Third Party Insurance
Third-party insurance is also known as third-party liability cover. It is a legal mandatory requirement for every vehicle under the “Motor Vehicles Act”. It provides financial coverage to the insured and the loss or damage of third-party property.
Benefits Of Third-Party Insurance
Financial Assistance
Peace of Mind
Easy & Fast process
Economic Policy Plans
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Features of Third-Party Insurance
The following attributes are covered under Third Party Insurance in case of an accident caused by your vehicle-
- Third-Party Death or any bodily Injury
- Damage occurred to the third party property
- Insured person injuries are not covered under this insurance but covers for the injuries that occurred by the insured to the third person.
- Personal accidental cover only in case a Personal accident component is included in the policy.
Why There Is Need Of Third-Party Insurance?
While driving on the road occurring of road fatalities is common. Undoubtedly it is an unfortunate event but in order to secure you from the level of damage getting a claim against the accident is quite relaxing. Third-party insurance covers the insured vehicle in case any damage occurs to the vehicle, bodily injury, or death of the third party. According to the guidelines of IRDA
- In case Of Death- No Limit
- Car Insurance – Rs.7.5 Lakh
- Two-Wheeler Insurance- Rs.1 Lakh
What Is Excluded In Third-Party Insurance?
- Damage, loss, or accident of the vehicle outside geographical boundaries.
- Loss or Damage due to war or warlike operations.
- Liability by nuclear weapons or radioactive contamination.
- Individual, other than the owner or driver was driving the vehicle.
- Claim arising out of contractual liability.
Frequently Asked Questions
This Insurance offers protection against damages to the third party. Basically, it protects against physical injuries, damages to the vehicle, damage to the property, and death. but it does not responsible for any compensation for the reason caused due to drunken driving.
It is mandatory for all car owners in India as per Indian Law. Driving a car without a third-party car insurance policy is a criminal offense punishable with a fine.
It is a mandatory requirement for all car owners in India as per Indian law. Driving a car without a third-party car insurance policy is a criminal offense punishable with a fine.