Third Party Insurance
Third party insurance is mandatory motor insurance policy that cover third party related financial and legal libilities caused due to an accident from a insured vehicle. third party car insurance offer compensation in case of third party death, injury and third party property damage.
What is Third Party Insurance?
Third party car insurance also known as liability only policy is a mandatory car insurance policy as per the Indian motor laws. this type of insurance policy provide financial and legal coverage against third party death, injury and property damage arising due to insured car.
The compensation is offered in case of third party death is unlimited, while for property damage it’s limited . this policy does not cover any damage sustained by insured car.
Why do you need Third Party Insurance
A car owner needs third party insurance since it save him/her from legal liabilities accidental liabilities, or property damage of third party resulting due to an unfortunate event. in addition to this the policyholder does not have to worry about paying off for medical expenses that the third party has incurred due to accidental injuries or death.
While there is no coverage limit in the case of death, property damage coverage is limited in case of car insurance. the compensation offered in case of third person liabilities depend on age, income, profession and status of the third person. it is highly recommend to get third liability insurance if the insured vechile is more than 5 year old.
Benefits Third Party Insurance
Not Covered Third Insurance Policy
Comprehensive vs Third Party Insurance Coverage
How to Claim Third Party Insurance
Step1: Application
the victim or the legal hier of the departed can make a application against the owner of vechile for third party liability compensation.
Step2: Lodged an FIR
Once the application is completed file and FIR with the police, furnishing with required details. he/she must have the copy of the FIR and the original records of the expense incureed by the victim.
Step3: Approach the Motor accident Claims Tribunal
after filing the first information report successfully the next step is to register the case with Motor accident claim tribunal.
Get the Cover amount
the compensation amount is not pre decided. the insurer compensate the full amount decided by the court of law. however IRDAI limit the coverage for property damage.
Note- the police complaint must have following information-
- Driving License Number
- Witness name and Contact details
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the primary category of car insurance include two type - third party car insurance, comprehensive car insurance or own damage car insurance. 3rd party car insurance is mandatory in india while the others are optional.
apart from these there are personal accident cover and other add on coverage such as zero depreciation cover, roadside assistance cover, NCB protection and so on.
in the case of death or bodily injuries there is no particular ceiling with reference to the amount of compensation. however in the case of damage to the property of the third party the insurance company will compensate for maximum amount.
third party car insurance is obligated for all motor vechile. third party risk insurance is compulsory under the statue of motor insurance act 1988. you may be a good driver but it does not negate the fact that the vechile you drive can become the vicitim of a disaster that cause damage to the another vechile.
In such a situation you will be grateful that you have a third party car insurnace cover that can help you pay the third party liability claim.
- Copies of FIR
- any proof related to cost that are to be claimed
- A report from surveyor
the owner of any claim who has registerd with thr RTA regional transport authority in india can buy third party insurance.
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