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This is why third party bike insurance is getting more expensive.

Third party insurance will not only cover damages caused by you to other vehicles, property or person - but has a personal accident cover too! The third-party vehicle insurance policy from DHFL general insurance will let you earn freedom and enjoy your drive. Get third party insurance quotes online, now! https://www.dhflinsurance.com/third-party-liability-insurance/

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This is why third party bike insurance is getting more expensive.

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  1. Third Party Bike Insurance

  2. How Rajiv saved money on car insurance by paying for minor dents & scratches.

  3. Third party bike insurance is the most affordable type of insurance you can purchase for your two-wheeler. It is the most basic form of bike insurance and provides the bare minimum coverage as required to meet legal requirements. All this makes it the go-to option for those looking to save on insurance costs. However, you should know that third party two wheeler insurance is now more expensive than you’d expect and this article will throw light on a few reasons why this is so.

  4. 1. Yearly hikes by the IRDAI. Every year the IRDAI bumps up the cost of third party insurance premiums. This is because more vehicles find their way onto Indian roads every year - this increase in vehicular traffic increasing the chance of accidents. The IRDAI increases third party premiums to help insurance companies cover the added risk. This is one of the main reasons why third-party plans are getting more expensive.

  5. 2. Increased personal accident cover. There’s a misconception that third party bike insurance only covers damages & injuries caused to someone else. However, these plans also provide compensation if you are gravely injured in an accident. This is because all third-party plans come with personal accident cover. Until not long ago, this cover was capped at Rs. 1 lakh for TP bike insurance plans. The premium amount for this cover was Rs. 50 plus applicable taxes. However, keeping in mind the rising number of accidents & the increasing cost of medical expenses, the IRDAI has increased the personal accident cover to Rs. 15 lakh. This increase PAC in has been made mandatory on all new third-party plans. However, the increased PAC has also resulted in an increase in the premium amount as the Rs. 15 lakh cover comes at a much-increased cost. Where one would have to pay Rs. 50 plus tax, they would now have to pay Rs. 750 plus tax. This is a considerable spike.

  6. 3. Long-term plans have become mandatory. Along with an increase PAC cover, the IRDAI has also made it mandatory for all new two-wheelers to be sold with long-term third-party policies. So if you were looking to keep insurance costs to a minimum by opting for a TP cover, you should know that even this will cost you quite a bit of money. However, though long-term plans will mean more money upfront, they should also save you money in the long run as they help you avoid yearly third-party premium hikes.

  7. Even after all these increases, third-party bike insurance should still be more affordable than usual comprehensive insurance policies. The increase in cost has also bought you better protection & more savings; this cancels out the impact of an increase in premium amounts. If you need clarity on any of the information mentioned above, you can simply pick up the phone and call one of the many car insurance providers. They’ll be all ears to your questions and provide you quick assistance in the prospect to get you onboard as a customer. We hope this article has been helpful, good luck and ride safe!

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  9. For more details: Third Party Bike Insurance Visit Here: https://www.dhflinsurance.com/two-wheeler-insurance/ Thank You…

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