Third Party Car Insurance An Overview
A third party car insurance cover is one that gives you protection in case of damage by your vehicle to life or property of a third person. This is mandatory for all vehicles plying on the roads. Without this cover, you can’t drive away with your vehicle from the showroom.
In case of an accident that causes bodily injury or loss of life, the third party cover is unlimited. The entire amount of compensation is borne by the car insurance company once the court decides on the amount. For damage to property, the maximum liability is limited at Rs 7.5 lakh.
The premium is fixed on a third party motor car insurance cover and depends on the cu. capacity (cc) of your car. For a car that is below 1,000 cc, the premium is fixed at Rs 670; for a car above 1,000 cc but below 1,500 cc, the premium is fixed at Rs 800; and for cars above 1,500 cc, it is Rs 2,500. But these premiums are under consideration since the premiums are very low and the claim payout much higher.
Third partycar insurance benefits can be taken only in case of an accident and not if the act is deliberate or involves criminal intent. If a third party is injured or killed in an accident involving your car, notify the police immediately. Try to take the injured to a hospital immediately, but if your personal safety is at risk from an angry mob, then get the police right away. Notify the car insurance company about the facts of the case.
In the event of any notice from the third party motor vehicle claims tribunal or a court of low, send the same to the company for further action. Also send all notices, summons etc. you receive to the company for attention. The car insurance company is liable to pay to damage to the third party.