Third Party Bike Insurance

A third-party bike insurance policy, as required by the Motor Vehicles Act of 1988, is mandatory for all two-wheeler owners in India. This policy provides financial protection against liabilities incurred by a third party, such as injury, death, or damage to their vehicle or property, in the event of an accident.

Example: Let’s say you accidentally hit another rider on the road, causing them injury and damaging their bike. In this case, your 3rd party bike insurance would cover the cost of their medical treatment and repair their bike. However, this policy does not cover any damage to your bike or injuries you may have sustained in the accident.

If you want coverage for your own bike, you can opt for own-damage insurance or a comprehensive policy, which combines 3rd party bike insurance with protection for your own vehicle. Personal accident cover can also be added for compensation in case of injury or death.

• Covers Third-Party Liabilities: Motorcycle insurance third-party covers damages or injuries caused to a third party along with damage to property.

• No Coverage for Own Bike: The two-wheeler third-party insurance does not cover damages to your own bike.

• Legal Requirement: Helps you meet legal obligations for financial protection against third-party claims.
  Example: If someone with 3rd party bike insurance damages another person’s bike in an accident, the policy will cover the repair costs for the third party's bike with damages or injuries caused to a third party

Third-party bike insurance offers comprehensive protection, ensuring both legal and financial peace of mind when riding.

• Financial Protection: 3rd party bike insurance covers the financial costs arising from accidents involving third-party injury or property damage.

• Legal Protection: With motorcycle insurance third party, policyholders receive essential legal assistance in case of accidents, safeguarding against potential legal claims from third parties.

• Property Damage Coverage: Two-wheeler third-party insurance protects against third-party property damage, helping cover repair or replacement costs.

Purchasing 2-wheeler insurance 3rd party online ensures easy access to essential protection, allowing you to drive with confidence.

Before purchasing third-party bike insurance, it's important to understand its key features:

• Affordable Premium: 3rd party bike insurance starts at a low premium, making it more cost-effective than comprehensive policies.
• Liability Cover: Motorcycle insurance third party protects against legal and financial liabilities from third-party injury or property damage.
• Easy to Purchase: Two-wheeler third-party insurance can be bought online with minimal documentation, ensuring a hassle-free process.
• Legal Compliance: Purchasing third-party two-wheeler insurance fulfills the mandatory legal requirement under the Motor Vehicles Act of 1988.

Unforeseen situations and accidents can occur to anyone without any prior warning. These accidents are not only emotionally burdening but also cause financial burdens. The expenses incurred due to accidents are very hefty.

Considering this, the authorities have made it mandatory to have third-party insurance for bikes as it provides coverage against loss or damage caused to insured vehicles and third parties. Vehicle owners who don't follow these traffic rules need to pay hefty fines to authorities, and in some cases, it can lead to imprisonment.

The compensation offered in the case of third-party bike insurance online is subject to vary depending on the legal requirements and policy conditions. If the bike owner doesn't have a valid driving licence or registration certificate, then it can affect the compensation amount. Refer to the below table to know about the compensation in terms of percentage and nature of injury for third-party bike insurance.

Note: The percentage of compensation may vary as per the policy condition and insurance company.

The third-party bike insurance price is calculated based on several factors that help insurers assess the level of risk associated with insuring a particular bike owner.

Here are some key factors that typically influence the calculation of the premium rate:

• Cubic Capacity (CC) of the Bike: The bike's engine capacity, usually measured in cubic centimetres (CC), plays a significant role in determining the premium. Higher CC bikes tend to have higher premium rates associated with more incredible speed and power.
• Age of the Bike Owner: Age is an important factor considered by insurers. Generally, older riders are viewed as less risky and may receive lower premium rates compared to younger riders.
• Location: The geographical location where the bike is primarily used and parked also affects the premium rate. Areas with higher traffic density or a higher incidence of theft or accidents may lead to higher premiums.
• No Claim Bonus (NCB): If the bike owner has a claim-free history, they may be eligible for a No Claim Bonus. This bonus rewards policyholders with a discount on the premium for each consecutive year without making a claim.
• Insured Declared Value (IDV): The premium rate is typically a percentage of the IDV. Higher IDV values may result in higher premium rates.
• Add-On Covers: Add on covers are optional features or extensions that policyholders can add to their standard policy to enhance their coverage.

As discussed above, a bike's cubic capacity (CC) can affect the third-party insurance premium. Bikes with higher CC will have more powerful engines and higher performance capabilities.

The IRDAI is responsible for determining the premium rates of third-party bike insurance policies based on the engine capacity. Bikes with larger engines can potentially cause more severe damage to other vehicles involved in an accident. Additionally, higher CC bikes may be more expensive to repair or replace in case of an accident, leading to increased claim costs for the insurance company.

So, the bikes with lower cubic capacities will have the cheapest third-party bike insurance premium. Below are the decided slab rates for third-party insurance premiums based on engine capacity.

Note: The policy premium may vary as per the policy conditions and coverage offered by the insurance company

As per the new legal mandate by the Supreme Court of India, all the general insurance companies need to offer long-term third-party motor insurance plans to new vehicle owners. It means the insurance company offers mandatory five-year insurance plans for new vehicles.
This is mandated to ensure that the new vehicle remains protected against damages for the long term without the hassle of renewing the policy every year.

Below are the premium slab rates for a long-term third-party bike insurance policy based on engine capacity.

Note: The policy premium may vary as per the policy conditions and coverage offered by the insurance company.

While purchasing third-party insurance online for a two-wheeler, some points need to be kept in mind.

• Coverage Options: Ensure your policy guards against third-party liabilities, covering the cost of injuries inflicted upon others and the damage incurred by their precious possessions. Remember, the broader the scope, the safer your voyage.
• Calculate the Premium: Evaluate your steed's cubic capacity, for the stallions of higher CC might demand a weightier fee. The insurer's price may fluctuate, influenced by the location in which you dwell and the riding record you uphold.
• Analyse the Claim Settlement Process: Seek the insurer's reputation, for their swiftness and fairness shall be tested in times of distress. At TATA AIG General Insurance Company , we have had a CSR (claim settlement ratio) of 98% in last fiscal year
• Optional Add-ons: With various add-ons offered by TATA AIG General Insurance Company, vehicle owners can enhance their vehicle coverage against various risks.
• Beware of Policy Exclusions: Theft, fire, and self-damage may not find solace within third-party insurance coverage. Seek comprehensive protection for these damages, lest unforeseen mishaps burden your heart.
• Seek Reviews: Ask your peers and friends about different insurers. Search for client testimonials on the search engines of the brands you know and then decide. For TATA AIG General Insurance Company, you can read testimonials from our past customers at the end of this page.

• Financial Protection
  TATA AIG General Insurance Company’s third-party bike insurance provides financial protection by covering legal liabilities arising from third-party bodily injury or property damage caused by your bike. This helps you avoid significant expenses after an accident.

• Comprehensive Coverage (Own Damage + Third-Party Insurance)
  Our comprehensive policy combines third-party liability with protection against damage to your own bike, offering complete peace of mind.

• Efficient Claim Settlement
  The claims process is simple and quick, with minimal paperwork and fast settlement to reduce your stress.

• Convenient Online Purchase and Renewal
  Buy or renew your policy effortlessly using our online platform. Compare premiums and complete the process in a few clicks from anywhere.

• Personal Accident Cover
  TATA AIG General Insurance Company’s third-party two-wheeler insurance includes a personal accident cover for the policyholder. This cover is mandatory if the insured does not have an existing personal accident policy with a sum insured of Rs. 15 lakhs or more. If such a policy exists, the personal accident cover under the two-wheeler insurance is optional. It provides financial compensation in case of injury or disability due to an accident, offering added security for you and your family.

Refer to the table below to understand the key differences between third-party bike insurance and comprehensive bike insurance to help you make an informed decision:

This comparison will help you decide which option suits your needs based on coverage, premiums, and the level of protection you're looking for.

The third-party policy inclusions and exclusions are generally similar to any other bike insurance plan offered by us. However, here is a list of a few specific things that are included and non-included in our third-party bike insurance policies:

• Buying or renewing third-party bike insurance with TATA AIG General Insurance Company online is convenient and straightforward. Follow these steps to ensure a seamless experience:
• Visit our website: Go to the official TATA AIG General Insurance Company website using a web browser on your computer or mobile device.
• Navigate to the Two-Wheeler Insurance section: Explore the website and locate the section dedicated to Two-Wheeler Insurance. You can find it under the "Motor Insurance" or "Products" tab.
• Select Third-party Bike Insurance: Within the Two-wheeler Insurance section, choose the option for Third-party Bike Insurance. This type of policy explicitly covers the damages and liabilities towards third parties.
• Provide bike details: Fill in the necessary information about your bike, including the make, model, variant, registration number, and manufacturing year. These details help determine the insurance premium.
• Enter personal details: Enter your personal information, such as your name, contact number, email address, and residential address. Ensure accuracy to avoid any issues during policy issuance.
• Review and choose coverage: Carefully review the policy coverage and benefits provided under the Third-party Bike Insurance. Take note of the premium amount and any additional features or add-ons available. Click on Buy or Renew.
• Make payment: Select a convenient payment method from the available options. TATA AIG General Insurance Company usually supports various payment modes, including credit/debit cards, net banking, and digital wallets. Follow the prompts to complete the payment securely.
• Receive policy documents: After the payment is successfully processed, you will receive the policy documents via email. These documents serve as proof of insurance and should be saved or printed for future reference.

If you're involved in an accident and need to file a claim under your third-party bike insurance policy withTATA AIG General Insurance Company, follow these simple steps:

Filing A Claim As A Policyholder

• Inform the Authorities: Report the accident to the police and file an FIR, if applicable.
• Contact TATA AIG General Insurance Company: Immediately inform Tata AIG about the incident by calling our dedicated claim helpline for your motorcycle insurance third party.
• Gather Necessary Documents: Collect required documents like the FIR, vehicle registration, driving license, and medical bills, if needed, to support your third-party two-wheeler insurance claim.
• Claim Submission: Submit all documents to TATA AIG General Insurance Company for processing. We will liaise with the third party and settle the claim as per the policy terms.
• Ensure all details are accurate for a smoother claim process with 3rd party two-wheeler insurance.

Filing A Claim As A Victim

• Inform the policyholder: As a victim, it is essential to inform the policyholder about the incident and provide them with the necessary details, including your contact information, vehicle details, and the date, time, and location of the accident.
• Gather evidence: Collect evidence to support your claim, such as photographs of the accident scene, vehicle damages, injuries sustained, and other relevant information. If possible, gather contact details of any witnesses present.
• ContactTATA AIG General Insurance Company: Reach out to TATA AIG General Insurance Company’s claim helpline to report the incident and file a claim as a victim. Provide all the necessary information, including the policyholder's details, the incident details, and personal information.
• Cooperate with the investigation: TATA AIG General Insurance Company may investigate to assess the claim. Cooperate with the assigned surveyor or investigator by providing the information, documents, and other assistance required to evaluate the claim accurately.
• Await claim settlement: Once the investigation is complete and the claim is approved; TATA AIG General Insurance Company will proceed with the claim settlement. You will be paid the settlement amount as the victim based on the policy's coverage limits and terms.

*Standard T&C apply

*Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.