Kotak Third Party Car Insurance
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Kotak Third Party Car Insurance
The third party legal liability cover offered by Kotak General Insurance protects the policyholder against losses/damages caused to third party property and life by his/her car. The third party policy provides a cover for up to Rs. 7.5 lakh for third party damage and an unlimited coverage for damages caused due to injury/death of a third party due to the insured vehicle.
The third party car insurance policy helps you insure yourself against financial liabilities which arise due to an accident of your car. Also, this basic cover helps you fulfil the legal requirement of owning a car insurance policy for your vehicle. Along with the 1-year policies, Kotak General Insurance also offers long term car insurance plans of 3 years tenure which are a mandatory requirement for new car owners.
Kotak Third Party Car Insurance vs Comprehensive Car Insurance
Basis | Third-Party Cover | Comprehensive Policy |
Coverage | It gives coverage for injury, death or property loss of a third party. Here the cover for third party property damages is limited to Rs 7.5 lakh. | It gives coverage for different types of damages incurred by the insured car from accident to theft and fire to natural calamity along with third-party liabilities. |
Cashless Facility | The third-party cover is provided against third party liabilities, hence, no cashless repair facility is available with this plan. | Cashless repair service is available at 1,300+ network garages for damages incurred by the insured car due to an accident. |
Add-on Covers | No add-on covers are available with a third party policy. | Many add-on covers are available which can be opted by paying an additional premium. |
Cost | Third-party policy cover is relatively cheaper due to its limited amount of coverage. | A comprehensive car insurance plan is relatively expensive in comparison to third party cover due to its extensive coverage. |
What All Is Covered Under Kotak Third Party Car Insurance Plan?
The Kotak third party car insurance policy provides coverage for the following:
- Death of a third party
- Bodily injuries caused to a third party
- Compensation of up to Rs 7.5 lakh for third party property damage
What All Is Not Covered Under Kotak Third Party Car Insurance Plan?
The following are not covered under the Kotak third party car insurance policy:
- Damage caused to the insured car.
- Bodily injury or death of the policyholder.
- No optional personal accident cover is available
Key Benefits of Purchasing Kotak Third-Party Car Insurance
A third party car insurance plan is mandatory to be carried by every car owner while driving in India. It provides basic coverage for third-party damages which can be very useful in a situation where your vehicle gets involved in an accident that incurs some liabilities on you. Here are some benefits of buying a Kotak third-party car insurance policy:
1. Economical Policy: A third party car insurance policy is the most basic car insurance plan. This cover gives basic and limited coverage which is affordable for everyone to carry every time.
2. Financial and Legal Security: The third party car insurance policy ensures financial as well as legal security for policyholders in times of crisis. It gives protection against third party liabilities as well as from penalties for driving without an insurance plan.
3. Peace of Mind: A third-party car insurance plan gives peace of mind to policyholders as they know that it will shield them from the financial crisis and legal trouble in case of an accident or any other mishap or any police check as carrying this policy is a compulsion while driving a car.
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Kotak Third Party Car Insurance FAQs
What is the validity period of my Kotak third party cover?
The validity of a car insurance policy depends on its tenure. For new car owners, the policy period needs to be mandatorily of 3 years. Old car owners have the option to opt for a 1-year policy or long-term policy.
What is IDV?
Insured Declared Value (IDV) of your car is the maximum sum assured fixed by a car insurer at the beginning of each policy period. The premium amount of your car insurance policy is determined using the IDV of your car.
What should I do in case of a serious third party injury?
In case of a serious third party injury, you are advised to immediately rush to the nearest hospital and get medical help. After the medical aid, contact the Kotak General Insurance by calling their toll-free number 1800-266-4545 and raise a claim for the incident. In case of serious medical injury, you would also be required to lodge an FIR at the nearest police station.
My car is 3 years old and I want a long-term third party liability cover. Can I get it?
Yes, you can have a long-term third party liability cover for old cars also. Please note that it remains a mandatory requirement for new car owners to have their car’s first insurance policy valid for 3 years.
How can I contact Kotak General Insurance for any queries about third party plans?
You can dial the toll-free number 1800-266-4545 for any queries or you can email your queries at care@kotak.com.
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