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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.