Buy Third Party Best Two Wheeler Insurance 2022

Buy Third Party Two Wheeler Insurance

Third-party two-wheeler insurance cover is one of the most basic types of two-wheeler insurance. It is designed to protect you against all third party liabilities arising out of an accident involving your two-wheeler.

To comply with the Indian Motor Vehicle Act, 1988, it is mandatory for every two-wheeler owner in India to have third party two-wheeler insurance. It is mandatory for every two-wheeler owner in India to have a third-party two-wheeler. – Wheeler insurance to comply with the Indian Motor Vehicle Act, 1988.

Why do you need third party two wheeler insurance?

Third-party two-wheeler insurance cover is the most basic type of two-wheeler insurance plan available. It provides coverage to the policyholder for all third-party liabilities (bodily injuries, death and/or property damage) in case of any road accident or any other mishap involving the insured’s two-wheeler.

While the amount of compensation in case of bodily injury/death of a third party is determined by a court of law, the limit of compensation for damage to third party property is Rs. is limited to 1 lakh. As per Indian Motors Tariff 2002, it is mandatory for every two-wheeler owner to have at least 3rd party two-wheeler insurance in India. Buying third party two wheeler insurance policy online is safe and easy.

Also Read: Best Income Tax Benefits on Health Insurance 2022

How to buy third party bike insurance online?

Do you want to buy a third party two-wheeler insurance policy? We’ve got your back! Buy third party two wheeler insurance online at Coverfox.com by following these simple steps:

Step 1: Visit the Coverfox website and select ‘Bike’
Step 2: Feed-in your bike’s registration number.
Step 3: Enter your name and mobile number and click on Get Quotes.
Step 4: Now compare the insurance policies offered by various Two Wheeler insurance companies and choose the one that ticks all your boxes.
Step 5: Now, you can pay online for the selected Two Wheeler insurance policy.
Step 6: Your policy documents will be emailed to you.

What is a Third Party Two Wheeler Insurance Premium Calculator?

The Third-Party Bike Insurance Premium Calculator is an easy-to-use online tool that helps you get the third-party two wheeler insurance premium for your bike. You just need to provide details of your two-wheeler like make and model, location, registration number of your bike and the tool will do the rest. Based on the information provided, the premium calculator will generate the premium amount payable for your bike.

What is the third party insurance premium/rate?

The Insurance Regulator and Development Authority of India (IRDAI) sets the third party two wheeler insurance premium/rate based on the engine capacity of the bike. IRDAI continues to modify third party two wheeler insurance premiums based on previous year’s TP claim data and other factors.

Below is the table with the third party two-wheeler insurance premium rates as per the latest notification released by IRDAI.

Bike engine capacity Third-party bike insurance premium rates

Not more than 75 cc
Rs. 482
Exceeding 75cc but not exceeding 150cc
Rs. 752
Exceeding 150cc but not exceeding 350cc
Rs. 1193
More than 350cc
Rs. 2323

What is covered by third party two wheeler insurance?

Damage to third party property due to insured’s two-wheeler Rs. 1 lakh only covered under third party/liability Two Wheeler insurance policy.

The amount of compensation in case of bodily injuries/death of third party is decided by a court of law. In case of both limbs or both eyes/permanent disability and third party death, the insurer provides 100% compensation. Whereas, in case of partial disability like physical injuries or loss of one limb or loss of one sight, the insurer provides 50% compensation.

One can purchase coverage for pillion rider by making an additional premium for personal accident cover.

Includes required personal accident cover for the driver of an insured two-wheeler of Rs. 15 lakhs.

What is not covered by third party two wheeler insurance?

It is extremely important to know what is not covered by your third party Two Wheeler insurance plan so that there is no confusion when making a claim.

• As per the Indian Motor Act under a third party Two Wheeler insurance scheme, the policyholder will not receive any coverage for loss or damage to their own insured bike.
• If you are driving under the influence of alcohol or riding your insured bike without a valid driving license then you are not liable to make a claim in such circumstances.
• If the accidents occur outside the geographical boundaries of the cover, such accidents are not eligible for any monetary claim.
• Any claims arising out of contractual obligations are not covered under the third party bike insurance plan
• Any claims that arise due to loss or damage caused by war or war-like conditions, including radioactive contaminants are not covered under this policy.

Long term third party cover for five years for new bike owners

According to the Insurance Regulatory and Development Authority of India (IRDAI), owners of new two-wheeler vehicles must have a third-party liability policy for a period of five years for which they must pay upfront.

A long-term third party bike insurance will provide coverage for bodily injury, death and property damage caused by the third party insured vehicle. However, it will not cover any injuries caused by the two-wheeler to the insured person. This insurance policy is cost-effective in comparison to a comprehensive bike insurance policy due to its limited coverage. However, there are various benefits that policyholders can avail themselves with this long term third party cover.

How to claim third party bike insurance online?

Are you confused how to claim third party two-wheeler insurance online? Well, third party two-wheeler insurance can be claimed by the insured as well as the victim. Read on to know.

For the insured person:

• Take clear pictures of the damaged parts of your bike.
• Take down all necessary details of the damaged vehicle or vehicles.
• Look for any witnesses to the accident; If any, note their contact details.
• Report the accident to your insurance provider immediately and follow their instructions.
• File a First Information Report (FIR) at the police station of that jurisdiction.
• With the guidance of a lawyer, register the case in the Motor Accident Claims Tribunal Court
• Attend court proceedings, provide details of the incident and submit required documents.
• Court order the insurance provider and cover the cost of bodily injuries and property damage.

For the victim:

• If you are the victim, you must take down the details of the third-party involved in the accident or mishap and report the incident to the insurance company.
• Based on the information provided, the insurance provider will transfer your case to the Motor Insurance Claims Tribunal.
• You have to attend the court proceedings and provide all necessary documents, copy of FIR and evidence related to the incident.
• Based on the facts, the tribunal will decide on the compensation amount to be paid.

Claims process for third-party bike insurance if you are the victim

• If you are the victim, you must take down the details of the third-party involved in the accident or mishap and report the incident to the insurance company.
• Based on the information provided, the insurance provider will transfer your case to the Motor Insurance Claims Tribunal.
• You have to attend the court proceedings and provide all necessary documents, copy of FIR and evidence related to the incident.
• Based on the facts, the tribunal will decide on the compensation amount to be paid.