National Third Party Car Insurance
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National Third Party Car Insurance
A third party car insurance is the most basic kind of insurance cover which insures the policyholder against all kinds of third party damage. It is necessary for every car owner to have at least a third party car insurance cover, according to the Indian Motor Tariff 2002.
The third party car insurance cover offered by National Insurance Company offers coverage for the following:
- Bodily injuries or temporary disability of a third party
- Death of a third party
- Third party property damage up to Rs. 7.5 lakh
Third Party Car Insurance vs Comprehensive Car Insurance
Basis | Third Party Car Insurance | Comprehensive Car Insurance |
Nature of Cover | This cover is basic and mandatory for people owning cars in India. | It is an optional but advised cover for car owners. |
Extent of Cover | This cover provides insurance against third party liability only which may arise out of an accident/mishap involving the insured’s car. | This plan secures the policyholder against both third party liabilities as well as own damages of the insured’s car. |
Premium | The premium for this plan is relatively low owing to the basic nature of its coverage. | The premium for this plan is relatively high due to its extensive coverage. |
Utility | A preferred option for low-cost cars as bearing the cost of repairs would cost less than paying comprehensive insurance premiums | Deemed best for luxury cars as the comprehensive insurance plan covers damages against loss on theft in addition to damages. |
National Third Party Car Insurance Coverage
The National Third Party Car Insurance provides a coverage for the following:
- Insurance cover for third party liabilities- bodily injury as well as death. The amount of compensation is decided by a court of law in such cases.
- Third party property damage of up to Rs 7.5 lakh.
National Insurance Company also offers an optional personal accident cover of up to Rs. 15 lakh for the policyholder and of up to 2 lakh for unnamed co-passengers of the insured’s vehicle.
The following are not covered under National third party car insurance policy:
- Damages incurred by the insured vehicle in an accident/natural calamity or any other mishap.
- Bodily injuries of the policyholder
- Death of the policyholder in case of no purchase of a personal accident cover.
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National Third Party Car Insurance FAQs
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