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:
| Category | Vehicle type | Rate |
| 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.
