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A Short Informative Guide to Third Party Bike Insurance

When you purchase a bike, it is the first act you should perform, and the Motor Vehicles Act warrants it too. We are referring to third party two wheeler insurance.
To drive an uninsured bike is wrong on legal terms, not to mention a big safety hazard.
Third party insurance for bike is mandatory when owning an automobile.

Here are a few points to keep in mind:

What Is It?

 
 
It is one of the two bike insurance covers insurance companies sell in India.
The Motor Vehicles Act makes it mandatory for all bike owners to have third party insurance.
 

What Are Its Features?

 
 
A third party bike insurance covers the policy holder from legal liability arising from injuries or death to a third-party.
It also includes legal liability cover rising from third-party property damage.
 
Its premium is calculated upon the cubic capacity (cc) of the bike engine.
 

What Are Its Advantages?

 
 
It is more affordable compared to a comprehensive bike insurance policy.
It requires minimal documentation since it covers the policy holder against legal liability and not the bike.
 

What Are The Present Rates?

 
 
Insurance Regulatory Development Authority (IRDA) revises third party bike insurance rates each year.
As of April 1, 2017, the rates stand at:
Engine Capacity Premium Rate
Not Exceeding 75cc INR 569
Exceeding 75cc but less than 150cc INR 720
Exceeding 150c but less than 350cc INR 970
Exceeding 350cc INR 1,114
 
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