverage to Third-party Vehicle Third party insurance policy provides coverage if the insured bike causes damage to a third party.
Paperless Process Whether you raise a third party bike insurance claim or renew the plan, no paperwork will be required. You simply need to upload all the relevant documents online.

Inclusions & Exclusions of Third Party Two Wheeler Insurance

Personal Accident Cover for Bikes

Personal Accident Cover

With our third party bike insurance policy we offer a compulsory personal accident (CPA) policy worth INR 15 lacs to shield you against any medical emergencies.

Third Party Property Damage

Third Party Property Damage

In third party bike insurance, the insurer will pay expenses for any third party property damage involving the insured person vehicle.

Third Party Injury

Injury to a Third Party

In case the third party person faces injury or even death due to an insured person vehicle, the insurer will provide coverage for medical treatment or other losses.

Advantages and Disadvantages of Third Party Bike Insurance

Buying a two wheeler third party insurance is an essential requirement for every bike/scooter owner as per law. You can opt for a comprehensive bike insurance policy after studying the advantages and disadvantages of 3rd party bike insurance. Let us take a look at that in the below table

Advantages Disadvantages

Third party insurance for bike provides coverage to the insurer for damages to a third party person, including injury or death of the third party. For E.g. Mr.A while riding his two wheeler accidentally injures Mr.B, the insurer will pay for the cost of Mr.B’s treatment.

Third party bike insurance policy will not cover any damages or loss incurred to the insured person or their vehicle. For E.g. Mr.A have this policy and meets with an accident where his scooter gets damaged, in that case,the repair cost will be borne by Mr.A..

Coverage for third party liabilities

With this policy, the insurer will not compensate for the theft of the policyholder’s bike. 

Premium for third party bike insurance is affordable compared to comprehensive bike insurance policy. 

Two wheeler third party insurance cost less, however, you get limited coverage. 

This policy is easy to purchase and premium rate is determined by the Insurance Regulatory and Development Authority of India (IRDAI). 

There are no riders available with third party bike insurance. Also, you cannot customise the insured declared value (IDV). 

Comprehensive Bike Insurance Vs. Third Party Two Wheeler Insurance

Third party two wheeler insurance provides you the most basic type coverage to the policyholder. It covers you from the any damage/losses done to vehicle, property or person. Third party bike insurance is also mandatory for all two wheeler owners failing of which could be liable for a fine of Rs. 2000 and/imprisonment up to 3 months.

Parameters Comprehensive Bike Insurance Third Party Two Wheeler Insurance
CoverageA comprehensive two wheeler insurance policy provides coverage for own damage as well as third party liabilities. The third party bike insurance policy offers coverage only for third party liabilities. This includes injury, death, and property damage of the third party caused by the insured’s vehicle.
Nature of Requirement It is not compulsory, however recommended to get overall protection for yourself and your vehicle. It is mandatory to have at least a third party insurance cover as per the Motor Vehicles Act
Add-ons Availability With HDFC ERGO comprehensive bike insurance you can avail zero depreciation cover and emergency assistance cover. Add-on covers cannot be opted for with third party two wheeler insurance.
Cost It is comparatively costlier because it offers extensive coverage. It is less expensive as it offers coverage for only third party liabilities.
Customization of the bike value You can customize comprehensive two wheeler insurance policy in accordance with your insurance requirements. Third party bike insurance policy cannot be customized. It is a standardized policy whose cost is determined on the basis the annual bike insurance rates declared by the IRDAI and the engine cubic capacity of your bike.

Compensation Offered under Third Party Bike Insurance

The compensation under third party bike insurance is offered to the owner-driver. However, the owner-driver must have a valid driving license and registration certificate of the insured bike. In the below table, you can see the compensation percentage offered under third party bike insurance cover to the policyholder:

Nature of Injury Scale of Compensation
In case of death 100%
In case of loss of two limbs or sight of two eyes 100%
In case of loss of one limb and sight of one eye 50%
In case of permanent total disability from injuries 100%

Third Party Two Wheeler Insurance Premium Rates

Third party two wheeler insurance provides the most basic type of coverage to the policyholder. It covers you from the any damage/losses done to vehicle, property or person. Third party bike insurance is also mandatory for all two wheeler owners. Driving without valid third party cover could lead to a fine of Rs. 2000 and/imprisonment up to 3 months. The premium for two wheeler third party insurance is determined by the Insurance Regulatory and Development Authority of India (IRDAI).

Engine Capacity TP Premium for Renewal of existing vehicle (Annual)*
Not exceeding 75 cc Rs. 538
Exceeding 75 cc but not exceeding 150 cc Rs. 714
Exceeding 150 cc but not exceeding 350 cc Rs. 1,366
Exceeding 350 cc Rs. 2,804

Long Term Third Party Policy for New Bike Owners

As per the Supreme Court order, all general insurance companies have to offer long term third party bike insurance policy for new bikes. IRDAI has directed the insurance companies to offer mandatory five year policy for two wheelers. Therefore, every new bike owner should ensure that their vehicle has a five year third party bike insurance policy. With the introduction of this new policy, there is no hassle of renewing policy every year. With this policy, the policyholder can also avoid the annual hike in premium as it is set for five years.

The below rates are applicable for long term third party bike insurance policy with effect from 1st June, 2022

Engine Capacity (cc) Third Party Bike Insurance Rates for 5 years
Up to 75cc Rs 2901
Between 75 to 150 cc Rs 3851
Between 150 to 350 cc Rs 7365
Above 350 cc Rs 15117

Factors that Affect Third Party Bike Insurance Premium

IRDAI determines the third party bike Insurance premium based on the two-wheeler's engine capacity. Hence, the two-wheeler's engine Cubic Capacity (cc) is the only factor that impacts the third party bike insurance premium.

How to Calculate Third Party Two Wheeler Insurance Premium?

While buying third party bike insurance online, it is necessary to know how its premium is calculated. Here’s a step-by-step guide for calculating your bike insurance premium

 

• Step 1 – Visit HDFC ERGO website and enter your bike registration number and proceed by clicking on get a quote.

 

• Step 2- You will have to enter your bike make and model.

 

• Step 3 – You must choose third party bike insurance plan.

 

• Step 4 – Give details about your last bike insurance policy- Date of Expiry. Enter your mobile number and email ID.

 

• Step 5 -You can now view your third party bike insurance price.

 

Why do You Need Third-Party Two Wheeler Insurance?

Apart from being mandatory to have a third party two wheeler insurance as per the Motor Vehicles Act, there are other reasons why you should have this cover:

    ✔ Mandatory by law: Third party two wheeler insurance is an essential but mandatory cover that all bike owners in India must have. If you are found without third party bike insurance by the traffic police, you can be fined up to Rs 2000/.


    ✔ Covers any damage to a 3rd party vehicle: In case of an accident by the insured bike causes to a third party vehicle or their property, your third party bike insurance coverage will compensate the cost of damages without you having to worry about it.


    ✔ Coverage for any injury or death of 3rd party vehicle owner-driver: If the owner of a third party vehicle is injured during an accident by the insured bike, the third party bike insurance will bear the financial losses for such personal damage. Also, if the third party person dies due to the accident, third party two wheeler insurance will protect the insured from the legal and financial implications.


    ✔ Quick and simple purchase: Tiresome insurance purchase procedures are archaic. Now get your preferred third party bike insurance with minimum documentation by visiting our website in a matter of few clicks

    ✔ Cost-effective insurance policy: Since all Third Party two wheeler insurance premiums are predefined by IRDAI; it makes this policy affordable for all. Thus, within a nominal value, you can expect coverage for any unforeseeable third party expenses awaiting you at the bend of the road.
    Also Read: Advantages of Third Party Two wheeler Insurance

What Makes HDFC ERGO's Two Wheeler Insurance Stand Out

 

Here are key points that make HDFC ERGO two wheeler insurance stand out:

• Quick, paperless insurance purchase procedure

• Premium starts at Rs 538*

• Option of Emergency doorstep or roadside assistance Add-on cover

• An extensive network 2000+ cashless garages

• Unlimited claims can be raised

• 100% claim settlement ratio^

• Option for renewal without inspection

How to Buy Third Party Bike Insurance Online?

The below steps will guide you through buying third party bike insurance online.

  • Visit our Website HDFCErgo.com
    Step 1
    Visit our Website HDFCErgo.com
  • Third Party Bike Insurance Quotes
    Step 2
    Enter your bike registration number and click on 'Get Your Quote'. Or proceed by clicking on 'Proceed Without Bike Number'.
  • Third Party Bike Insurance Plan
    Step 3
    Enter your details (Name, Mobile Number and Email Id). All the quotes in your category will be visible on your screen.
  • Third Party Bike Insurance Policy
    Step 4
    Verify the two-wheeler details, select the third party plan, and make the premium payment online to buy or renew the third party bike policy instantly.

Pay the premium via a secured payment gateway. The two wheeler insurance policy will be sent to your registered email address or via WhatsApp.

How to Renew Third Party Bike Insurance Online?

If you want to renew third party bike insurance policy, you need to go through following steps:

Step 1: Visit the insurer website, enter the vehicle registration number and select renew the policy.

Step 2: Enter details associated with your policy that you want to renew. Choose the third party cover plan.

Step 3: The renewed bike insurance policy will be mailed to your registered email-id.

How to Switch From Third-party to Comprehensive Bike Insurance?

Riding a bike on Indian roads involves a lot of risks is due to high probability rate of accidents. Insurance is crucial for all two-wheeler owners to compensate for the damages and an ideal plan should provide coverage for any vehicular damages. If you own basic third party bike insurance policy, you will get coverage for only third party liabilities, while comprehensive insurance provides coverage for own damage and third party liabilities. If you only own basic third party insurance for your bike, here are steps to switch to comprehensive insurance:

• Visit the official website of the insurer.

• Click on buy two-wheeler insurance.

• Submit all the necessary forms that contain details regarding your existing third-party insurance policy

• You can opt for self inspection option for your two-wheeler.

• Based on the reports given by the surveyor, the policy plan would be upgraded

• The previous third-party insurance plan will be cancelled, and the new policy will be initiated

Factors to Consider While Raising Third Party Bike Insurance Claim

    ✔ Valid Evidence The third party must have appropriate, accurate, and trustworthy evidence before they can make a claim for the harm the insured bike caused to them, their car, or their property.

    ✔ Reporting to the insurance company and the police: Be sure to notify your insurance company and the police immediately if your covered bike is involved in an accident so that you can readily take the following steps if third parties are harmed.

    ✔ Limit for Damages The Motor Accident Claims Tribunal will pass an order stating the maximum amount that can be awarded in damages. The compensation amount is in accordance with IRDAI guidelines. Currently, the maximum payable sum for damages to a third party's property is ₹7.5 lakhs. However, in cases of injury to third parties, there's no cap on the amount of compensation.

Documents Required for Third Party Bike Insurance Claim

 

• Copy of third party bike insurance policy

• Copy of Bike’s RC, and original tax receipts for verification.

• Police FIR report while reporting a third party death, damage and bodily injuries.

• Copy of your original driving license.

• Damage repair estimate.

• Payment receipts and repair bills.

 

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Third Party Bike Insurance FAQs

No, third party insurance for your bike isn’t enough because it offers limited coverage. Third party insurance is mandated as per Motor Vehicle Ac, 1988.
However, it doesn’t provide coverage to the owner of the bike in case of any mishap or natural disaster. It covers damages or death or accidents related costs for a third party.
The premium for third party bike insurance is set by the rules of IRDAI. The pricing for premium for third party bike insurance depends on the CC of a bike. It is far less expensive than comprehensive bike insurance. Here is a calculator of rates for bike third party insurance below-

Bike engine capacity Premium
Less than 75ccINR482
More than 75cc but less than 150cc INR752
More than 150cc but less than 350cc INR1,193
More than 350cc INR2,323
The third party insurance for bikes from HDFC ERGO protects bike owners from sudden expenses that might arise out of accidents when a third party is injured. It offers coverage on permanent disability and accidental death too.
Online purchase of third party bike insurance offers ease of getting the insurance policy issued form comfort of your home. It requires minimal documentation. With availability of just the bike number, HDFC ERGO offers detailed quote on enquiry for third party bike insurance.
No, if you have exclusive third party bike insurance, the NCB concept is not relevant or applicable.
If you have comprehensive bike insurance that includes third party cover, then, for each year that goes without a claim, you receive a discount on premium. This is called a no claim bonus. This figure might range from 20 to 50 percent of your premium amount.
The main difference between Third Party bike insurance and a comprehensive insurance for bike is related to the extent of coverage. The latter covers all third party linked liabilities from death to accident to damage to third party vehicle. On the other hand, the comprehensive insurance, covers owner bike damage or loss arising from theft, calamity, disaster or accident. It does not cover natural wearing out of the bike over time. There is a range of add-on clauses that can further enhance the coverage.
Third party insurance for bikes will not provide the owner with any coverage against damage or theft of his bike. No third party claim is admissible if the owner had been riding under influence of alcohol. It is also not valid if you have been riding without a driving license.
You do not have the privilege of NCB under third party insurance on your bike. This is applicable for a comprehensive bike insurance policy only.
Driving without third party bike insurance is illegal in India and there are heavy penalties imposable on the owner. The damages you might have to pay in case of death or accident, to the injured or bereaved family will need to go out from your personal account. According to the Motor Vehicle Act, you can be imprisoned for up to three months and/or fined INR 2000 or even both if caught without insurance. You do not get bonus transfer either, when purchasing a new policy.
Third party bike insurance protects against losses to third party person/property due to the insured person’s vehicle. It covers injuries, damages, and fatalities incurred by a third party due to the insured bike.
Third party bike insurance premium starts at Rs 538. The IRDAI determines its premium based on cubic capacity.
No, you cannot directly convert your third party bike insurance to zero depreciation insurance.
You can buy 3rd party insurance for your 10 year old bike from the insurer website without any documentation.
You can change third party two wheeler insurance to comprehensive two wheeler insurance policy by visiting the insurer website. After landing on the insurer website, navigate to bike insurance page, enter vehicle registration number, choose comprehensive plan and you can also select few add-ons if necessary. You can make the payment online and the policy will be mailed to you instantly.
No, third party insurance cover only damages to third party person/property due to the insured person’s vehicle.
No, third party two wheeler insurance does not provide coverage for theft of the insured person’s two-wheeler.
No, third party two wheeler insurance will only protect you from damages and losses caused to a third-party, while a fire cover will protect you against fire damage to your two-wheeler.
The 3rd party bike insurance covers against financial and legal liabilities arising due to damage to the third-party property/person. This includes injury or death of a third party caused due to your insured two-wheeler.
Third party insurance cover is mandatory for all vehicles as per the Motor Vehicles Act of 1988.
First-party refers to the policyholder, second-party is the insurer, and third party is the person towards whom damages are owed by the first-party in an accident.
The three types of bike insurance are standalone own damage bike insurance, comprehensive bike insurance and third party bike insurance.
Yes, you can ride two-wheeler on road with third party insurance.
Third party two wheeler insurance is necessary for all types of two-wheelers as per the Motor Vehicles Act of 1988.
You need to visit your insurer's website or VAHAN, IIB, Parivahan Seva, or RTO portals to check third party insurance validity.
With own damage two wheeler insurance the policyholder gets coverage for vehicular damage due to unforeseen accidents like- theft, accident, fire, etc. On the other hand, 3rd party insurance policy takes care of the damages/losses/injuries/death of the third-party property and person.
Yes, you can drive two wheeler with only third party insurance as per the Motor Vehicles Act of 1988. However, for complete protection of your vehicle, it is wise to buy comprehensive cover.
Yes, filing a First Information Report (FIR) is mandatory for third-party insurance claims in India.
Filing First Information Report (FIR) is mandatory for third-party claims, malicious damages, road accident and theft.

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