IFFCO Tokio Third Party Car Insurance
Having at least a third party policy cover is mandatory for every car owner in India under the Motor Vehicles Act. The third-party car insurance policy offered by IFFCO Tokio covers the policyholder against expenses arising out of damage incurred to a third party. This majorly includes coverage in 3 cases. It reimburses the policyholder for the damages caused to any third party vehicle and injuries caused to people involved in an accident.
The fact that repair costs are considerably high these days makes the third-party insurance cover highly important. Besides fulfilling your compulsion to have a policy cover for the car, it also saves you from the hefty expenses which might occur after an accident. Having understood its importance, let us learn how a third party cover is different from a comprehensive motor insurance policy.
Third-Party vs Comprehensive
|Coverage||Covers expenses for third party property damages and damages caused due to injury/death of a third-party.||Covers expenses for all third party property and life damages and damages caused to the insured vehicle|
|Nature of Requirement||It is mandatory to have under Motor Vehicles Act.||It is not mandatory under any law and solely depends on the buyer’s preference.|
|Add-ons Availability||No add-ons are available with this cover.||It comes with all add-on covers.|
|Cost||A third-party cover is relatively cheaper as the coverage is limited.||It is relatively expensive due to extensive and complete coverage.|
IFFCO Tokio Third Party Coverage
A third-party car insurance policy offered by IFFCO Tokio covers the following:
- Compensation for the injury or death to pedestrians, fare-paying passengers and non-fare-paying passengers.
- Compensation up to Rs 7.5 lakh for damages caused to a third-party property because of the policyholder’s car.
- Unlimited liability cover in case of death of a third party. The amount of compensation is decided by a court of law.
What All Is Not Covered Under IFFCO Tokio Third Party Policy?
- Damages caused to the insured car.
- Injury of the policyholder.
- Optional personal accident cover of the policyholder.
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IFFCO Tokio Third Party Car Insurance FAQs
What should I do after an accident?If the accident results in a serious injury of any person, it is advisable to first rush to the nearest hospital to seek medical attention. Thereafter, contact IFFCO Tokio at 1800-103-5499 as soon as possible to initiate the Claim Settlement process.
What is the minimum coverage tenure for IFFCO Tokio third party policy?
For new cars, the minimum coverage period is 3 years, after which, the policy needs to be renewed annually. On the other hand, for old cars, the policy cover needs to be renewed annually.
How much compensation can be offered in case of death of a third party?
The amount of compensation in case of death of a third party in an accident caused by the insured car is decided by a court of law.
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