Third Party Bike Insurance Price

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. 

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.

Factors that impact the Third-Party Bike Insurance Premium?

• Increase in the number of two-wheelers which has contributed to the rise in the number of road accidents. Hence, the government has decided to increase the TP premiums in the same proportion.
• The engine capacity of the bike helps to decide the Third-Party premium for a different range of bikes.

As per the Motor Vehicle Act, here’s why you need a Third-Party Bike Insurance:

• Legal Compliance: Without owning a TP liability policy, two-wheeler owners aren’t legally allowed to ride on Indian roads.
• Enormous Liability: This is pretty straightforward, nobody wants to and in some cases many people can’t compensate for the losses and damages to a third-party. This is where a Third-Party Insurance comes into use, to help protect you from losing out any money. 

Events in which a bike owner can be liable to pay for Third-Party Losses

• In the case of Injury: The injured party (third party) can ask for expenses incurred for medical assistance, compensation of physical disfigurement, and also for the loss of earnings of the injured party when she/he is unable to work after the accident that involves your bike. In case you happen to sustain some injuries because of someone else’s fault, then you are authorized to ask for the compensation as mentioned.
• In the case of Death: The dependents of the deceased can ask for medical expenses for the treatment of an injury that caused death. In some cases, they may also ask for compensation for income loss.