The third-party bike insurance covers the personal liability in case the policyholder accidentally damages a third party. In this case, the insurance company will bear the liabilities of the insured person. Any liability caused by injury, accidental damage or even death is covered.
Keep in mind that this is insurance is mandatory as part of the Indian Motor Vehicles Act of 1988. Vehicles are not allowed to be on the roadwithout third-party insurance. While the cost of third party insurance isn’t something significant, it is much cheaper for bikes than cars. In fact, you can get third-party insurance for a bike for a quarter of the third-party insurance cost of a car.
Third-Party Insurance Coverage
Whether the third-party insurance is for a car or a bike, the coverage is going to be the same but the maximum liability is going to be different from plan to plan. So what kind of vehicle you’re operating doesn’t matter.
Alongside liability coverage, third-party insurance offers financial assistance. This can be given if there has been damage or loss to the property of the third party. Third-party coverage for bikes also includes any physical structures other than a vehicle. With the money you pay and the coverage you get in return, third-party insurance is definitely worth it.
Third-Party Insurance for Bike Premium Price
The cost of third-party insurance for a bike is going to be different depending on the bike you’re operating. Any additional certificate or a driver also plays a role in the premiums as well.
For first named certificate or driver, third-party insurance monthly premium for bikes is around 500 Rupees. For each additional certificate and/or driver, add about 250 Rupees.
There is also bikes that is used to carry passengers. The third-party insurance cost for these is goign to be higher. The engine size of the bike usually determines the cost of the third-party insurance. Check the list below to see the average monthly premium costs for these bikes.
- Less than 75 CC: 850 Rupees
- Between 75CC and 150CC: 900 Rupees
- Between 150CC and 350CC: 1000 Rupees
- Over 350CC: 2,000 Rupees
As you can see above, the cost adds up as the engine size gets bigger. This is going to be one of the biggest determination points for third-party insurance for bikes. The figures you see on the list are the average costs. The actual cost your insurance company offer to you may be higher or lower. These are the average monthly premium costs as of now.