Third Party Insurance Registration for Bike Car, 3 Year, 5 years
Third Party Insurance Registration Now from 1 September Costumer will have to Buy Bike or Car Insurance for more than 1 year. This will effect surviving of common people who only buy one year bike or Motor Bima. So if you visit next time to renewal on renewal of your Hero, Honda, TVS and other company bikes than they costs you double in 3rd Party Insurance.
Third Party Insurance Price From 1st September Third Party Insurance have been applied in all Insurance companies (Bajaj, ICICI, NIACL, Axis, Bharti Axa, Reliance etc) that running in India. After changing this Niyam (rule) in bike insurance companies under THIRD PARTY BIMA, company will charge extra Rs 2,000 to 3,000 in normal bike. Supreme court has ordered to make 5 year Third Party Bike Insurance for BIKE AND FOR Card 3YEAR THIS PARTY INSURANCE is mandatory to take.
4 Wheeler Third Party Insurance Premium Price
The three-year third-party insurance will cost Rs 5,286 for cars with engine capacity of less than 1,000 cc,
Rs 9,400 (1,000 - 1,500 cc) and
Rs 23,000 for cars with engine capacity of 1,500 cc and more.
5 Year 2 wheeler 3rd Party Insurance Price
For Normal Bikes the five year-third party insurance will cost Rs 1,045
For vehicles with engine capacity below 75 cc, Rs 3,285
Rs 5,453 (150-350 cc) and Rs 13,034 (exceeding 350 cc).
Note: - Supreme Court has given order to extend the Third Party Insurance Registration Application Form should be given to all costumer who buys or renew insurance scheme from 1 September 2018
Third Party Insurance for Bike: - We think those candidates will be lucky who renew their bike insurance for 1 year because they save them from list of Third Party Bike Insurance of 5 years. Mostly 12,00 to 25,00 costs taken by insurance company to register Splendor, Apache, Pulsar and, 100 CC Bike but in Third Party Renewal Insurance you will face maximum 5,000 to 8,000 for 5 years.
Premium Year in Third Party Insurance: - Third new cars and two-wheelers should mandatorily be for a period of three years and five years, respectively.
IRDAI TP motor insurance Linkage:-IRDAI formed the India Motor Third party Insurance Pool (IMTPIP) in 2007 in which Every 2, 4 motor vehicle owner in India is required to purchase TP motor insurance and agent, sellers cannot refuse to sell customers the same.
Benefit: - Longer duration policies will boost premium growth for insurance companies. The long term policies will reduce the uncertainty related to renewal premium.