How to Buy Third-Party Bike Insurance at Affordable Rates?

Purchasing a two-wheeler insurance policy from general insurance companies in India is a must if you own a bike. This is because the government has made it mandatory to buy at least third-party bike insurance when purchasing a new bike. With so much emphasis on purchasing coverage and protecting your finances, it stands to reason that buying bike insurance should not be taken lightly.

You should not rely on the bike dealer for insurance coverage and instead make your decision. The policy they sell might be costly and won’t cover much. So, it is better to do your research and purchase a policy on your own. In this blog, we have shared a few solid tips on purchasing 3rd party bike insurance online at an affordable price.

What to Consider While Buying Third-Party Bike Insurance at Affordable Rates?

Here are a few things to consider when buying third-party motor insurance at an affordable rate -

Coverage

According to the Motor Vehicles Act of 1988, third party 2 wheeler insurance is required in India. It offers legal and financial cover in case of damage to third-party individuals, vehicles, or property. As third party insurance is a limited one, you can add an own damage or standalone policy to the existing cover to boost the benefits. This way, you can have affordable 3rd party insurance at an affordable rate.

Engine Capacity

The cubic capacity (cc) of your motorcycle’s engine is an important consideration when calculating 3rd party bike insurance costs. Insurance prices for larger engine capacity motorcycles are often higher.

Location

The place in which your bike is registered can also affect the premium. As the chances of unfortunate incidents and claims in cities are higher, premium rates may be higher.

Compare Premium

Do not buy the first option you see. Always ensure that you compare the 3rd party 2 wheeler insurance using the insurance premium calculator online. This helps get the best insurance plan at an affordable rate.

Add-ons

Add-ons are supplementary coverage options that can be added to your policy for a fee. Some popular add-ons include zero depreciation insurance, engine protection insurance, and roadside assistance insurance. Consider the add-ons that align with your requirements and budget.

No Claim Bonus (NCB)

An NCB is a premium discount available if you do not make any claims throughout the policy period. The discount grows with each year of no claims and can reach 50%. You can avail of the NCB at the time of renewing the policy.

Why Should You Buy Third-Party Two-Wheeler Insurance?

There are a number of compelling reasons to purchase third-party 2 wheeler insurance. Let’s look at a few of them:

Easy to Purchase

Purchasing 3rd party two wheeler insurance is easy and a straightforward process. You can visit the insurer’s website and select your insurance plan with minimal documentation. The online buying method saves you time and effort by allowing you to complete the transaction in a few simple steps.

Financial Assistance to Third Party

Third-party two-wheeler insurance not only covers accidents or damages caused to a third party, but it also provides financial aid and legal coverage. In case of an accident, the insurance provider will assist you in mitigating any complications that might unfortunately arise. This ensures that you have the necessary support to manage any claims or disputes.

Cost-Effective

Third-party bike insurance offers maximum benefits at the lowest possible cost. The IRDAI regulates third-party insurance costs, making them cheap for those on a tight budget. You can enjoy the benefits of coverage without straining your money by opting for 3rd party bike insurance and be safe from any third-party liabilities.

Waives Unwanted Penalty

If you own a two-wheeler, you must obtain third-party insurance, and not having one might result in penalties, and if the state law suggests, you might be jailed. You may legally prevent these fines and ride your bike on Indian roads by getting third-party insurance.

The cost of third-party bike insurance depends on several factors, such as the location, age of the bike, cc, and many more. However, understanding how these factors affect the premium can help you get a cheaper premium with proper coverage. But if you want coverage that protects you from all sides - comprehensive bike insurance is a must.