Third Party Car Insurance

What is third party car insurance? Third party only car insurance policy is an insurance cover which insures you against all the third party legal liabilities which may arise due to any mishap such as a road accident involving your car. It provides coverage for bodily injury/death of a third party (as decided by a court of law) as well as third party property damage up to Rs. 7.5 lakh.

Importance of Third Party Car Insurance

Why do you need third party insurance for car? As per the Motors Tariff Act 2002, it is mandatory for every vehicle owner in India to have at least a third party only car insurance policy. A third party car insurance policy provides the most basic coverage and is more affordable as compared to a comprehensive plan. Thus, besides being a mandatory requirement it is also essential to have your vehicle insured by at least a third party only cover so that you have a minimum of basic insurance coverage for your car.

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What All Is Covered Under A Third-Party Car Cover?

  • Third Party Property Damage: All third party property damage are covered under the third party only cover up to Rs.7.5 lakh.
  • Third Party Death/Bodily Injury: Under a third-party plan, the insurer provides 100% compensation in case of death of a third party and 50% indemnification in case of partial blindness or loss of a limb. The compensation amount for third party liabilities is decided by a court of law.

What Is Not Covered Under Third Party Car Insurance?

A third party car insurance policy does not provide coverage for own-damage sustained by a vehicle or its driver/owner. To get an insurance for own-damage of your car, you can purchase a comprehensive car insurance policy or standalone own-damage car insurance policy. Also, to insure yourself or the driver of your car you need to opt for a personal accident cover or paid driver cover, as the case may be.

Third Party Car Insurance Vs Comprehensive Car Insurance

Basis

Third Party Car Insurance

Comprehensive Car Insurance

Coverage

The third-party insurance offers compensation for injury/death of a third party( as decided by a court of law) and third party property damage (up to Rs 7.5 lakh).

Comprehensive car insurance policies offer compensation for damage caused to the insured vehicle as well as the injury/death of a third party. It also offers coverage up to a maximum cap of Rs 7.5 lakh in case of third party property damage.

Add-ons

No such add-on covers are available for purchase with the third-party policies.

A number of add-on covers such as Zero Depreciation Cover, Consumables Cover, etc. are offered along with a comprehensive car insurance policies against extra premium.

Cost

Third party insurance are compared cheaper to comprehensive policies due to its limited coverage.

Comprehensive plans are comparatively costlier due to extensive coverage.

Add-ons For Your Car Insurance Policy

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#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.