As per the Motor Vehicles Act 1988, every four-wheeler owner in India needs to mandatorily buy a third-party car insurance policy. It offers financial coverage to owners against any liabilities that can arise due to losses and damage caused to the property or life of any third party.
What is third-party insurance?
Third-party insurance is a type of motor insurance that offers a cover against any financial liabilities that might come into effect due to an accident while riding your vehicle. However, in case of damage caused to the insured individual or the carvehicle, there won’t be any coverage available.
In case of an accident causing injury or damage to a third party, details of the incidents must be reported to the insurer. The insurer checks and verifies the claim and settles it with the third party.
Key features and benefits of third-party car insurance
Coverage for third-party liabilities
Insurers can get financial protection in the event of any damage, death or loss caused to a third party due to any mishap or accident.
Affordable premium
Third-party car insurance policies are usually available at a low monthly premium. This ensures you have the insurance coverage you need for your vehicle without having to spend a huge amount of money.
Peace of mind
A third-party car insurance policy ensures peace of mind by providing financial coverage in the event of any accident or mishap that might involve a third party.
Easy online process
You can purchase a third-party car insurance policy online with zero paperwork and just a few clicks from the comfort of your home.
Inclusions of a third-party car insurance policy
Accidental damage to third-party property
A third-party insurance policy provides financial protection against damages occurring to a third-party vehicle or property involved in an accident.
Accidental injury to or death of a third party
A standalone third-party car insurance plan will also cover any liability that might come up due to the injury or death of a third party caused by the policyholder’s car.
Exclusions of a third-party car insurance policy
- Injuries or death of the owner or driver of the car
- Any damage caused to the policyholder’s car due to theft, fire or an accident
- Any accident that was caused when the driver was under the influence of alcohol or any other substance
- The insured vehicle was used for commercial purpos
- In case the insured car was driven by anyone without a valid license or on the wrong side
How to raise a claim request for third-party car insurance
It is quite easy to file a claim against your a third-party car insurance policy. Here are the steps to follow:
Step 1: Inform the insurer about the accident that involves third-party loss or damage.
Step 2: The insurance provider should receive all necessary details about the accident, such as the time and place of the mishap, eyewitnesses, photos of the incident, details of the policyholder and the insurance policy and others.
Step 3: The insurance provider will verify all details as well as the documents provided and settle the claim with the third party.
Why should you Buy Third-party Car Insurance
It is always beneficial to have a third-party car insurance policy in place in case of any unfortunate eventuality. Third-party Insurance provides an additional layer of protection to your existing Auto Insurance and covers unforeseen expenses in the future.
Financially beneficial:
Third-party Car Insurance will protect you from heavy fines and damage costs of a third party.
Cost-Effective:
Third-Party Car Insurance is cost-effective and provides long-term benefits compared to other plans.
License Protection:
Third-party Car Insurance safeguards against the seizure of a driving license.
Legal Protection:
Third-Party Car Insurance saves policyholders from time-consuming legal hassles.
Safety Net:
Third-Party Car Insurance provides a personal accident cover of up to 15 lakhs.
Why choose Bajaj Finance for Third-party Car Insurance?
Bajaj Finance offers car insurance plans from top insurance providers. Some of the advantages of purchasing car insurance policies from Bajaj Finance are:
No documentation required
You can purchase comprehensive and third-party car insurance plan from Bajaj Finance conveniently without any paperwork.
Wide network of registered garages
The insurance partners of Bajaj Finance offer a wide network of 4,500+ garages spread across the country. You can get the convenience of cashless car repairs at any of these garages.
