IRDAI fixes third-party insurance premiums for every two-wheeler in India, so all insurers charge exactly the same rate for a given category. This guide lists the 2024-25 third-party premium rates by engine capacity and motor wattage, explains what the cover includes, and shows how to buy or renew online.
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Third-party insurance is a social obligation under Section 146 of the Motor Vehicles Act, 1988, ensuring road-accident victims are compensated regardless of the at-fault rider's finances. To prevent underpricing, IRDAI sets third-party (TP) premium rates annually, binding on every insurer. Whether you buy from HDFC ERGO, Bajaj Allianz, New India Assurance or Acko, the TP premium for a given category is identical — no discount or negotiation is possible.
Rates are categorised by engine capacity for petrol bikes and by motor wattage for electric two-wheelers. The premium is the same regardless of brand, model, age or city.
| Engine capacity | TP premium |
|---|---|
| Up to 75cc | ₹538/year |
| 75cc–150cc | ₹714/year |
| 150cc–350cc | ₹1,366/year |
| Above 350cc | ₹2,804/year |
Electric two-wheelers follow matching wattage bands: up to 3kW ₹538, 3–7kW ₹714, 7–16kW ₹1,366, and above 16kW ₹2,804. Always verify the latest rates, as IRDAI revises them at the start of the financial year.
A standalone TP policy covers third-party bodily injury or death (with unlimited liability), third-party property damage up to ₹7.5 lakh, and a mandatory ₹15 lakh personal-accident cover for the owner-rider. It does not cover damage to your own bike — for that you need comprehensive or standalone own-damage cover, explained in the two-wheeler insurance guide.
Since a 2018 Supreme Court order, new two-wheelers are sold with a bundled 5-year TP policy — see the long-term bike insurance guide. After that period you renew TP annually. You can buy or renew online with just your RC; the policy is emailed instantly, and traffic police accept a digital copy under the MV (Amendment) Act, 2019. If you ever need to claim, follow the bike insurance claim process.
No. IRDAI mandates identical TP premium rates across all insurers — a 100cc bike costs ₹714/year everywhere in India. Only the own-damage component of a comprehensive policy varies by insurer, so that is where you can shop for a better price.
The ₹15 lakh personal-accident cover for the owner-rider is a mandatory component of every two-wheeler TP policy, priced at ₹750/year standalone. If you already hold a PA policy for ₹15 lakh or more, you can submit a declaration and pay a reduced PA component.
If your TP lapses even for a day, you are technically in violation of the MV Act. To renew a lapsed policy, most insurers require a fresh inspection of the bike before issuing cover. Buy a new policy immediately to avoid legal risk.
For 2024-25, IRDAI-prescribed rates are ₹538/year up to 75cc, ₹714 for 75cc–150cc, ₹1,366 for 150cc–350cc, and ₹2,804 above 350cc. All insurers must charge exactly these rates for third-party cover — no variation or discount is possible by law.
No. Third-party cover only pays for damage or injury caused to another person, their vehicle or property. For own-bike damage from theft, accident, fire or natural disaster, you need comprehensive cover that includes own-damage protection.