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Why Should You Opt for Long-term Third-party Bike Insurance?

13 July 2022, 11:04 PM

Motorcyclists and scooter riders in India must carry third-party bike insurance. Third-party property damage, bodily harm, incapacity, and death are all covered under this policy. The bike insurance policy must be renewed every year on or before its expiration date to maintain its validity and conform to rules and regulations. Long-term third-party bike insurance is recommended to avoid renewing each year, thus saving time and money. The insurance regulator IRDAI mandates insurance companies to offer a five-year third-party bike insurance plan for new two-wheeler owners. But what is long-term third-party bike insurance? Let's find out! 

What is Long-term Third-party Two-wheeler Insurance? 

A long-term two-wheeler insurance scheme protects you from third-party claims for the long term. Depending on your chosen insurer, you can buy a policy either offline or online. You must provide a few documents and provide specific facts to complete the transaction. 

Advantages of Long-term Third-party Two-wheeler Insurance

A few of the advantages are mentioned below:

Renewal of Policy Hassles are a Thing of the Past

Renewing a third-party bike insurance policy can be difficult offline for those having a hectic schedule. However, online two-wheeler insurance makes renewal easy for policyholders. There is still a perception among many individuals that renewal is a lengthy process that requires a lot of paperwork. To avoid renewing your policy every year, you might consider long term third party two-wheeler insurance. You then won't have to worry about the renewal of the bike insurance policy for two to five years.

Prevent a Policy Gap

Riding a bike without a current two-wheeler insurance policy that covers either third-party liability or comprehensive damage is against the law. It might result in heavy fines and perhaps prison time for the offender. Once the insurance expires, you'll need to buy a new one and go through the paperwork and inspection process again. Your multi-year insurance coverage can avoid all of this. The grave repercussions of an insurance lapse are shielded from you by a single purchase for several years.

Coverage for Third-party Claims 

Two-wheeler third-party insurance is compulsory under the Motor Vehicles Act, 1988, which shields you from third-party liability if your bike causes harm to someone or damages his/her property. 

Avoid a Break-in 

After two years without renewing your insurance policy, you should expect your insurer to request an inspection of your bike if you apply for new bike insurance because of the time lapsed between covers. 

Bike insurance companies have the right to deny your claim if they determine that your motorcycle is not in an "insurable" condition. The insured declared value (IDV) will be negatively impacted even if the insurance company accepts the request. Long-term insurance policies can help prevent this from happening.

Types of Bike Insurance Policies

Let's have a look at the bike insurance packages that are now available in the market:

Insurance Coverage That is Complete

Comprehensive bike insurance protects your bike from burglary and damage caused by natural and artificial disasters. Furthermore, it protects the rider from financial ruin in case of an accident. In the event of a third-party claim, comprehensive insurance provides substantial coverage for your motorcycle. 

Third-party Insurance

In an accident, a third-party insurance policy covers the injured third party's damages. It doesn't cover damage or loss to your vehicle. To drive legally in India, you must get third-party insurance, as mandated by the Motor Vehicles Act, 1988. 

Standalone Own Damage Insurance

You can also consider buying a standalone own damage bike insurance policy to protect yourself and your bike against unforeseen events. However, it won't cover third-party claims that you must have to drive legally.


Purchasing third-party insurance for five years may seem more significant than an annual policy. Additionally, if you go for a long-term insurance plan, you won't have to worry about third-party damage or loss and other fees associated with two-wheeler insurance. As a result, it shields you from rising rates. Your long-term third-party policy will meet your requirements for insurance coverage for the next five years.

Third-party liability policy, at the most, reimburses you for destruction to a third party and settles any legal issues. However, you must consider opting for a comprehensive insurance policy as it includes you and the third party. It also covers both natural and man-made calamities. Comprehensive insurance plans include add-on covers like zero depreciation, personal accident cover, and NCB protection.

Making an informed decision and purchasing a policy is more important than ever before. The dealer can provide you with bike insurance and a vehicle estimate. To make an informed decision, you may also check the bike insurance prices of all available insurance carriers on the Internet; Paytm Insurance can help you ease the process. 

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1. Can I buy long-term third-party bike insurance online?

Yes, you can do so. Insurance companies allow you to purchase long-term third-party bike insurance and other policies on their website. Mention the bike registration number, make and model of the vehicle, the place of registration, engine type, etc. You will get the premium quote based on the IRDAI guidelines. Once you accept the quote, you can move further to buy the policy.

2. What does long-term third-party bike insurance cover?

The long-term third-party insurance policy covers damages to a person, vehicle, or property caused by your insured bike. Paying from your pocket for the same might be a significant financial burden. 

3. What is the period of liability of long-term bike insurance?

Yes, you can! Long-term two-wheeler third-party insurance, as the name suggests, covers you against third-party claims. 

4. What is the period of liability of long-term bike insurance?

New two-wheeler owners would compulsorily get third-party liability insurance for a minimum of five years from the insurers.

5. Where can we claim third-party insurance?

You can claim your insurance with the tribunal that has jurisdiction over the area where the insured or defendant lives. There is no limit on claims for injury or death, but you can get up to INR 7.5 lakhs in property damage coverage.

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