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:

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.

Also read: Do Sports Cars Cost Higher Insurance Premium?