IRDAI Fixes Latest Premiums For Third-party Bike And Car Insurance
A third-party bike insurance is one that provides coverage in case the third party faces a property loss or physical damage due to the policyholder’s vehicle. As per the Motor Vehicles Act of 1988, third-party insurance is a must-have for all car owners and bike owners in order to legally drive on Indian roads.
With the help of third-party insurance, a policyholder can stay stress-free about the financial burden to compensate for the losses caused to a third party. Apart from this, third-party insurance also protects the vehicle owner against any third-party legal liability and is even cost-effective compared to other types of bike and car insurance plans.
Some of the instances where third-party insurance becomes highly advantageous are as follows:
- If the third-party becomes partially or completely disabled as a result of an accident due to the policyholder’s vehicle
- If a third-party faces any property loss or damage due to the policyholder’s vehicle
- If a third-party suffers from bodily injuries or dies due to the policyholder’s vehicle.
The IRDAI or Insurance Regulatory and Development Authority determines the premium of third-party insurance plans and not the insurance company. So, here is the latest premium of the third-party bike and car insurance:
|Private cars||Not exceeding 1000cc||Rs. 2094|
|Exceeding 1000 cc but not exceeding 1500 cc||Rs. 3416|
|Exceeding 1500 cc||Rs. 7897|
|Two-wheelers||Not exceeding 75 cc||Rs. 538|
|Exceeding 75 cc but not exceeding 150 cc||Rs. 714|
|Exceeding 150 cc but not exceeding 350 cc||Rs. 1366|
|New Private Car – Three-year single premium||Not exceeding 1000 cc||Rs. 6521|
|Exceeding 1000 cc but not exceeding 1500 cc||Rs. 10,640|
|Exceeding 1500 cc||Rs. 24,596|
|New Two Wheeler – Five-year single premium||Not exceeding 75 cc||Rs. 2901|
|Exceeding 75 cc but not exceeding 150 cc||Rs. 3851|
|Exceeding 150 cc but not exceeding 350 cc||Rs. 7365|
|Exceeding 350 cc||Rs. 15,117|
So, owing to the many benefits that third-party insurance offers, do not delay in buying one for your vehicle. You can also contact us to know more about third-party insurance plans.