Everything You Need to Know About Two Wheeler 3rd Party Insurance Price

What is two wheeler 3rd party insurance?

Two wheeler 3rd party insurance is a type of insurance policy designed to provide financial protection in case of any property damage or bodily injury caused to a third party due to the negligence of the insured. It is the most basic type of insurance and the least expensive one. It provides coverage for the legal liability of the insured towards third parties. This type of insurance policy is mandatory in India as per the Motor Vehicle Act and must be renewed every year.

What is covered under two wheeler 3rd party insurance?

Two wheeler 3rd party insurance policies cover the legal liability of the insured for any damage caused to third party property or any injury or death of a third party due to an accident caused by the insured. This type of policy does not cover the damage to the insured’s own vehicle or any personal injury or death of the insured. It is a basic and mandatory type of insurance policy and is relatively inexpensive.

How much does a two wheeler 3rd party insurance cost?

The cost of two wheeler 3rd party insurance depends on various factors such as the make and model of the vehicle, the cubic capacity of the engine, the place of registration etc. The premium for this type of insurance policy is calculated on the basis of the ‘IDV’ (Insured Declared Value) of the vehicle. The IDV is the maximum amount that can be claimed in case of total loss or theft of the vehicle. The premium for a two wheeler 3rd party insurance policy can range from Rs. 500 to Rs. 2000 depending on the above mentioned factors.

Advantages of two wheeler 3rd party insurance

Two wheeler 3rd party insurance provides financial protection in case of any damage or injury caused to a third party due to the negligence of the insured. It provides coverage for legal liability of the insured towards third parties. This type of insurance policy is also relatively inexpensive and helps in avoiding any legal disputes due to an accident. It is also mandatory as per the Motor Vehicle Act and must be renewed every year.

Things to consider before buying two wheeler 3rd party insurance

Before buying a two wheeler 3rd party insurance, it is important to consider certain factors such as the make and model of the vehicle, the cubic capacity of the engine, the place of registration etc. It is also important to compare the premiums of different insurance companies and select the one that offers the best coverage at the most competitive price. It is also important to read the policy documents carefully and check for any exclusions or limitations in the policy.

Conclusion

Two wheeler 3rd party insurance is mandatory in India and provides financial protection in case of any damage or injury caused to a third party due to the negligence of the insured. It is relatively inexpensive and helps in avoiding any legal disputes due to an accident. Before buying a two wheeler 3rd party insurance, it is important to consider various factors such as the make and model of the vehicle, the cubic capacity of the engine, the place of registration etc. and compare the premiums of different insurance companies.