What is Third-Party Car Insurance?
Car Insurance : Third-Party Car Insurance is a Basic but Compulsory Type of Car Insurance Policy That Gives Financial & Legal Protection Against Third-Party Damages Caused to a Person, Property and Vehicle by Your Insured Car. Moreover, as Per the Motor Vehicle Act, It is Necessary That a Car Owner Should Have at Least a 3rd party Insurance Policy in Their Car at All Times, Without Which They Might Need to Pay a Traffic Fine.
It is Necessary to Know About the Importance of 3rd Party Car Insurance or Its Meaning Because This Type of Insurance Policy Specifically Covers Damages to a Third Party Vehicle and Property or Injuries or Even the Death of a 3rd party Person. If There Are Legal Issues Arising Out of a accident With a Third-party Person and Vehicle, Third-party Car Insurance Covers the Financial Loss of Such Liabilities.
☛ Read More ▻ What is Car Insurance
Therefore, in Case of an Unfortunate Accident a Your Motor Third Party Liability Insurance Policy Does Not Protect the Insured Car in Any Way. Additionally, Injuries to the Owner of the Insured Car and Even Their Death Cannot Be Covered Under Third Party Car Insurance Unless One Buys a Personal Mishap Cover Along With the Policy.
Third Party Car Insurance
Third-Party Car Insurance Refers to an Insurance Policy That Covers 3rd Party Liabilities. In Other Words, It Covers Damages to the 3rd Party (Property/life) Caused by Your Vehicle. In any case, This Type of Insurance Plan Does Not Offer Coverage Against Damages to Your Car or the Injuries/Death of the Car Owner/Driver. You Must Purchase This Basic Car Insurance Cover to Comply With the Legal Needs.
Why Do You Need Third-party Car Insurance?
You Should Buy a Third-party Car Insurance Policy for Your Vehicle, as It is Mandatory as Per the Guidelines and Regulations of the Motor Vehicles Act 1988. Driving Your Vehicle Without a Third-Party Liability Policy is Illegal. You Can Be Punished by the Authorities for Doing So. This Policy Saves You From Legal Liabilities and Financial Losses Due to Damage to Third-Party Property & Injury or Death of a Third Party. Subsequently, It is Crucial to Purchase This Insurance Plan.
Low Premium
A Third-Party Necessary Policy is Available at a Low Cost. It is Available at a Nominal Cost as Compared to the Comprehensive Car Insurance Policy.
Simple Purchase Process
The Process to Buy a Third-party Liability is Simple. As It is a Standard Policy, There is Not Much to decide From. You Simply Have to Select Your Car’s Model and Buy the Policy. Liability Cover A 3rd Party Insurance Liability Policy Will Cover You Against Personal Injuries to a Third Party or Property Damages to a Third Party Up to Rs. 7.5 Lakh.
Personal Accident (PA) Cover
Personal Accident Cover is Mandatory by Law. Hence, It is Recommended to Purchase This Cover Along With a Third-party Plan. It Offers Insurance Coverage Up to Rs. 15 Lakh for the Owner and Driver in Case of Death/Permanent Disability While Driving.
☛ Read More ▻ What is Motor Insurance
How Much Does Third Party Car Insurance Cost?
To Calculate Your Third Party Car Insurance Cost, You Can Use Our Third Party Car Insurance Calculator, Which Considers the Car Engine’s Cubic Limit in Accordance With the Premium Costs Determined by the Insurance Regulatory & Development Authority of India (IRDAI).
Even Though the Car Insurance Cost is Normalized, It is Necessary to Calculate the Premiums Since the Cubic Capacity (CC) Varies From Car to Car.
Each Year, the IRDAI Updates These Third Party Car Insurance Cost, Which Then Help You Find Your 3rd Party Car Insurance Price.
How Does Third Party Car Insurance Work?
Are You Looking for a Reasonable Best Third-Party Car Insurance Online? Then Let’s Find Out How 3rd Party Car Insurance Works.
Third-Party Car Insurance Works by Insuring the Policyholder Against Liabilities Arising Due to Injury Sustained by a Third Party and Damage to a Third Party’s Property by the Insured Car. In Such a Scenario, the Third Party Will Most Likely Demand Compensation to Treat Injuries and Repair Damages From the Car’s Owner.
In the Case of Third-Party Liabilities, a Case Will Be Filed or the Owner’s Car Insurance Company Reimburses the Third Party. This is a Simplistic Explanation of How 3rd Party Insurance Works. The Situation Gets Complex When You Happen to Crash Your Car Into Another Motor Vehicle. In Almost All Cases, There is a Requirement for a First Information Report (FIR) to Be Filed With the Police. 3rd Party Cases Are Settled as Per the Motor Mishap Claims Tribunal.
Third-Party Liability in Car Insurance
First Party
The First Party The Policyholder is Liable to Compensate the Third Party for the Injuries or Damages to Their Your Property.
Second Party
The Second Party is the Policyholder's Insurance Company, Which Compensates the Third Party as Per the Terms & Conditions of the Insurance Policy.
Third Party Can Be Any Other Individual, for Instance, a Pedestrian Who Has Sustained Injuries and Damages to Their Property by the First Party's Insured Vehicle
.
Third Party Car Insurance Premium Price List 2023
Not at all like a Comprehensive Policy, Insurance Companies Don't Choose the Premium for a Third-party Policy. The Premium is Chosen by the Insurance Regulatory or Development Authority of India (IRDAI) Based on the Cubic Capacity (CC) of the Car’s Engine. The Premium Cost Set by IRDAI Are Subject to Changes. Here a Table Showcasing Third-Party Car Insurance Premium Plan Price for 2023-24.
☛ Read More ▻ What is Two Wheeler Insurance
Third Party Car Insurance Benefits
1. Convenience - A Third-Party Car Insurance Policy is a easy Plan. It Doesn't Have Complex Features Like a Comprehensive Policy. If You Plan to Purchase It Online, You Can Do It Conveniently Through Your Smart-Phone Within Just Minutes.
2. Legal Compliance - Buying a Third Party Insurance Policy Makes You Compliant With the Law of the Land. An Active Your Policy Will Save You From Paying Penalty. By Purchasing This Plan or Renewing It Before Its Expiry, You Avoid Away From Being Imprisoned for Legal Violations.
3. Liability Cover - the Policy Offers a Liability Cover Against Injury to Third Party or Damages to Third Party Property. As it were, It is a Financial Cover for You When It Comes to Pay Third Parties.
What’s Covered in a Third-party Car Insurance Policy?
Third Party Injuries - There Might Be an Instance Where Your Car Accidentally Harms a Third Party.For Instance, Your Car Might Accidentally Go Out of Control for a Moment or Injure a Pedestrian Walking on the Footpath. The Third-party Policy Will Cover the Price to Treat Such Injuries.
Third Party Death - In an Unfortunate Event, You Might Accidentally Harm a Individual With Your Car Leading to the Individual's Death. The Third-party Policy Will Take Care of Reimbursing the Deceased Individual's Family Relatives as Per the Terms & Conditions.
Third Party Property - Damage to a Third Individual's Property is Also Covered Under a Third-party Policy. For Instance, Your Car Might Go Out of Control or Crash Into Somebody's Shop Along the Road. This Policy Insures You Against the Costs Arising Out of Such Instances Up to Rs. 7.5 Lakh.
Third Party Vehicle - This Cover is a Part of the Third-Party Property Point but Described Separately as It is a Common Occurrence. Your Car Could Run Into an Third- party’s Bike on the Road. The Policy Will Cover Damages to the Bike as Per the Terms or Conditions.
How to Buy/Renew Third Party Car Insurance Online?
How to Buy/Renew Third-Party Car Insurance Policy?
Visit Third-Party Car Insurance official Website and Download the Mobile App. Enter Basic Details Such as Your Car Model, Pin Code, Registration Year, Previous Policy Details, Etc. Or Purchase the Policy. In Case You Want to Renew Your Third-party Policy, Easy Login to Your Account, or Renew the Existing Policy by Making the Payment.
How to Switch Insurers and Change Your Insurance Plan?
You Have the Choice to Pick a Different Insurer While Renewing Your Policy. The Premium Charged for the Insurance Policy Will Remain the Same as It is Prescribed by the IRDAI. You Can Also Choice to Pick for a Comprehensive Policy. It Includes the Mandatory 3rd Party Cover or Also Offers Own Damage Cover. Since a Comprehensive Plan Offers Enhanced Coverage, You Need to Pay a Higher Premium Cost.
☛ Read More ▻ Own Damage Car Insurance
Steps to Claiming Third-Party Insurance
Guarantee Settlement in a Third Party Insurance Policy is a Complex Process. It is Not as Easy as It is in a Comprehensive Policy. You Cannot Simply Just Inform Your Insurance Company to Take Care of the Matter. There’s a Genuine Legal Process Involved. The Steps to Steps a Claim Might Be Different on a Claim to Claim Basis. Here is a Broad Overview of the Steps That Are Involved in Settling a 3rd Party Claim.
Step 1
Informing the Third Party Insurance Company and Filing the First Information Report (FIR) With the Police. Regularly, the Third Party Files the FIR.
Step 2
Registration or Hearing of the Case in the Motor Mishap Claims Tribunal. The Tribunal Will Go Through All the Collected Evidence or the Testimonials.
Step 3
Consequence of the Case in the Motor Vehicle Tribunal. The Hearing or the Declaration of the Consequence Can Take Time. This Will Be Followed by the Settlement of the Claim Amount by Third-Party Insurance Company.
How to Get the Cheapest Third-Party Car Insurance?
Unlike a Comprehensive Third-Party Plan, the Cost for a Third-Party Car Insurance Policy Do Not Change From One Insurer to Another. The Rates Are Determined by the IRDAI and Remain Standard for All Insurers. The IRDAI Might Decide to Vary It on an Annual Basis, But All Insurers Have to Abide by the Price Stated by the IRDAI. Accordingly, There is No Way to Get the Lowest Third Party Insurance Policy as All Insurers Offer These Policies in Exchange of the Same Premium Cost.
☛ Read More ▻ Commercial Vehicle Insurance
Whether You Own a Private Vehicle for Driving or a Commercial Vehicle for Business Purposes, You Need to Buy a Third-party Policy. The Basics of a Third Party Car Insurance Policy Remain the Same for a Private or a Commercial Vehicle. However, There Might Be Slight Variations Concerning the Cover, Premium, and Terms& Conditions. The Online Buy Process of a Commercial Policy is Also Different From the Process for a Private One.
☛ Questions Asked for Third Party Car Insurance
What is a Third Party Insurance for Car?
What Does Third Party Insurance Mean?
Can We Drive Car With Third Party Insurance?
Can I Renew Third Party Insurance Online?
How to Take 3rd Party Car Insurance?
What is the Price of Third Party Insurance?
What is the Price of Third Party Insurance?
Why is 3rd Party More Expensive?
How Much Does a Car Insurance Cost?
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