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Insurance Is not Expensive

What Is The Cheapest Insurance I Can Buy For My Vehicle?

Having a third-party insurance cover for your bike is mandatory. Nearly 60% of two-wheelers in India are said to ride without insurance. That puts both you and the rest of the motorists on the roads at risk! Instead of skipping insurance and being afraid of getting caught, it’s always better to opt for the cheapest third party insurance for two wheeler if you aren’t going for a slightly higher priced comprehensive policy.

Let us compare the various insurance policies and see how & which are the cheapest third party insurance for two wheeler available.

What is a third party insurance cover?

This is a mandatory policy that takes care of the financial loss in case of your vehicle being responsible for injuries caused to other persons, damage to other vehicles and property. Note that this third-party insurance cover does not cater the damages caused to your vehicle in the event of accidents. However, your comprehensive insurance policy takes care of these aspects as well. As the name suggests, the third-party insurance cover takes care of third-party liabilities alone. However, all Third Party Liability policies have a Personal Accident cover that takes care of you in case of injuries or death through an accident.

Different types of insurance policies for bikes

Basically, there are two major types of bike insurance policies, third-party insurance and comprehensive insurance policies. Let us see the broad features of both these policies and see why you need to take third party insurance if you are looking for cheap bike insurance.

Comprehensive Insurance Policy

  • The very name suggests that this policy covers a larger scope of damages that involve your vehicle/two-wheeler.
  • In addition to providing for repair of damages to your vehicle and property, this policy covers third-party vehicle damage and property. Legal expenses are also covered under this policy. This comprehensive insurance policy covers the medical costs to treat injuries and covers death as well as loss of limbs. Theft, natural disasters, and even vandalism are covered under this policy.
  • You have attractive add-on features like Zero Depreciation Cover, No Claim Bonus, Accessories cover etc thereby providing an exhaustive insurance coverage to compensate for all kinds of losses that a vanilla comprehensive policy would not cover.
  • Naturally, this policy is priced higher as compared to a third-party insurance policy. However, this is a beneficial policy in the long run, especially as it can cover all types of unexpected losses.
  • Surprisingly, the law does not stipulate that every vehicle has a comprehensive insurance policy. But, it is advisable and beneficial for vehicle owners to have this policy if you wish to protect yourself from damages.

Third Party Insurance Policy:

The law is very clear in this regard. It is mandatory on the part of every vehicle owner to have a third party insurance cover. You cannot drive your vehicle on the roads without this policy. The penalty you must pay is much higher than the annual premium of a two-wheeler and barely lesser for a four-wheeler. On average a Third-Party Liability policy costs just INR 700 for two-wheelers, while it costs INR 3000 on average for four-wheelers. The current fine for not carrying your insurance is INR 1000 which is likely to go up till INR 2000 if the new Motor Vehicles Act is passed. So take a little care.

  • True to its name, this policy covers losses caused to third party vehicles and property in case your vehicle is involved in an accident with them.
  • The benefits of this policy are that it reduces your financial liability because it covers the medical bills incurred by the third party for the injuries arising out of an accident involving your vehicle.
  • Note that this third-party insurance does not cover your damages caused to your vehicle.
  • This policy does not cover losses due to natural calamities, vandalism, or bike theft.
  • Another advantage of this policy is that it is the cheapest third party insurance for two wheeler.
  • You cannot have these add-on covers on this cheap bike insurance.
  • There is no concept of No Claim Bonus in these third-party insurance policies.
  • Hence, it makes double sense to have the cheapest third party insurance for two wheeler.

Which of these two policies is the better one?

Coverage wise, the comprehensive insurance policy is obviously better. Costs and convenience wise, the third party insurance policies are beneficial.

Can you buy cheap bike insurance online?

Yes, you can buy this policy online. In fact, it is very easy to do so. There is no need to fill up long questionnaires or have meetings with insurance company representatives while buying cheap bike insurance. You’ll soon be able to buy DHFL GI’s Third Party Insurance Policy too!

Are the owner/driver insured under this policy?

All Third-Party Liability insurance policies are covered with an owner-driver Person Accident Cover. You get protection under this policy for injury of death. Let us see how it works.

  • You get 100% compensation in the case of death, loss of two limbs, or vision in both eyes.
  • The compensation reduces to 50% in case of loss of one eye or limb.

Cost of cheap bike insurance:

This is the cheapest third party insurance for two wheeler. The premiums have been standardized since 01.04.2017.

  • A vehicle with an engine capacity up to 75 cc – Rs 569
  • 75 cc to 150 cc – Rs 720
  • 150 cc – 350 cc – Rs 887
  • Over 350 cc – Rs 1019.

Conclusion:

So what’re you waiting for. Care for your peace of mind and vehicle and get yourself at least a Third Party Insurance right away! It’s affordable! It’s legally required! And it’s the smart thing to do.


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Trade Logo displayed above belongs to Dewan Housing Finance Corporation Limited and used by DHFL General Insurance Limited with modification under license.
Coco (By DHFL General Insurance) is the Trademark used by DHFL General Insurance for its digital platform.