Gone are the days when owning a car was considered a luxury, it has become more of a necessity these days. It’s a great way to commute from one place to another, it’s comfortable, fast, safe, unlike public transport.
When you purchase a new car, along with a valid driving license and RC, you are required to even get third party car insurance. If you are a newbie who doesn’t know much about this, let us give you a complete insight into the insurance basics.
Also Read – Know Why the Insurance Premium For Your Car Rises Every Year
What is Third-Party Insurance?
The Motor Vehicles Act 1988, has mandated every car owner to have at least third-party liability insurance. We all may be credited drivers, but there are times when we face unavoidable situations like getting involved in a car accident and we become a victim of emotional trauma.
Along with that, there could be times when because of the accident we may damage the vehicle or the property of the third party, which adds to the financial stress. That’s when third-party car insurance comes into the picture to take the stress out by providing the coverage to the third-party damages.
What is Covered Under Third-Party Insurance?
This type of insurance provides coverage to the damages caused to the third party by the insured vehicle.
The coverage includes bodily injuries to the third party, third-party vehicle damage, any third party property damage, and even during the unfortunate event of death of the third party.
What is Not Covered Under Third Party Car Insurance?
This insurance doesn’t cover damage to the insurer’s vehicle or any damage caused due to theft or even natural calamities. Third-party insurance doesn’t kick in for the following events too-
- If the person is driving under the influence of alcohol.
- The person driving doesn’t hold a valid driving license.
- If the accident was proven to be a deliberate act.
- If the vehicle was being used for illegal activity.
- If it is a stolen vehicle.
Also Read – Why Time Is Of The Essence In A Personal Injury Claim
How Do You Buy The Third-Party Insurance?
When you go to a specific showroom to purchase a car, most of the time the auto dealer includes this third-party car insurance in the bundled on-road price of the car.
There is no hard and fast rule that you have to purchase it from the auto dealer, you can check different insurance providers and buy car insurance online with ease.
When you buy car insurance online, you have the flexibility to compare the cost and benefits offered by different companies and make some great savings.
How Does Third Party Liability Insurance Work?
In case if the insured vehicle gets into an accident with another vehicle and there has been damage caused, the victim may file a case and ask for compensation.
In such times your third party car insurance steps in to aid you financially. Insurance Regulatory and Development Authority (IRDA) has limited the third party property damage to rupees 7.5 lakhs and no coverage limit in the event of death or injury of the third party.
This motor policy remains valid for a year, and immediate renewal needs to be done without any delays.
Also Read – The 4 Steps to Recovery after an Accident Injury
Is Third Party Car Liability Insurance Sufficient?
While third-party car insurance is a legal requirement, and not having it can attract heavy penalty charges by the traffic department, this alone doesn’t provide coverage to the insurer’s car.
Most people opt for a comprehensive car insurance policy that provides holistic protection, in the sense the insurer gets damage protection for their own car as well as mandatory third party damage protection. The Insurance premium depends on a lot of factors and different insurance companies offer different premium amounts basis the coverage. You can conveniently use the online premium calculators to know an estimate of the premium amount. You may have to provide details like the car registration number, engine number, chassis number, car ownership details to name a few. Comprehensive coverage includes-
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- Any damage to the third party vehicle
- Own vehicle protection against natural calamities like floods, earthquakes etc…
- Protection against damage caused due to vandalism and terrorist activity.
- Damage caused due to fire.
- Damage against theft.
- Damage due to any object that falls on the car like trees.
Having at least the third-party car insurance will give you peace of mind that you are abiding by the law of the country.
Also Read – 6 Tips for Getting a Fair Settlement in a Personal Injury Case
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