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Third Party Car Insurance
Mandatory cover without which you cannot drive on Indian roads.
Ensure coverage against Third-Party liabilities.
Third party death and disability are also covered.
Ensure that you abide by the Motors vehicle law.
Third party car insurance is the basic cover that is mandatory for a car owner to be able to drive on the Indian roads without getting penalized. This insurance covers against damages/injuries of third-party person/property/car that are caused by an insured car in an accident. This obligatory cover is necessary for a car owner for legal compliance.
What is Third Party Insurance Cover and how does it work?
As already stated, third party car insurance is a coverage that protects the insured person from third party liabilities that may arise due to accidents or collision involving the insured car. Under the third-party insurance policy, you get coverage against any bodily injuries or death of a third-party person or damage of a third party vehicle or property. It is mandatory for every car owner in India to have a third-party insurance as per law.
So, the insured person under a third party insurance receives financial aid against any third party liabilities that might take place in an accident caused by the insured vehicle. The third-party liabilities in this case can range from injuries to a third-party person, car damages, property damages, or even death of a third-party person. This policy, thereby, reduces the burden of the insured in case any mishap takes place involving his/her car.
Importance and need of third-party car insurance cover
It is important to have a third party car insurance policy because it is compulsory by law in India to have a basic third-party insurance for every vehicle owner. Thus, this policy offers the basic and essential coverage that is needed to drive a car. Also, in terms of cost this policy is reasonable and can be afforded by most people owning cars. This policy also allows law abiding citizens driving cars on the Indian roads to follow or comply with the law.
Further, since no one can predict future and unforeseen events, it is better to stay prepared to face any such untoward situations. With a third-party car insurance policy, you can at least ensure that you get compensation for the cost incurred for the damages caused to any third-party person or property by your own car.
Inclusions and exclusions of third-party car insurance cover
A third party car insurance might allow restricted coverage, however the cover it offers is very crucial as it protects the interest of a third-party. Below are the inclusions of third-party car insurance:
- Allow insured individuals to incur cost of third party property damages - So, under this policy you can have coverage against all third-party property damages of up to Rs.7.5 lakh.
- Cover the insured against third party death/bodily injury - Under the best third-party car insurance, if there is a death of a third-party person the insurer offers 100% compensation, while in case of partial disability like loss of a limb, blindness etc. the insurer provides 50% compensation, which is decided by the court.
Below are the things not covered under a third-party insurance plan:
- Damages sustained by the driver/owner of the insured vehicle or the damages sustained by the car itself are not covered.
- For such coverage, the insured needs to buy a comprehensive car insurance policy that encompasses the includes third party insurance.
- Also, a third-party insurance doesn't include a personal accident cover to protect the car owner or driver and it needs to be bought separately.
Features of third-party car insurance cover
The key features of third party insurance policy are as follows:
- A Third Party Policy Covers the insured against Property Damages for up to a limit of Rs. 7.5 Lakh.
- A Third Party Insurance Policy does not allow the insured to buy any Add-on Covers.
- Third Party Insurance allows the insured to buy a Personal Accident Cover for the owner/driver.
- Third Party Insurance can be bought either Online or Offline.
- Third Party Insurance doesn't cover the Own Damage Costs of the insured.
Benefits of third party car insurance cover
Below are the main third-party insurance benefits that an insured can have by purchasing a third party policy:
Let you comply with the law
With an obligatory third-party insurance for cars, you can easily comply with the Indian road law. As it is mandatory for every car owner in India to have a third-party car insurance to drive a car on the roads. Without such an insurance, you can be penalized by traffic authorities.
Allow you peace of mind
Since a third-party car insurance save you from the financial stress in terms of third party liabilities, it surely allows you great peace of mind.
Available at a low premium price
You can purchase a third-party car insurance at a very reasonable price, while the usefulness of this policy is immense.
Cost-Effective
Third party car insurance is cost-effective as it covers the liability of third parties at a reasonable price of premium. Whether you buy it as a single policy or as part of a comprehensive plan, it serves you as the cheapest third party car insurance offering complete benefits to the insured.
Seamless Buying Process
It is very easy and simple to procure a third-party insurance online and can be done easily by anyone. Moreover, you don’t even have to move out of your house to buy this insurance policy or to renew it. All you need to do is to follow simple instructions and get the process done.
Allow insured individuals to have financial aid against third-party legal liabilities
If any legal liability comes up due to damage of a third party, the four wheeler insurance third party saves the insured from such financial drain by offering the required financial assistance.
Process to buy third-party car insurance online
You can follow the below steps to purchase a third party insurance car online:
STEP 1
Go to the website of the insurer. Alternatively, you can visit Paybima.com.
STEP 2
Go to the ‘Get Your Quote’ section in the portal and submit your car registration number. Or else, you can submit the model number of the car, make of the car or even the registration year of the car.
STEP 3
Now add your details like name, mobile number etc. You will be able to see the quotes on your screen.
STEP 4
Choose the policy that you want to buy or that suits your needs as per budget.
STEP 5
Now make the payment and you will receive the policy documents on your email ID for your third party vehicle insurance.
SETP 1
Go to the website of the insurer. Alternatively, you can visit Paybima.com.
STEP 2
Go to the ‘Get Your Quote’ section in the portal and submit your car registration number. Or else, you can submit the model number of the car, make of the car or even the registration year of the car.
STEP 3
Now add your details like name, mobile number etc. You will be able to see the quotes on your screen.
STEP 4
Choose the policy that you want to buy or that suits your needs as per budget.
STEP 5
Now make the payment and you will receive the policy documents on your email ID for your third party vehicle insurance.
How to claim third-party car insurance online?
For receiving compensation from the insurance provider, the following steps can be taken to claim third party motor insurance:
- The first step is to inform the insurance company about the mishap that took place within the stipulated time as mentioned under the policy terms and conditions. This is because claims made after this time might get rejected.
- The second step is to file an FIR by the insured/ policyholder at the nearest police station stating about the incident. You will need a copy of the same to be submitted to the insurance company to make the claim.
- Next step requires the policyholder to complete the process and provide the required documents.
- In the next step, the insurance company will assess the damage via a surveyor and will file a report.
- Finally, the claim will be concluded with this report.
Frequently Asked Question
As per the new guidelines set by IRDA, all insurance providers are likely to offer three-year third party insurance for cars.
The main difference is that in 1st party car insurance, the benefits are received by the insured car and the car owner/driver along with the third party person/property. On the other hand, in case of third-party insurance policies, the compensation is received only for the damages or injuries/death of a third-party person/property.
Yes, it is worth getting third-party insurance because it is mandatory to have third-party insurance by law. And if you do not have third-party insurance, you might have to pay a heavy penalty for driving a car without insurance.
Third-party insurance is the basic vehicle insurance cover that takes care only of third-party damages and injuries. The person/property that is benefited by such a claim is not the insured but the third party person/vehicle that is affected in an accident.
Third-party car insurance covers the damages and injuries incurred by a third-party person/vehicle/property. Sp damage caused by first party to the third-party person/property are covered under third-party benefits.
Yes, it is mandatory for all the car owners to have a third party insurance plan so be able to drive freely on the Indian roads.
You can buy a Zero or Nil Depreciation Add-on cover with your Comprehensive Car Insurance Plan. But you cannot buy this add-on with the Third-party car insurance plan.
Yes, a third party insurance plan is mandatory for all the cars. If you drive a car without a 3rd party insurance you will be heavily penalized.
If you are caught driving a car without a valid third-party car insurance policy, you can be penalized in the form of fine by the traffic authorities.
Yes, the model of your car matters while buying a third-party policy because different types of cars have different cubic capacity engines and that affect the car insurance premium.
You can purchase a third-party liability car insurance policy online or you can visit the insurance company branch office to buy a third-party car policy.
Anyone who has a vehicle and who has registered his/her vehicle with an RTO in India can buy a 3rd-party car insurance.
When filing a claim on your third party insurance, you require papers such as; copy of insurance policy, duly filled claim form, vehicle RC copy, copy of driving license, and FIR copy (if required).
You can visit the official website of your car insurance company to renew your car insurance online.
Yes, you can.
