How to Get Third-Party Car Insurance

How to Get Third-Party Car Insurance

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There are two ways to get the third-party car insurance. You can get it either through the insurance agent or through online. You can purchase the third-party insurance through the insurance company’s website, as the rates for the third-party insurance are the same across all companies. You can buy the insurance from the offices of the insurance companies.

A comprehensive policy is considered better than the third-party policies as the comprehensive policy covers the damages related to your vehicle and for the damages to the third party. You can have multiple insurances for your vehicle. If you already have an insurance for your vehicle, you can have additional insurance to cover any accidents related to the third party.

Learn About Third Party Car Insurance

 Third party car insurance comes in handy when your vehicle hits another vehicle and cause damages to it. Sometimes you cannot measure the level of accidents as well. It sometimes leads to the death of the third-party vehicle owner. In these kinds of scenarios, victims register a case against you and ask you to pay for the compensation for the loss. The motor insurance covers for the third party damages and pays up to INR 7.5 lakhs.

Before you buy a third-party insurance, you should know the inclusions, exclusions, premium coverages, renewal policy, claim process of every insurance. To know all these details, you should compare the insurance online from the quotes from the insurance providers.

Inclusions -The third-party insurances cover all the damages to the third party involved in the accident. Along with the coverages for the third-party vehicles, it also covers the loss of the third party vehicle owner.

Exclusions – The third-party car insurance does not include coverage for the damages caused to the insurer or damages caused to the insurer vehicle.

Premium coverages – The premiums of the third-party insurance vary according to the coverages you want for your vehicle and for the third-party vehicles.

Renewal policy – Unlike Life insurance, the term for the third-party car insurance is for a few years. If you like the policy, you can renew the same policy by paying for the premiums every year online or depositing the amount at the insurance office.

Claim Process – As soon as you are involved in any accidents, the third-party vehicle owner would lodge a complaint against you for getting the payment related to the loss. By then you should know the claim process for the insurance to get the money from the insurance providers instead of paying the amount from your pocket. Before choosing an Insurance plan, you should compare all the insurance plans available to you on and choose the best one, which meets your requirements.

Third Party Premium Rates for 2018

According to the Motor Vehicles Act, 1988, it is mandatory for every vehicle to have a valid third-party car insurance policy. The policy covers your financial liability if you are involved in a vehicular accident and harm any third party or property. The plan covers injury or death of the third party and injury caused to the third-party vehicle when your vehicle is involved in the accident.

The policy is mandatory for any car owner according to the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is also responsible for fixing the premiums for all the insurance plans. In the same way, third party premium rates depend on the cubic capacity of the motor vehicle. IRDA formulates and notifies the change in insurance plan every year to the insurance providers. The insurance providers charge the premiums accordingly to the customers. This year also IRDA has formulated some changes and the change in the premium payment is applicable to the insurer for April 1, 2018.

For private cars, up to 1000 CC, small cars the applicable premium rate is INR 1850. The cubic capacity between 1000 cc to 1500 cc (mid segment car) has a premium of INR 2863. The cars above 1500 cc (Big Cars) has a premium rate of INR 7890. There are different insurance premiums charged for two-wheeler insurance and for the vehicle.

Having a third-party car insurance is always advantageous. You do not have to pay for any damages to the third party when your vehicle is involved in the accident. If you want to secure your vehicle and yourself along with the third-party coverage, you should go for a comprehensive insurance plan. That way you will be benefitted in both ways.

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