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Shriram Third Party Bike Insurance
Shriram third-party bike insurance policy covers any third party damage or loss caused by the insured’s bike. It is mandatory by the Indian Motor Vehicles Act, 1988. Here, the third party stands for an individual or individual’s property other than the bike owner and the insurer.
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Shriram Bike Insurance
- Shriram Third-Party Bike Insurance
Shriram Third Party Bike Insurance vs. Comprehensive Bike Insurance
Here is a table showing a comparison between the third party bike insurance and Comprehensive bike insurance:
| Features | Third-Party Insurance for Two-Wheelers | Comprehensive Insurance for Two-wheelers |
| Legal Requirement | It is a legal requirement according to the Indian Motor Vehicles Act | Opting for this cover is your own choice and is not legally mandatory |
| Coverage | In this policy, the policyholder gets covered legally and financially for any third-party liabilities in a bike accident | Here, the policyholder gets covered for the damage that occurred to his own bike and any third-party liabilities |
| Add-on Cover | There is no add-on available | Various add-ons are available with this insurance to extend the coverage benefits |
| Premium | The premium cost is low due to the limited policy coverage | The premium cost is high due to extensive coverage |
| Scope of Coverage | It offers less coverage and is less expensive. You can buy it if the bike is too old or you rarely use the bike | It offers vast coverage, so you can opt for this if you want full coverage for your bike |
| Scope of coverage | In case of fire or vehicle theft, this insurance does not give any coverage | It offers coverage in case of damage due to fire or vehicle theft |
| Also, it does not give any coverage in the case of natural calamities like storms, floods, hurricanes, etc. | It covers the bike holders from any damage by any natural calamities |
Inclusions of Shriram Third-Party Bike Insurance
This policy covers the following expenses during the policy term:
- Any physical injury, disability caused by the policyholder’s bike to the third party
- The death of a third party caused by the policyholder’s bike
- Any damage occurring to the property belonging to the third party by the policyholder’s bike
Explore Shriram General Bike Insurance
Shriram Third-Party Bike Insurance Exclusions
The policy does not provide coverage for the following expenses:
- This two wheeler insurance excludes coverage for any damage to the policyholder’s bike due to an accident
- There is no provision for coverage if the insured gets injured during a bike accident
- There is no insurance coverage in case of theft of the bike or damage due to fire
FAQs
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Q. How does the Shriram third-party bike insurance compensate if a third party dies in a bike accident?
In the event of the third party’s death, this insurance policy supports the policyholder during legal proceedings and provides compensation to the third party as per the Court of Law.
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Q. Is Shriram third-party bike insurance plan reliable?
Shriram General Insurance company is reputed and reliable in the insurance sector. The claim settlement ratio for the insurer was 77.26% in 2020.
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Q. Is it essential to take third party insurance for new two-wheelers?
Yes, it is legally mandatory for all bike holders to take at least a third-party insurance plan for their two-wheelers.
Explore Two Wheeler Insurance
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Read more^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
