Third party insurance and its importance in India

Posted by sanjay on July 2nd, 2016

It is mandatory by Indian Traffic law that every person who owns any form of vehicle should have a minimum of third party insurance for paying the damages done to third party during accidents. Every state or nation has set a minimum level of insurance that needs to be adopted by all vehicle owners so that they have a minimum amount of coverage for themselves and their vehicles. Therefore, in India Standard Third Party insurance is the minimum amount of coverage that vehicle owners need to posses to drive their vehicle on roads.

An important clause is that some insurers may offer this as standalone add-on cover as well. This insurance seems to the quite cheap for those customers who cannot afford the higher costs related to comprehensive car cover. Various car insurers provide third party insurance for vehicle in India which is one of the most essentials when people seek out car insurance policies.

The number of vehicle accidents such as bike or car accidents has shown a steep rise in recent years. Such accidents not only cause damage to the driver or the pillion rider but also people or properties on roads and surroundings. At times, their might even be a death occurred if the accident is major. Thus, during such crisis time it is the third party policy that will provide legal and financial security to the policy holder for any physical injury, death or disability to the third party or damages done. Thus, it’s the third party policy that brings you protection against unforeseen circumstances, and peace of mind. Purchasing or renewing third party motor insurance online is the latest craze amongst the people in India, especially among the youngsters who often stay busy in their work life.

When people opt to buy a standard third party insurance policy you can be assured to get the following coverage: The cost of any damage caused to the third party property when you’re involved in the accident and the medical expenses involved in the treatment of the third party due to the harm caused to him or her by the accident.

However, it’s a peace of mind one receives towards third party damages. Since it’s a single focused insurance cover it comes at cheaper rate but gives very limited coverage. In any form of damages done to your bike or harm caused to your health such as fracturing a leg, or bruises on your hand etc. might not be covered on such policies. This policy purely looks into the financial management for third party damages.

The process of claiming third party insurance is slightly complex as it not only includes damages caused to you or your bike but involves damages caused to another person or property. If you’re struck with an accident, inform the insurance company as soon as possible about the claim. The sooner the insurer is informed, easier it is to recover your money. The company will inspect the matter and accordingly the money will be handed over for the damages done. Always remember to keep the policy details handy so that you can provide appropriate details while talking to customer team or agents on phone. Keep important stuffs like medical bills, cost of repairs done and police reports handy. Try and get details like how the accident occurred, what form of injury and its criticality, and the amount you need to claim. This is because in case the process becomes controversial or structures into a lawsuit, you should be able to produce proper evidence supporting your claims. You should be able to convenience your insurer with sufficient evidences so that they should pay out on your claims.