Third Party Bike Insurance

As mandated by the Motor Vehicles Act of India, a third-party bike insurance policy covers damages inflicted upon a third party's person, vehicle, or property in case of an accident involving your prized bike.

While the primary focus is safeguarding others, our policy goes beyond legal obligations. In the unfortunate event of a third party's demise due to an accident caused by your bike, we provide the necessary financial coverage.

Additionally, the policy takes care of the daunting legal liabilities that may arise from such incidents.

Third-party Bike Insurance does not directly protect you or your beloved bike. That's why we offer the flexibility to enhance your policy by adding a personal accident cover or a standalone own-damage cover, ensuring you are shielded from all angles.

With us, you can now unlock the power of comprehensive protection with third-party insurance. Seamlessly blending legal compliance and financial security, our policy ensures you are always in the driver's seat of responsible ownership.

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.

Some of the key benefits of purchasing third-party bike insurance.

Financial Assistance - A basic or third-party insurance online for two-wheelers offers coverage against the financial expenses that arise due to an accident.

Legal Assistance - The insurance policy also provides legal assistance in case of an accident caused by an insured vehicle that leads to a third-party accident or death.

Property Damage Coverage - With third-party insurance online for two-wheelers, policyholders will get coverage for damage caused to third-party property.

Personal Accident Coverage - To enhance protection, some two-wheeler third-party insurance offers add-ons like personal accident coverage that offer assistance to policyholders in case of accident, death or disability.

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 2-wheeler third party insurance.

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 and Experience of the Bike Owner: The age and experience of the bike owner are essential factors. Generally, older riders with more experience are considered less risky and may be offered lower premium rates than younger, less experienced 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 IDV represents the current market value of the bike. The premium rate is typically a percentage of the IDV. Higher IDV values may result in higher premium rates.

Add-On Covers: Additional coverage options such as personal accident cover, own damage cover, or additional riders will affect the premium amount. Adding these covers will increase the overall premium.

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

Long-Term Third-Party Bike Insurance Online for New Two-Wheeler Owners

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, 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, 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, you can read testimonials from our past customers at the end of this page.

Tata AIG's Third-party Bike Insurance offers a range of benefits that ensure riders can enjoy their two-wheeled adventures with peace of mind. Further, using a bike insurance calculator, individuals can also check the premium based on coverage included.

Financial Protection: Firstly, it provides financial protection in case of any unfortunate events on the road. If you accidentally damage someone else's property, the insurance covers the costs of repairs or replacements, saving you from hefty expenses.

Robust Coverage: Our plans offer coverage for any bodily injury or loss of life to third parties. In the event of an accident, the insurance shields you from the legal consequences by taking care of the compensation or medical expenses for the affected party. This protects your finances and upholds your moral and legal obligations.

Streamlined Claim Settlement: Our insurance plans boast a streamlined and efficient claim settlement process. Dealing with accidents can already be a stressful experience, but this insurance ensures that the aftermath is hassle-free. With simplified procedures and quick settlement, you can focus on recovering from the incident instead of getting entangled in paperwork and lengthy processes.

Convenient Buying/Renewal Processes: We have a convenient online buying and renewing process. You can also compare two-wheeler insurance premiums with us and pick one suited to your budget. With just a few clicks, you can purchase or renew your insurance policy from your home. The online platform provides a user-friendly interface, making the process swift and hassle-free. Say goodbye to paperwork and hello to a seamless digital experience.

Personal Accident Cover Premium: This additional feature ensures that you, as the policyholder, are protected in case of accidental injuries. In the unfortunate event of an accident resulting in bodily harm or disability, the insurance provides financial compensation to help you cope with medical expenses and loss of income. This cover premium serves as an extra layer of security, offering peace of mind to you and your loved ones.

Refer to the table to learn about the different insurance plans offered by Tata AIG to make informed decisions.

Buying or renewing third-party bike insurance with Tata AIG online is convenient and straightforward. Follow these steps to ensure a seamless experience:

Visit our website: Go to the official Tata AIG 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 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.

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:

Below are the documents required for filing a third party bike insurance claim.

• Copy of third-party bike insurance policy.

• Original copy of vehicle registration certificate.

• Original copy of driving licence.

• Copy of FIR

• Proof and Evidence to Support Damage.

• Repair Estimate for Damage.

• Payment Receipts or Repair Bills, If Any

The process can be relatively straightforward and convenient when claiming Third-party Bike Insurance online with Tata AIG. Here are the detailed steps for filing a claim as a policyholder and a victim.

Filing A Claim As A Policyholder

Contact Tata AIG: If an accident or incident requires a claim, immediately contact Tata AIG's dedicated claim helpline. You can find the contact information on the Tata AIG website or your policy documents.

Provide necessary information: When contacting the claim helpline, be prepared to provide details such as your policy number, contact information, date, time, and incident location. Describe the incident clearly and accurately, including the damages or injuries sustained.

Follow instructions: The Tata AIG representative will guide you through the claim process, provide necessary instructions, and inform you about any required documents. They may advise you on the nearest network garages or authorised repair centres for vehicle inspection and repairs.

Submit required documents: Gather all the necessary documents as instructed by the Tata AIG representative. These documents may include a filled claim form, copy of the insurance policy, vehicle registration documents, driving licence, FIR or police report (if applicable), and any other supporting evidence related to the incident.

Await assessment: Tata AIG will assess your claim after submitting the required documents. An assigned surveyor may inspect the damages or injuries, evaluate the circumstances, and determine the claim amount eligible as per the Third-party Bike Insurance policy terms and conditions.

Claim settlement: Once the assessment is complete, Tata AIG will proceed with the claim settlement process. You will receive the settlement amount per the policy coverage and terms if the claim is approved. The settlement is typically made through electronic transfer or a cheque.

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.

Contact Tata AIG: Reach out to Tata AIG'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 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 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.

A basic third-party two-insurance policy or third-party scooter insurance is a mandatory requirement in India. Driving a vehicle without a policy can invite fines and penalties from the authorities. Tata AIG's third-party bike policy offers a convenient and efficient online buying and renewing process, ensuring a hassle-free experience for policyholders. With the added benefit of a personal accident cover premium, it provides comprehensive protection to the policyholder and accident victims.