Third Party Bike Insurance Price
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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.
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 2018-19.
Engine Capacity |
The premium for 2019-20 in INR |
The premium for 2018-19 in INR |
The premium for 2018-19 in INR |
₹482 |
₹427 |
Exceeding 75cc but not exceeding 150 cc |
₹752 |
₹720 |
Exceeding 150cc but not exceeding 350cc |
₹1193 |
₹985 |
Exceeding 350 cc |
₹2323 |
₹2323 |
No rate hike has been proposed for bikes above 350 cc. The price is expected to rise hence, insurers are allowed to charge a long term third-party premium for new two-wheelers like bikes, scooters, etc.
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:
As per the Motor Vehicle Act, here’s why you need a Third-Party Bike Insurance: