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Best Third Party Bike Insurance Policy Online in Hyderabad, India

Buy or Renew Bike Insurance Online in Just 60 Seconds

How Does Third-Party Bike Insurance Work?

Third-party bike insurance offers coverage for damages or losses caused to a third party, not to the insured bike itself. For example, if Mr. Kumar, who has a third-party bike insurance policy, meets with an accident and damages another person’s bike, the insurance will cover the financial compensation for the third-party damage or injury. However, it will not cover the repair costs of Mr. Kumar’s own bike. This policy is designed to handle third-party liabilities such as property damage, bodily injuries, or even death caused to a third party due to the insured vehicle.

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Third Party Bike Insurance at a Glance

ParametersFeatures
PremiumAffordable premium options
Buying processBuy third-party bike insurance easily online through BimaStreet
Property damages to a third partyCoverage for damages caused to a third party’s vehicle or property
Personal injury or death of a third partyUnlimited liability as per policy terms
Compulsory personal accident coverCoverage of up to ₹15 lakhs (needs to be purchased separately if required)

Key Features of Third-Party Bike Insurance

Here are the main highlights of a two-wheeler third-party insurance policy:

  • 1

    Provides Liability Cover

    Third-party bike insurance covers financial and legal liabilities if your insured two-wheeler causes damage to another person’s property or results in injury or death of a third party.

  • 2

    Affordable Premium

    Compared to a comprehensive bike insurance plan, third-party bike insurance is more budget-friendly while still offering mandatory financial and legal protection.

  • 3

    Easy Purchase

    Third-party bike insurance is straightforward and easy to buy since it provides only the essential coverage required by law, without the complexity of add-ons.

Premium Rates of Third-Party Bike Insurance

The premium rates for third-party two-wheeler insurance are set and regulated by the Insurance Regulatory and Development Authority of India (IRDAI). These rates are primarily determined by the engine capacity of the bike. The IRDAI periodically reviews and revises the premium rates to ensure they remain affordable and fair for all two-wheeler owners. While comprehensive plans vary based on coverage and add-ons, the third-party premium remains fixed as per these regulations.

Zero Depreciation Cover: This add-on ensures you get the full claim amount without any deduction for depreciation on bike parts. It helps you receive maximum claim value during repairs or replacements.
NCB Protection Cover: With this add-on, you can retain your No Claim Bonus even if you make a claim during the policy period. It helps you enjoy premium discounts during renewals despite minor claims.
Return to Invoice Cover: If your bike is stolen or damaged beyond repair, this add-on ensures you get the invoice value of your bike (not just the depreciated value). It’s useful for total loss or theft situations.
Consumables Cover: This add-on covers the cost of consumables like engine oil, brake oil, nuts, bolts, and other small parts used during repairs. Normally, these are not covered under a standard policy.
Engine Protection Cover: This cover protects you against the high repair costs of your bike’s engine and gearbox. It’s a must-have, especially for areas prone to waterlogging or if you own a premium bike.
Roadside Assistance Cover: If your bike breaks down, runs out of fuel, or has a flat tyre, this add-on provides 24x7 help. You can contact the insurer anytime for on-spot repair or towing services.

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

For all new two-wheelers, it is mandatory by law to purchase a 5-year long-term third-party bike insurance policy. This rule ensures that new bike owners are continuously covered for third-party liabilities without the hassle of annual renewals. The benefits of opting for a long-term third-party policy include:

No need to renew the policy every year.
Protection from yearly premium hikes, as you pay the premium upfront for 5 years.
Legal compliance with Indian motor vehicle laws.

Engine Capacity Categories for 5-Year Third-Party Bike Insurance

Bikes with Engine Cubic Capacity (CC)Policy Term
Less than 75cc5-Year Third-Party Policy
75cc up to 150cc5-Year Third-Party Policy
150cc up to 350cc5-Year Third-Party Policy
More than 350cc5-Year Third-Party Policy
Fire-related incidentsCovers damages to your two-wheeler caused by fire, explosion, lightning, or self-ignition.
Bike theft/total lossIf your bike is stolen or declared a total loss, you will be compensated as per the Insured Declared Value (IDV), based on policy terms and claim approval.

How to Calculate a Third-Party Two-Wheeler Insurance Premium

The premium for third-party bike insurance is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and primarily depends on the engine capacity of the two-wheeler. Unlike comprehensive insurance, it is not calculated based on the bike’s age, IDV (Insured Declared Value), or add-ons. To check your premium:

Identify your bike’s engine cubic capacity (CC) – Premium varies by engine category (e.g., less than 75cc, 75cc-150cc, etc.).
Refer to IRDAI’s fixed premium chart – The rates are standardized and updated annually.
Add compulsory covers (if any) – For example, a personal accident cover (if required) may be added to the final premium.

Factors that Affect the Third-Party Bike Insurance Premium

The premium for third-party bike insurance is regulated by IRDAI and is determined primarily by the engine capacity (cc) of the two-wheeler. Unlike comprehensive insurance, factors such as the bike’s age, model, or location do not affect the premium amount. All premium rates for motor vehicles are fixed under the Motor Vehicles Act, 1988, ensuring uniformity and affordability for all two-wheeler owners. **Key Benefits of Third-Party Bike Insurance** Some of the main advantages of purchasing third-party bike insurance through BimaStreet include:

Mandatory as per Indian Law Third-party bike insurance is legally required under the Motor Vehicles Act for all motor vehicles, including two-wheelers. Riding without valid third-party insurance can result in penalties or fines.
Affordable and Regulated Premiums Third-party insurance is cost-effective compared to other types like Comprehensive or Own-Damage policies. The premium is fixed and regulated by IRDAI, based solely on your bike’s engine capacity, making it accessible for all bike owners.
Protection for Third-Party Vehicles This policy covers the cost of damages caused to third-party vehicles or property due to your insured two-wheeler, ensuring you aren’t burdened with out-of-pocket expenses for such incidents.
Financial Cover for Third-Party Injuries or Death If an accident causes injury or death to a third party, this policy offers compensation. It ensures you’re protected from major financial liabilities arising from such unfortunate events.

Benefits of Buying Third-Party Bike Insurance with BimaStreet

  • 1

    Quick Policy Issuance

    Get your two-wheeler insurance policy issued within minutes. The renewal process is equally fast and hassle-free.

  • 2

    100% Paperless Process

    Forget about lengthy paperwork. Whether you’re buying, renewing, or raising a claim, all processes are fully digital, saving you time and effort.

  • 3

    24x7 Accessibility

    Purchase or renew your third-party bike insurance anytime, anywhere, through BimaStreet’s online platform. Our customer support team is available round the clock to assist you with your queries.

  • 4

    Secure Online Payment

    Quick and safe premium payment

  • 5

    Transparent Process

    Everything clearly displayed before you buy

  • 6

    Instant Policy Access

    Receive the policy immediately via email

  • 7

    Saves Time

    No visits, no queues—do it anytime, anywhere

Third-Party Bike Insurance Compensation: How Does it Work?

Under the Third-Party Two-Wheeler Insurance Policy, compensation is provided for damages, injuries, or death caused to a third party by the insured bike. Below are the details:

Third-Party LiabilityScale of Compensation
1
Death of the third party
100% of the sum insured amount
2
Loss of one eye or one limb
50% of the sum insured amount
3
Loss of two eyes or one limb and one eye
100% of the sum insured amount
4
Damage to third-party vehicle/property
Up to the insured limit (as per policy terms)

Coverage Under Third Party Bike Insurance

Third-party two-wheeler insurance offers financial and legal protection against third-party liabilities caused by the insured two-wheeler. Below are the coverage details:

What’s Covered under Third Party Two Wheeler Insurance

  • Property Damage: Covers damages to a third party’s property, vehicle, or belongings, up to the limit mentioned in the policy.
  • Third-Party Injury or Death: Provides compensation for medical expenses, injuries, or death caused to a third party in an accident involving the insured vehicle.
  • Personal Accident Cover (Owner/Driver): If opted for, this cover offers financial protection against accidental injuries, death, or permanent disability, with coverage as per policy terms.

What’s Not Covered under Third Party Two Wheeler Insurance

  • Own Vehicle Damages: No coverage for repair or replacement of the insured bike.
  • Riding Without Valid Documents: Claims are rejected if riding without a valid driving licence or required documents.
  • Riding Under Influence: Damages caused while riding under the influence of alcohol or drugs are not covered.
  • Outside Geographical Limits: Incidents outside the specified coverage region are excluded.
  • Commercial Use: No coverage if the vehicle is used for purposes other than personal use, unless declared.
  • Contractual Liabilities: If the insured bike is pledged or involved in third-party agreements, related losses are not covered.

How to Buy/Renew a Two Wheeler Third Party Insurance Policy Online

Follow these simple steps to buy or renew your third-party bike insurance online with Bimastreet:

Step 1: Visit the official Bimastreet website.
Step 2: Enter your two-wheeler registration number and click on ‘Get Insurance’.
Step 3: Verify your bike details, select the preferred Third-Party Insurance plan (1, 2, or 3-year tenure), and make the premium payment online to instantly buy or renew your policy.

How to Claim Third-Party Bike Insurance with Bimastreet

The process for claiming third-party bike insurance is simple and follows standard procedures similar to other motor insurance claims. Here’s how you can raise a claim, whether you are the victim or the one who caused the damage.

If You are the Victim

  • Obtain the vehicle owner’s third-party bike insurance details and inform their insurer to initiate the claim.
  • File an FIR (First Information Report) at the nearest police station.
  • The vehicle owner’s insurer will escalate the case to the Motor Accident Claims
  • The tribunal will determine the compensation amount, and the insurer of the vehicle owner will settle your claim as per the tribunal’s decision.

If You Caused the Damage

  • The third party will file a claim against your third-party bike insurance policy, and you may need to file an FIR at the local police station.
  • Share your bike insurance details with the affected party.
  • Notify Bimastreet’s support team about the incident immediately.
  • The concerned party’s insurer will forward the case to the Motor Accident Claims Tribunal.
  • If the tribunal passes a legal order, you will be notified, and Bimastreet’s partnered insurer will handle the legal and financial settlement as per the policy terms.
  • Once the tribunal decides the compensation, the insurer will pay the required amount to the affected party.

Things to Remember While Raising Bike Insurance Claims

  • 1

    Proper Evidence

    Before filing a claim, collect all necessary evidence of the incident, such as photographs, videos, or witness details. This helps prevent claim rejection due to lack of proof.

  • 2

    FIR Reporting

    File an FIR (First Information Report) at the nearest police station immediately after the incident and inform your insurance provider. Early reporting ensures a smooth and faster claim process.

  • 3

    Compensation Limit

    The Motor Accident Claims Tribunal (MACT) determines the compensation amount for third-party claims. Currently, the maximum compensation limit is ₹7.5 lakhs. Keep this in mind while raising your claim.

Frequently Asked Questions on Comprehensive Bike Insurance

It covers damages to third-party property, vehicles, or bodily injury/death caused by the insured bike.

Yes, it’s affordable and fulfills the legal requirement under the Motor Vehicles Act.

Yes, having a valid third-party insurance policy is sufficient to avoid fines.

It offers legal and financial coverage for third-party damages or injuries caused by your vehicle.

Yes, you can claim for third-party liabilities, but not for damages to your own bike.

Yes, you can upgrade to comprehensive insurance by contacting your insurer and paying the difference.

Yes, it is legally required for all two-wheeler owners in India.

Yes, it can be purchased individually for any bike or scooter.

Compare plans online, choose digital insurers, and avoid unnecessary add-ons.

No, it is the most affordable type of bike insurance.

Yes, it is mandatory for new two-wheelers, often offered as a 5-year policy.

Yes, third-party claims are valid across India.

No, NCB (No Claim Bonus) applies only to comprehensive insurance plans.

Yes, as long as the rider had a valid driving license, the policy covers third-party liabilities.

No, it is mandatory by law.

You can switch to a comprehensive plan with a zero depreciation add-on.

You can purchase or renew it online with any insurer.

At renewal, you can upgrade by selecting a comprehensive policy.

No, only third-party insurance is legally mandatory.

No, for fire and theft coverage, you need a comprehensive or standalone own-damage policy.

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