Learn About The New Third Party Bike Insurance Rules | Bharti AXA

Car Insurance

Bharti AXA provides a comprehensive cover for your car,so you can drive hassle-free.

Two Wheeler Insurance

Ride worry-free, with Bharti AXA two wheeler insurance plan. 

Health Insurance

Safeguard the health of your loved ones with a wide range of Bharti AXA health insurance plans.

Travel Insurance

Secure your joyous family trips with Bharti AXA international travel insurance cover.

Bharti AXA Home Insurance

Bharti AXA Home Insurance

Bharti AXA SME Package Insurance

Bharti AXA SME Package Insurance

Bharti AXA Commercial Lines Insurance

Bharti AXA Commercial Lines Insurance

Bharti AXA Commercial Vehicles Insurance

Bharti AXA Commercial Vehicles Insurance

Bharti AXA Motor Third Party Insurance - Commercial

Bharti AXA Motor Third Party Insurance - Commercial

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Bharti AXA Car Insurance

Renew your Bharti AXA car insurance to enjoy your non-stop drive.

Bharti AXA Two Wheeler Insurance

Renew your Bharti AXA Two Wheeler Insurance to continue your worry-free rides.

Bharti AXA Health Insurance

Renew your Bharti AXA Health Insurance and continue to safeguard the health of your loved ones.

Register Claim

Track Claim

BLOGS

FAQS

About Bharti AXA

Branch Locator

Cashless Garages

Cashless Hospitals

Careers

Contact Us

Become A Partner

Become A Partner

Products

Car Insurance

Two-Wheeler Insurance

Travel Insurance

Health Insurance

Motor Third Party Liability

Commercial Vehicle

Commercial Lines Insurance

Bharti AXA SME Package

Home Insurance

Pradhan Mantri Fasal Bima Yojana(PMFBY)

Arogya Sanjeevani

List of products

List of withdrawn Products

Car Insurance

Comprehensive Car Insurance

New Car Insurance Policy

IDV in Car insurance

No Claim Bonus in Car Insurance

Bumper to Bumper Car Insurance

Bike Insurance

Comprehensive Two Wheeler Insurance

IDV in Bike Insurance

No Claim Bonus in Bike Insurance

Bike Insurance Quote

Travel Insurance

Travel Insurance Coverage

Benefits of Travel Insurance

Travel Health Insurance

Travel Insurance Quote

Health Insurance

Cashless Health Insurance

Knowledge Centre

Blog

Infographics

Videos

Travel Guide

Visa Guide

Road Trip

Insurance Glossary

Health & Fitness Guide

Food & Cuisine Guide

RTO Guide

Driving License Guide

Car Manufacturer

Two-Wheeler Manufacturer

Travel Destination

Bharti AXA & YOU

About Us

Careers

Contact Us

Cashless Garages

Cashless Hospitals

Branch Locator

Grievances

Investor Relation Information

Resources

Public Disclosure

Knowledge Centre

Download Center

Media Center

Consumer Education

Electronic Insurance Account

Update IRCTC Nominee

Unclaimed Amount

Sitemap

Notice Of General Meetings

Service Parameters

Suspended Agents

Whistleblower policy

Become A Partner

About Group

AXA Group

Bharti Enterprises

Bharti AXA Life Insurance

Download My Airtel App

Legal

Privacy Policy

Terms of Use

Fraud Risk Management Policy

Equal Opportunity Policy

[object Object]
[object Object]
Car

Car Insurance

Two-wheeler

Two-wheeler Insurance

Health

Health Insurance

Travel

Travel Insurance

Disclaimer : The information published on this website is for the public′ s reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel,services, or any other items mentioned on this subject for any purpose whatsoever.
Explore Our Products
130+ COUNTRY WIDE PRESENCE
COVERS ALL TRAVELS RELATED DISASTERS
FLEXIBLE PLANS FOR YOUR NEEDS
24/7 ASSISTANCE WORLDWIDE
Most Recent Blogs
blogs/

HealthInsurance

Things that are Not Covered under Health Insurance

18th Jul,2020

blogs/

TwoWheelerInsurance

List Of Non-Gear Bikes You Could Buy On A Friendly Budgeta

13th Jul,2020

blogs/

CarInsurance

Here Is A List Of Documents You Have To Keep In Your Car At All Times

07th Jul,2020

blogs/

TravelInsurance

Are Adventure Activities Covered in your Travel Insurance Plan?

09th Jun,2020

null/

Learn About The New Third Party Bike Insurance Rules

Bike insurance is necessary for any bike owner and represents a crucial component of bike ownership. Till recently however, anybody who wished to get a third-party insurance cover needed to pay a year’s worth of premium and it was not absolutely mandatory to have third-party insurance cover for two-wheeler or four-wheeler owners. According to the new third-party insurance rules instated by the Insurance Regulatory and Development Authority of India (IRDAI), not only can no motorist ply on the road without a third-party insurance policy but that they need to pay premium for multiple years, beginning from the 1st of September, 2018. Below, we will look at some of the things that have not changed and some of the new rules and what they imply.

What remains the same?

Some of the ways in which the new rules have not made a categorical difference are:

  1. Renewal of Old Policies: Since new rules only apply to those vehicles that have been purchased after September 2018, renewal policies for these vehicle owners will remain the same and they will have to renew yearly, except for those maybe who already had longer-term policies.
  2. Insured’s Declared Value: The new rules will not make any difference on the Insured’s Declared Value (IDV) of vehicles that are already covered by insurance.
  3. No-claims Bonus: No changes will be effected on the No-claims Bonus by the new rules regarding third-party insurance.

What has Changed?

While the new rules do not make a difference on renewal policies, the IDV and the no-claims bonus, there are some other significant changes that they will bring about such as:

  1. Premium Expenditure: Since the new rules demand that premiums be paid in a lump-sum of 3 or 5 years, the premium outflows in the 1st year will be significantly increased in contrast to premium payments before last year. However, no premiums will need to be paid in the 2nd and 3rd years. 
  2. Tariffs for Third Party: For all motor vehicles, the tariffs have gone up except for all vehicles with engine capacities of less than 1000cc. While most bikes in the Indian market are less than 1000 cc, the new tariff rates will be applicable to all bikes that have engine capacities of more than 1000cc.  

For vehicles not exceeding 1000cc: For all motor-vehicles with engine capacities of less than 1000cc, the premium rates will continue to be the same. However, with the new rules, the new rate of INR 5286 will be a slightly lesser amount than INR 5550, that was the cumulative amount in the old scheme.

For vehicles exceeding 1000cc and not exceeding 1500cc: The new long-term payment applicable on these vehicles will be INR 9534, a stark contrast to the earlier cumulative amount of INR 8589.

For vehicles exceeding 1500cc: For all vehicles exceeding 1500cc, especially bikes such as the Hero Honda Gold, new premium amounts will be INR 24305 in contrast to older cumulative premiums amounting to INR 23670.

 

Be sure to pay your long-term premiums and get the best two-wheeler insurance today. The more you wait, then more premium you might have to pay.