3rd Party Insurance Price For Bike In Sri Lanka

What is 3rd Party Insurance?

3rd party insurance is an insurance policy that provides coverage against any legal liability arising due to an accident caused by the insured vehicle. This type of insurance covers the insured against any third-party legal liability, which could include property damage, bodily injury and even death of a third-party. It does not cover any damage to the insured vehicle or its passengers, which is why it is also referred to as ‘third-party only’ insurance. In Sri Lanka, this type of insurance is mandatory for all motor vehicles.

What are the Benefits of 3rd Party Insurance?

The primary benefit of 3rd party insurance is that it provides financial protection in case of an accident or injury caused by the insured vehicle. This can help to protect the insured from any legal liabilities they may face due to their vehicle’s involvement in an accident. It also provides financial protection against any damage caused to a third-party’s property or any medical expenses incurred due to an injury caused by the insured vehicle. In addition to this, 3rd party insurance also provides compensation for any loss of earnings due to an injury caused by the insured vehicle.

How Much Does 3rd Party Insurance Cost For Bike In Sri Lanka?

The cost of 3rd party insurance for bike in Sri Lanka depend on several factors, such as the make and model of the bike, its age, the type of coverage chosen and the insurer. Generally, the cost of 3rd party insurance is lower than comprehensive insurance as it only covers third-party liabilities. Typically, a basic third-party insurance policy for a bike in Sri Lanka is available for around Rs. 2,500 to Rs. 5,000, depending on the make and model of the bike, its age and the insurer. It is important to note that the cost of 3rd party insurance is likely to be higher for older vehicles.

How to Buy 3rd Party Insurance For Bike In Sri Lanka?

3rd party insurance for bike in Sri Lanka can be purchased from any insurance provider in the country. It is important to compare the different policies offered by different insurers in order to find the most competitive rate. Additionally, you should also check the terms and conditions of the policy in order to ensure that you are getting the best coverage for your money. Once you have chosen the policy, you can purchase it online or through the insurer's office.

Conclusion

3rd party insurance is an important type of insurance for bike owners in Sri Lanka. It provides financial protection against any legal liabilities that may arise due to an accident caused by the insured vehicle. The cost of 3rd party insurance for bike in Sri Lanka depends on several factors, such as the make and model of the bike, its age, the type of coverage chosen and the insurer. It is important to compare the different policies offered by different insurers in order to find the most competitive rate. Once you have chosen the policy, you can purchase it online or through the insurer's office.