What To Know About Two-Wheeler Third Party Insurance Rates

insure harley davidson motorcycle two-wheeler third party insurance rates

The Government of India put its best foot forward to help ensure the safety of its general public. To ensure the same, the government has made it mandatory for the two-wheeler owners to have an insurance policy for their two-wheelers. The insurance would cover bodily injuries or death of the rider and the pillion rider. Apart from these, the insurance companies even bear expenses of the bike damage in an accident. At times, certain insurance providers collaborate with garage service providers and incur the repairment cost of the two-wheelers. 

The insurance market offers two-wheeler owners with numerous coverage plans but very often people end up purchasing a plan that does not serve their needs. However, in order to stay tension free and calm individuals need to opt for a proper two-wheeler third party insurance. 

Everything about two-wheeler third party insurance rates 

The Insurance Regulatory and Development Authority (IRDA), which has been in charge of protecting the interest of the policyholders, has standardized the two-wheeler insurance rates. The standard rates are mentioned below:


two-wheeler third party insurance rates

Besides the initiative taken by the IRDA for the two-wheelers third party insuree, the Supreme court has made the five-year cover compulsory for two-wheeler vehicles. It came into force from 1st of September, 2018. This rule has made the two-wheelers third party and comprehensive insurance holders worry less about the renewal of the policy every year. 

Two-Wheeler Third Party Insurance Rates 

The two-wheeler third party insurance rates can be defined as the amount of the money that the insuree has to pay to the insurance company for a certain period of time. The insuree can compute the insurance rate with the help of the two wheeler third party insurance rates calculator. The calculator can be used to compute the premium rates both for the third party insurance rate and also for the comprehensive insurance policy. 

How To Use The Two-Wheeler Third Party Insurance Rate Calculator 

Comparing the insurance rates is more feasible and involves a simple task. To reckon the two wheeler third party insurance rate, the potential insuree has to enter details regarding their income and other relevant data. The details asked are as follows: 

IDV of the two-wheeler - It is the cost which will be received by the insurance company in the event of any damage to the vehicle. It can be computed online as well. 

Registration zone - The zone from which the vehicle has been purchased is referred to as the registration zone. 

The engine capacity of the vehicle - Different vehicles have different engine capacity. As per the engine capacity, the applicable premium rate will be ensured to the insuree. 

Age of the vehicle - The age of the vehicle helps to compute the depreciating value of the vehicle. 

ID proof - An ID proof is required to avail any insurance policy. 

Banking details - It is required for the payment purpose. 

The new insuree wouldn’t be charged any processing fee from the insurance company. 

Factors that affect the two-wheeler third party insurance rate The insurance rate that the insuree has to pay differs from vehicle to vehicle. Some of the influential factors to determine the two wheeler third party insurance rate are as follows: 

Model Of The Two-Wheeler 

The insurance rate is determined on the basis of the Insured Declared Value which is also known as the ‘market value’ of the vehicle. So, the people having expensive bikes like Harley Davidson or Royal Enfield Bullet, end up paying a higher premium rate. In some cases, the fuel type also helps to decide the premium rate. 

Deductibles 

The deductible is the amount that the insuree has decided to pay from his/her side. The higher the deductibles paid, the lower will be the premium amount. 

No Claim Bonus 

An insuree is entitled to obtain a No claim bonus for every claim-free year. It is a discount offered on the premium which ranges from 20% in the first year to 50% in the sixth year. The experts suggest not to claim the insurance for minor damages. 

Zero Depreciation Cover 

The add-on covers such as zero depreciation covers, cashless hospitalisation cover, medical cover and personal accidental cover often increase the two wheeler third party insurance rate. 

Condition Of The Vehicle 

The condition of the two-wheeler affects the premium rate to a great extent. The depreciated value determines the premium rate. 

Age Of The Insuree 

The young riders are often subjected to higher risk than the experienced or the mature two-wheeler riders. Hence, the 18-year insuree ends up paying a higher premium than other insurance holders. 

Anti-Theft Add-On Discount 

The insurer provides insurance rate at a discounted rate to the ones who have fitted an ARAR endorsed anti-theft device in their bike. 

Take Care Of Your Two-Wheeler Third Party Insurance Today

The two wheeler third party insurance rate helps to cover the expenses of any accident or damage occurred to the bike and the owner of the same. Nowadays, most of the buyers focus only on the two-wheeler third party insurance rates along with the premium rates. However, the experts suggest to consider the other features associated with two wheeler third party insurance before availing one for his two-wheeler.

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