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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.