Third Party Car Insurance
Third Party Insurance
What is Third-Party Insurance? Third-party insurance is a car insurance coverage which insures you against all the 3rd 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.
How Does Third Party Insurance Work?
If a policyholder holding third party car insurance gets involved in an accident, then the insurance company is liable to provide him with financial assistance for his liabilities towards a third party for their injuries, death and property damage. This insurance cover lessens the financial burden of the policyholder for any damage sustained by a third party with the insured car.
In case of an accident, the insured person should intimate the insurer immediately about the mishap before raising a claim. After the claim is raised, the insurance company appoints a surveyor to examine the extent of damages and verify the estimated repair cost. After the verification process, the insurance company pays off the amount of the claim.
Importance of Third Party Car Insurance Policy
Why do you need third party insurance for a car? As per the Motors Tariff Act 2002, it is mandatory for every vehicle owner in India to have at least a 3rd party car insurance. 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/car insured by at least a 3rd party only cover so that you have a minimum of basic insurance coverage for your car.
What is your car's brand?
What All Is Covered Under A Third-Party Insurance 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 insurance for the own-damage of your car, you can purchase a comprehensive car insurance policy or a 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.
Key Features of Third Party Car Insurance
The following are the features of a third party insurance policy:
Availability with Third Party Cover
Available with a limit of Rs. 7.5 Lakh
Personal Accident Cover
Online and Offline
Own Damage Costs
Compare: Third-Party Insurance Vs Comprehensive InsuranceKnow the difference between comprehensive and third party car insurance?
Third-Party Car Insurance
Comprehensive Car Insurance
The 3rd 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.
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 comprehensive car insurance policies against an extra premium.
Third party insurance is compared to cheaper to comprehensive policies due to its limited coverage.
Comprehensive plans are comparatively costlier due to extensive coverage.
What are the Benefits of Buy/Renew Third Party Four Wheeler Insurance?
The following are the benefits of purchasing third party four wheeler insurance:
- It is Compulsory: Third-party 4 wheeler insurance is compulsory and if caught without one you can be punished, hence, having one ensures you abide by the law.
- Peace of Mind: In case of a mishap there can be immense financial pressure on people. If a third party is involved it becomes even more cumbersome. With third party insurance, you can be assured these liabilities will be covered.
- Low Premium Amount: The third party insurance is available at very low and affordable prices and proves to be extremely useful in times of crisis.
How to Buy Third Party Car Insurance Online?
The following steps will guide you to purchase third party car insurance online:
Step 1: Visit our Website InsuranceDekho.
Step 2: In the ‘Get Your Quote’ section provide your car registration number. In case you do not have it you can also provide your car’s model, make and car’s registration year.
Step 3: Enter your personal details such as name and mobile number. All the quotes in your category will be visible on your screen.
Step 4: Select the policy that suits your needs and price point.
Step 5: Make the payment for the selected policy and the policy document will be sent to your email ID.
How to Claim Third Party Car Insurance?
To get compensation for the mishap from the insurance provider the policyholder must follow the following steps:
- The policyholder must inform the insurance company about the incident and before the stipulated time mentioned. If claims are made after this time the insurance company can reject it.
- An FIR must be filed by the insurance holder reporting the incident at the closest police station and a copy of the same must be submitted to the insurance company at the time of filing the claim or during the process.
- The insurance holder must follow the due process and submit the required documents for completing the claim process.
- The insurance company will send a surveyor to check and assess the damage. After this, a report will be filed.
- The claim will be completed based on this report.
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Car Insurance Companies Reviews & Ratings
Third Party Car Insurance FAQ
What is third party car insurance?
It is a mandatory cover which compensates for the expenses incurred towards a third party relating to bodily injury, death and property damage.
Which car insurance company gives 3rd party cover?
Third party cover is a mandatory cover and is offered by 25 insurance companies currently. Click here to know about the companies offering third party car insurance policy.
Can I convert 3rd party insurance for my car into zero depreciation insurance?
You cannot convert a third party car insurance policy into a third party cover as zero depreciation add-on is not available for purchase with it.
What is the procedure for getting 3rd party insurance for 10-year-old cars?
In order to opt for third party insurance for your 10-year-old car go to InsuranceDekho and select the car tab. Enter the required details such as the car's registration number, model, make, variant and submit after entering the details. Once the payment is made you will receive the policy document via email.
How do I claim 3rd party car insurance?
You can file for a third party car insurance claim, by contacting your insurance company and submitting necessary documents such as a signed claim form, a copy of car insurance document, etc. To know more about the procedure for filing third-party car insurance claim click here.
Is 3rd party insurance valid for cars?
Yes, third party insurance is a mandatory insurance plan for cars.
Which insurance is best for car comprehensive or third party?
A comprehensive car insurance plan offers wider coverage than a third party cover. Thus, a comprehensive plan is better than a third party car insurance plan.
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