Third Party Two-Wheeler Insurance

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

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

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

• Step 1: Visit the website of Coverfox and select ‘Bike’
• Step 2: Feed-in your bike’s registration number.
• Step 3: Provide your name and mobile number and click on get quotes.
• Step 4: Now compare the insurance policy provided by different insurers and choose the one that ticks all your boxes.
• Step 5: Now, you can pay for the selected bike insurance policy online.
• Step 6: Your policy documents will be sent to you via email.

A third-party bike insurance premium calculator is an easy to use online tool that helps you to get a third-party two-wheeler insurance premium for your bike. You just need to provide details of your two-wheeler such as the 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.

The Insurance Regulator and Development Authority of India (IRDAI) decides the third-party two-wheeler insurance premium/rate based on the bike's engine capacity. IRDAI keeps changing the third party two-wheeler insurance premium based on the previous year’s TP claim data and other factors.

Below is the table with the third party two-wheeler insurance premium rates, according to the latest announcement released by IRDAI.

Note: The above mentioned third party two-wheeler insurance rates are for the financial year 2019-2020 and are effective from 16th June 2019 till further notice from IRDAI.

• Any third party property damage caused by the insured’s two-wheeler is covered under the third party/liability only insurance policy up to Rs.1 lakh.
• The compensation amount in case of third party bodily injuries/death is decided by a court of law. In case of loss of both the limbs or both eye sights/ permanent disability and death of a third party, the insurer provides 100% compensation. Whereas, in case of partial disabilities like bodily injuries or loss of one limb or loss of one eyesight, the insurer provides 50% compensation.
• One can buy coverage for the pillion rider by making an additional premium for personal accident cover.
• A necessary Personal Accident cover is included for the driver of the insured two-wheeler of Rs. 15 Lakh.

It is extremely critical to know what all is NOT covered by your third party bike insurance plan so that there are no confusions at the time of making a claim.

• According to Indian Motor Law under a third party bike insurance plan, a policyholder would not receive any coverage concerning loss or damage to their own insured bike
• In case you were drunk driving or were riding your insured bike without a valid driving license then in such scenarios you won’t be liable to make a claim
• In case the accidents happen outside the geographical boundaries of the cover, then such accidents are not eligible for any monetary claim
• Any claim that arises because of contractual liabilities are not covered under a third party bike insurance plan
• Any claims that arise because of damage or loss caused by war or war-like conditions, radioactive contaminants are also not covered in this policy

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

• Take clear pictures of the damaged parts of your bike.
• Take down all the necessary details of the damaged vehicle or vehicles.
• Look for any eye-witness of the accident; if any, note down their contact details.
• Inform your insurance provider immediately about the accident and follow their instructions.
• File a First Information Report (FIR) at the police station of that jurisdiction.
• With the guidance of a lawyer, register a case at the Motor Accident Claims Tribunal Court
• Be present at the court proceedings, provide the details of the incident, and submit the required documents.
• Give the court’s order to the insurance provider and get the expense covered of the bodily injuries and property damages.

• If you are the victim, you must take down the details of the third-party involved in the accident or a mishap and inform the insurer about the incident.
• Based on the information provided, the insurance provider will transfer your case to the motor insurance claim tribunal.
• You have to be present in the court proceedings and provide all the documents required, a copy of the FIR, and proofs related to the incident.
• Depending on the facts, the tribunal will decide on the compensation amount to be paid.

• If you are the victim, you must take down the details of the third-party involved in the accident or a mishap and inform the insurer about the incident.
• Based on the information provided, the insurance provider will transfer your case to the motor insurance claim tribunal.
• You have to be present in the court proceedings and provide all the documents required, a copy of the FIR, and proofs related to the incident.
• Depending on the facts, the tribunal will decide on the compensation amount to be paid.