Third-Party Car Insurance – Buy Third-Party Insurance Policies

Third Party Insurance

Accidents are unplanned and it can be due to luck, fate, or poor people road conditions in India. There are chances of major injuries or place wrong in a cable car accident. But you can be grateful if you already have a third party car policy as a jesus in such unfortunate situations .
We bring to you all there is to know about third party car policy and how it can offer a capital insurance coverage for your car .

About Third Party Insurance

A third party indemnity for car is a cover to protect you from any major liability occurred during your own car accident, such as injuries or damage to third party property. Your policy company will compensate you for animate and hospitalization costs of third base party. Hence, you can get a fiscal cushion for repair work on the third party car .

Importance of third party car insurance policy

According to the Motors vehicle Act, 1988, each car owner in India ought to invest in third-party policy for car coverage. When compared against a comprehensive examination plan, a third-party vehicle insurance coverage presents the basic coverage required and is more low-cost. therefore, having your car/automobile insured through third-party insurance guarantees that you have basic policy coverage for your cable car. furthermore, third-party indemnity coverage protects you financially from any third-party liabilities, miss of property, death, or physical damage.

A one-third party indemnity is termed as an ‘ act only ’ cover accompaniment. 3rd party policy means a bare minimal indemnity coverage your car needs to have in club to ply on India ’ s roads. not having even this unsheathed minimal insurance will make you eligible for hefty fines if caught by a dealings policeman. additionally, the loss to the one-third party becomes a personal indebtedness to you if you have not taken policy for your vehicle, therefore making you pay out of your air pocket .
Renew your car policy without inspection or paperwork

What is third party car insurance?
Third-party indemnity for a car is a cover to protect you from any major liability occurring during your own car accident, such as injuries or price to third base party property. Your insurance party will compensate you for the repair and hospitalization insurance costs of a third party. Hence, you can get a fiscal cushion for repair influence on the third base party car .
How does third party car insurance work?
When you have invested in a 3rd party car insurance policy for your cable car, you are secured against third party liabilities that you might face if your car is creditworthy for third-party fiscal losses. If your car causes third party end, physical injury or property wrong and your car are found to be responsible for such contingencies, you would incur a legal indebtedness against the third base party. You would have to pay the fiscal damages suffered by the one-third party. The third-party fomite policy policy covers these fiscal liabilities that you face. The policy would pay for the fiscal damages that the third gear party has suffered ascribable to your insure car .
Features of third party car insurance
here are some of the salient features of a 3rd party car indemnity cover charge that you should know about –

  • In the case of new cars, the cover should be taken for a long term period of 3 years. For older cars, however, coverage is available on an annual basis.
  • The premium of 3rd party car insurance is determined and reviewed by the Insurance Regulatory and Development Authority of India. The premium can change every financial year.
  • The car third party insurance price depends on the engine capacity of the car.
  • You can opt for a personal accident cover for the driver/owner of the car with the mandatory third party cover.
  • In the case of third party claims, you would have to file a police FIR.

Why do you need four-wheeler third party insurance?
If you own a car, you would need a four-wheeler one-third party policy policy to drive the cable car in India. It is just because of the fact that the policy has been made mandate under the Motor Vehicles Act, 1988. As per the Act, every car has to necessarily carry a valid four wheelwright third party indemnity brood to legally run on indian roads. If you are found without a valid third party cover, you would face legal consequences. sol, for complying with the basic legal mandate, you need a 3rd party cable car policy policy .
Benefits and importance of third party car insurance plans
here are some of the key benefits and importance of third base party car indemnity plans that make them a must-buy –

  • Freedom from legal fines and penalties 
    The independent profit of having third base party coverage is an escape from legal fines and penalties. If you are caught driving without third party coverage, you are liable to pay brawny fines. furthermore, in the lawsuit of unplayful accidents, miss of coverage might besides lead to imprisonment or early legal consequences. so, a third party cover is recommended to avoid such legal hassles .
  • Financial compensation
    The third-party car indemnity coverage shoulders the fiscal effect that you might incur in encase of third party losses. As such, it provides you with fiscal security and saves your finances from being threatened by unanticipated emergencies .
  • Cost-effective
    The car third party insurance price is low and low-cost. As such, it is quite cost-efficient compared to the coverage that it offers .
  • Ease of purchase
    You can invest in a desirable policy of third party car policy on-line. The process is easy and convenient. furthermore, third party car indemnity on-line offers instantaneous coverage .
  • Good scope of coverage
    Third-party bodily injuries and deaths are covered without any upper limit. The fiscal liability decided by the motor accidents claims court is paid by the third party policy. As such, you can avail of outright coverage for one-third party bodily injuries. In the casing of property price, however, coverage is allowed for up to INR 7.5 hundred thousand which is a considerable come .

Third-party policy for commercial vehicles
tied commercial vehicles in India are required to be insured under a third base party plan. therefore, you can find third gear party policies for commercial vehicles besides. such policies are besides offered by insurance companies where the premiums are different from the car one-third party indemnity price. All types of commercial vehicles can be covered under a third base party policy .

What does Third Party Insurance Include?

A third party indemnity provides the below coverage and includes :

  1. Third Party Liability
    The Liability covers in character of injury or death to the Third Party and it is outright. In case if the third party has lost his/her life, then the insurance provider will bear the compensation. Based on the FIR and case registered with Motor Accidents Claims Tribunal, the compensation sum is determined. This doesn ’ triiodothyronine count on the dead person ’ second income but more on how a lot it has affected his/her family because of the loss. In case of a private car, the policy cover charge for legal liability of the paid driver depends on the Workmen ’ s Compensation Act 1923. similarly, a coverage for nameless passengers can besides be taken with a nominal extra agio of Rs. 50/person for a kernel insured of Rs. 1 lakh up to a maximum of Rs. 2 hundred thousand .
  2. Property loss
    During an accident whatever place price occurs, the recompense can be claimed for property damage through the third base party indemnity cover. According to IRDA norms, the damage covers up to Rs 7.5 hundred thousand. The lower the coverage, the lesser will be the premium .
  3. Personal Accident support for Owner
    In an accident, in case of death or injury to the owner-driver of the vehicle, then the third party insurance can compensate for this death/injury astir to maximal of Rs. 2 hundred thousand. The compensation limit is given below :

    • If the nature of injury is death, then the compensation is 100%.
    • If the nature of injury is loss of eyesight or two limbs, then the compensation is 100%.
    • If the injury is loss of 1 limb or 1 eye, then the compensation is 50%.
    • If the injury makes the person completely disabled in other parts of the body, then the compensation is 100%.

Note: This coverage is subject to the downstairs conditions being met :

  • The driver-owner is the actual registered owner of the vehicle.
  • The policy is named for driver-owner of the vehicle.
  • The driver of the vehicle has an effective license according to the provisions of rule 3 of the Central Motor Vehicles Rules 1989, during the accident.

What does it not cover?

There are a few exclusions that are to be sympathize under the third party cable car insurance .

  1. If the driver of the vehicle is the not the owner of the car, then it is not included on the cover.
  2. Any sort of direct or indirect occurrence due to radioactive contamination or nuclear weapons is not covered.
  3. Damage or loss or liability caused by war, invasion, etc. is not included.
  4. Any accident or loss which is not in the specified geographical boundary won’t be covered.
  5. Claims arising out of contractual liability.

The above-mentioned features are coarse exclusions. For more information, you can refer your car policy documents .
Third-party premiums
As stated earlier, the car third base party insurance price is fixed by the IRDAI. For the fiscal year 2021-21, IRDAI has proposed third party agio rates for cars. hera are the proposed rates for private cars in India

The engine capacity of the car Proposed third-party premiums for FY 2020-21
improving to 1000 milliliter bureau of intelligence and research 2182
More than 1000 milliliter but below 1500 milliliter bureau of intelligence and research 3383
More than 1500 milliliter bureau of intelligence and research 7890

In the case of electric vehicles, both secret and commercial, IRDAI has proposed a rebate of 15 % on third base party premiums. For loanblend vehicles, on the other hand, a discount rate of 7.5 % has been proposed .
Add-ons under third party car insurance
Though the third party car indemnity policy provides the basic mandate cover, it besides offers you the choice of customizing your policy with a few add-ons. The add-ons that are available with 3rd party car insurance plans include the come –

  • Add-on for personal accident cover for owner/driver for a value of INR 15 lakhs
  • Add-on for personal accident cover for co-passengers for a value of INR 2 lakhs
  • Add-on for personal accident cover for paid or hired driver of the car

Third-party v/s comprehensive car insurance plans
Besides third gear party coverage, car insurance plans are besides offered as comprehensive plans. comprehensive plans are those that cover third party liabilities angstrom well as damages suffered by your own car .
hera are the major differences between the third party and comprehensive cable car insurance plans –

Points of difference  Third-party car insurance Comprehensive car insurance
coverage Third-party plans cover alone third party legal liabilities. They do not cover any damages suffered by your own cable car comprehensive examination plans cover both third party liabilities arsenic well as the damages that your cable car suffers, including larceny
mandate These plans are compulsory These plans are not mandatary
premium bounty is fixed by IRDAI. It is fixed for all companies and is low agio is fixed by respective insurance companies. It, thus, varies across companies and is higher than third gear party premiums
Add-ons One or two add-ons are available A rate of add-ons are available
bounty discounts not available A range of discounts are available including no claim discount rate

Drawbacks of third party car insurance 
Though a third party car insurance policy provides the mandate cover, it is better to opt for a comprehensive cable car indemnity plan. This is plainly because of the fact that third party plans do not cover the damages that your car suffers. so, if in an accident, your car besides suffers considerable damages or if your car is stolen, the fiscal loss that you suffer would not be covered by the 3rd party car policy policy. You would have to shoulder the fiscal costs yourself. Since such costs can be considerable, comprehensive examination coverage is recommended if you use your car frequently .

Points to keep In mind while raising a third party car insurance claim 

Unless you are mindful of the basics, raising policy claims can be a nerve-racking serve. however, if you stay informed about the details of the process, you will be able to handle any issues that may arise. The points to keep in mind while raising a third base party car insurance claim are-

  1. Lodge an FIR report in case of an accident, along with which you will also need to inform the insurance company. Without these two steps, a claim settlement process won’t initiate.
  2. The third-party needs to provide valid proof to prove the mistake of the other party.
  3. It is advised to settle small losses and minor damages outside court, otherwise, it takes up a lot of time in proceedings.
  4. There is no set limit on the coverage of personal damage faced by the third party, while for property damages, the maximum coverage is INR 7.5 lakhs.

When is third party car insurance better than comprehensive coverage?

Third party coverage offers only partial derivative coverage for repairs and hospitalization ( with coverage for merely third base party and nothing for self ). On the other pass, comprehensive examination coverage offers security for both third base party and for self. Hence, you may be wondering when one-third party indemnity will be a better choice than comprehensive coverage. here are some reasons when a third gear party policy will be a estimable choice :

  • When the vehicle value is very low
  • When you don’t need coverage for damage to own car or own bodily injury.
  • When you can bear costs for your own car damage without the need for any coverage
  • In cases where there is a hypothecation, the financer mentions in the agreement that till the time the loan is not repaid, the customer cannot go for a TP only policy. Thus it becomes compulsory to take a comprehensive policy. We strongly recommend extending third party coverage to be a comprehensive coverage so that you can get total value for money on the premium you pay.

Glimpse through our steer on how to renew expired cable car indemnity

How to make third party car insurance claims
To make a claim in your 3rd party car policy policy, you would have to follow specific steps. These steps are given below –

  • Informing the insurer
    The first gradation is to immediately inform your insurance company whenever you suffer a third party claim. This helps you to avail of claim aid services from the insurance company. furthermore, your claim is besides registered with the company and you get a claim reference book number for tracking your claim status .
  • Filing a police FIR
    then, you should file an FIR with the patrol authorities of the sphere where the claim has occurred. A patrol FIR is a compulsory document for third gear party claims .
  • Claim handled by the motor accidents tribunal
    Third-party claims are transferred to the motor accidents claim court that assesses the claim and then passes a judgment regarding the fiscal liability that you face. It might take time for the court to pass its judgment and your claim would be settled only after the court ’ mho proceedings are done .
  • Claim settlement by the insurer
    once the court passes its judgment, you would have to inform the policy caller of the like. The indemnity company would, then, pay the claim directly to the third party. You would besides have to fill up and submit a title human body along with diverse documents that include the following –

    • Policy bond
    • Driving license
    • Identity proof
    • Ruling by the tribunal mentioned on a court document
    • Medical bills and reports, in original, in the case of third party injuries
    • Any other document as needed by the insurer

once all the steps are followed, the third-party claim would be settled and closed .
You can besides take Turtlemint ’ s aid for third party car insurance claims. Just visit hypertext transfer protocol : //insurecar.info/raise-claim/ and click on ‘ Raise a Claim ’. Choose the type of policy under which you want to raise your claim, the name of the insurance company, policy number, your mobile total, and the details of the claims. Submit these details and Turtlemint ’ s call department would help you get your call settled within the shortest potential time .

How to buy third-party car insurance online? 

  1. Visit the website of Turtlemint. 
  2. Go to the website and click on ‘Find Car Insurance Plans’. Then enter the car registration number or click on ‘I don’t have a registration number’, after which you’ll be prompted to enter your registration area.
  3. Then fill in your personal information. Complete the remaining fields on the website as directed. 
  4. Several plans will pop up on your screen. Choose the plan most suitable for you and pay the premium. All major credit/debit cards, as well as net banking, are accepted for payment. 
  5. Then you will receive a soft copy of your third-party car insurance policy through email almost immediately. You may either print and file this or simply access it through your email at any time

Why choose Turtlemint?

It is crucial that you should know the basics of cable car policy and the things to remember before you purchase one. You need to have all the necessity information and one-third party car insurance rates from different providers in order to make a decision of picking one company from the many options. For this you need not spend a set of fourth dimension and effort walking up to the function of each and every indemnity company. You can eliminate these troubles and get quotes from multiple indemnity companies from the comforts of your home plate or office .
How? It ’ mho simple, just log on to Turtlemint and do a detail third party cable car indemnity price comparison of the different quotes available from different providers. If you have any question at any degree in clock during the comparison or buy process, we have a team of master advisors who can assist you with any doubts or clarifications you may need to make during the buy march .
Check out why opting for Turtlemint ’ randomness third party car indemnity on-line makes full common sense :

  1. You can get smart tips on saving money without any compromise on your cover.
  2. It is completely easy to make an online purchase with secure payment.
  3. You are offered with the best price on insurance with a holistic view.
  4. It gives 100% claim assistance.
  5. You can place your requirements and we recommend you with the best plan matching your needs.

FAQ’s

plus minusIs Third Party Insurance mandatory?

Yes, according to Motor vehicles Act 1988, India, it is compulsory to have a Third Party Insurance. It is illegal to drive a car on indian roads without a policy .

plus minusHow is third party insurance rate decided

The IRDAI revises bounty every year, considering the ratio of claims made and passing for providers. Because of this, third party indemnity rates for cars and bikes have become costly from April 1st, with the policy rate rising up to 40 % .
here are the third gear party car policy price 2017

  • The premium for small cars (up to 1000 cc) is currently Rs 2055. This denotes that the third party car insurance rates have increased by 39.9%.
  • The hike for medium size cars (1000 – 1500 cc) is about 40%, and is currently Rs. 2863.
  • In the case of bigger cars like SUVs (1500 cc+) the premium is hiked by 25%, to Rs. 7890 presently.

plus minusWhat’s the difference between third party and comprehensive insurance?

The comprehensive policy policy has two components, own damage and the third gear party price. But in case of third party indemnity, only third party wrong is factored in for claims.

plus minusWithin how many days of accident do I have to make a third party insurance claim?

The childlike answer is, you should report the accident a soon as possible. In many cases indemnity companies have 24-hour accident claim on fluid apps and hotlines .
many insurance companies need policyholders to make claims within the specific time windowpane of the accident occurring. But these limits are particular to each policy. If you are uncertain about what is the appropriate meter period within which you have to make a claim, then you can ask your policy agent .

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