Why Should You Know About Third Party Car Insurance?

third party insurance

Often, you might get confused about whether to buy a comprehensive car insurance or a third party insurance before driving your car. However, both of these types of insurance covers are entirely different. While a comprehensive car insurance is an optional cover for your vehicle, a third party car insurance is a mandatory one.

What is a Third Party Car Insurance?

A third party car insurance cover is a minimum insurance amount under which you have to get your vehicle covered. It covers losses caused to the life and property of a third party due to a fault on your part, during a road accident involving your vehicle.

The aim of buying a third party car insurance is to ensure that no third party suffers on the account of a shortfall on the part of the owner of the vehicle.

Under the Indian law, it is mandatory for every vehicle owner to get his vehicle covered under a third party insurance cover in lieu of the Motor Vehicles Act, 1988.

Significant Third Party Car Insurance Policies

A third party insurance cover offers a uniform benefit of securing the interest of third parties on road. However, the cost at which every company offers the same to their customers varies on account of discounts, offers, and customer services. To know more about such insurance covers, visit Coverfox.com to choose from a variety of insurance companies.

Take a look at these inherent benefits of a third party car insurance policy:

1. Provides Financial Cover to Third Party

By applying for a third party car insurance, the financial burden of the losses incurred by the third party is well covered. Even though the insurer is not the direct beneficiary of such cover, it very well covers untoward or unnecessary expenses the owner of the vehicle would have to pay in case of any contingency.

2. Easily Available and Hassle Free

Third party car insurance covers are the most widely accessible and easily available insurance covers. Apart from the ease of buying it online, such covers can be bought by you in no time and with the least amount of formalities.

3. Low Premium

As compared to the premium of any given comprehensive car insurance, the premium of a third party car insurance cover is pretty low and is quite nominal. Also, such covers don’t burn a hole in your pockets.

Easy Way to Get Third Party Car Insurance

Getting a third party insurance cover has never been this easier. With the advent of several insurance portals online competing to provide you with the best and swiftest service possible, you really do not have to struggle much to buy a cover.

Here are a few basic steps to buying a third party insurance cover online:

1. Select an insurance company

There is an umpteen number of insurance companies willing to sell a third party insurance on the internet. Choose the one that is trusted in the market. You can decide that by reading about a company’s customer reviews or knowing how good it is with regards to settling claims.

Simply visit Coverfox.com and compare a variety of options on a single screen.

2. Provide Vital Details

If you are buying the cover online, enter vital details such as your vehicle registration number, vehicle details, ID proof among others. Online portals are quite secured and information entered is encrypted so as to protect external parties from accessing it.

3. Payment

An online mode requires you to pay via net banking or through debit or credit card. Enter relevant details pertaining to your transaction and you are good to go.

Your third party insurance cover is ready!

How to Claim Third Party Insurance?

Claiming a third party insurance to cover your loss calls for the following process:

1. File an FIR

The first and foremost step is the filing of an FIR narrating the details of the accident. Thereafter, you are required to obtain a charge sheet from the police.

2. File a Claim in the Motor Accidents Claim Tribunal

This is a special court that exclusively deals with Motor Accident Claims. You might as well hire a lawyer to get things sorted. The Court is required to be convinced about the loss caused, following which the value of the claim is evaluated.

To claim your loss, you have to provide your hospital bills in case of an injury and surveyor reports as investigation reports in case of damage to property. It is only then that the court proceeds to award damages to you.

3. Fixing Liability

Once the court has fixed the liability of the third party insurance holder, you can forward your claim to the owner to recover the amount.

Takeaway

Ensure that you do not drive your vehicle without the requisite third-party insurance cover in order to avoid any hassle and undue penalty.