Passenger Carrying Vehicle Third Party Insurance
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
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What is Passenger Carrying Vehicle Third Insurance Policy ?
Third Party -Passenger Carrying Vehicle Insurance Policy is a type of Passenger Carrying Vehicle insurance that provides coverage for liabilities arising from damage or injuries caused to a third party (any person other than the insured or their passengers) due to an accident involving the insured’s Passenger Carrying Vehicle. It is a mandatory insurance policy required by law in India for all vehicles. The policy covers the legal liabilities of the insured for bodily injury, death, or property damage to the third party. However, it does not provide any coverage for damages to the insured’s own vehicle. Third Party Passenger Carrying Vehicle Insurance Policy ensures financial protection and compliance with legal requirements for Passenger Carrying Vehicle owners in India.
Example Scenario: In the scenario where Ramesh’s Passenger Carrying Vehicle met with an accident with a bike rider, and the bike rider got seriously injured, Third Party Passenger Carrying Vehicle Insurance Policy would come to Ramesh’s rescue. The insurance policy would cover Ramesh’s legal liabilities towards the injured bike rider. The insurance company would take Passenger Carrying Vehiclee of the medical expenses and compensation for the bike rider’s injuries and any other damages caused to the bike. This helps Ramesh avoid financial burdens and legal consequences that may arise due to the accident. Third Party Insurance provides the necessary financial protection and ensures that Ramesh fulfills his legal obligations towards the injured party.
Coverages of Third Party Passenger Carrying Vehicle Insurance
Third-Party Liability
This covers legal liabilities towards third parties for bodily injury, death, or property damage caused by the insured vehicle.
Personal Accident Cover (PA)
Provides compensation for the owner/driver in case of accidental death or permanent disability due to an accident involving the insured Passenger vehiclerying Vehicle.
Passenger Personal Accident Cover
Offers coverage for passengers in the insured vehicle in case of accidental death or permanent disability due to an accident.
Property Damage
Covers the cost of repairing or replacing third-party property damaged by the insured vehicle.
Legal Expenses
Provides coverage for legal costs incurred in defending against legal claims related to the insured vehicle.
Additional Add-ons Third Party Passenger Carrying Vehicle Insurance
Personal Accident (PA) Cover for Owner and Driver
Provides financial compensation in case of accidental injury or death to the owner or driver of the insured Passenger vehiclerying Vehicle.
Liability Cover for Paid Driver
Offers coverage for legal liabilities arising from injuries or damages caused to a paid driver while operating the insured Passenger vehiclerying Vehicle.
Personal Accident (PA) Cover for Passengers
Provides financial compensation in case of accidental injury or death to passengers traveling in the insured Passenger vehiclerying Vehicle.
Factors Determining the Premium of Coverages of Third Party Passenger Carrying Vehicle Insurance
Engine Capacity (CC)
Fuel Type
The type of fuel used in the Passenger Carrying Vehicle, such as petrol, diesel, CNG, or electric, also affects the premium. Different fuel types may have different premium rates.
Vehicle Sitting Capacity
The Third party of the Vehicle is detemined by the no of person can sit in the Vehicle
Major Differences Between Own Damage (OD) Cover and Third-Party Cover In Passenger carrying Vehicle Insurance
| Coverage | Own Damage (OD) Cover | Third-Party Liability Cover |
|---|---|---|
Definition | Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more. | Covers legal liabilities for damages caused to third-party property, injuries, or death due to your Passenger vehiclerying Vehicle's involvement in an accident. |
Scope of Coverage
| Protects your own vehicle against a wide range of perils and damages. | Only covers damages and injuries caused to third parties, not your vehicle. |
Premium Determination
| Based on factors like Passenger vehiclerying Vehicle's make, model, IDV, and add-ons chosen. | Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the Passenger vehiclerying Vehicle's engine capacity. |
Coverage Extent | Comprehensive coverage for your vehicle, including theft, own damage, and accidents. | Limited to liabilities arising from third-party property damage, injuries, or death. |
Add-ons
| Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage. | No add-ons are available, as it is a standardized cover as per IRDAI regulations. |
Legal Compliance | Optional, but highly recommended for complete protection of your vehicle. | Mandatory by law to drive a vehicle on Indian roads. |
Claim Settlement | Applicable for damages to your vehicle, subject to policy terms and conditions. | Covers financial liabilities towards third parties up to the prescribed limits. |
Insurance Premium | Can significantly impact the premium amount based on the extent of coverage and chosen add-ons. | Premium rates are fixed as per the IRDAI guidelines and are based on the Passenger vehiclerying Vehicle's engine capacity. |
How to Settle Passenger Carrying Vehicle Insurance Policy Claims?
Inform Insurer
Report the accident to the insurance company immediately. Provide all necessary details, such as the policy number, date, and time of the incident, and the contact information of involved parties.
File FIR
In case of injury or property damage, file an FIR with the police as it is a legal requirement.
Document Collection
Gather all relevant documents, including the claim form, copy of the policy, FIR, vehicle registration papers, and driving license.
Survey and Inspection
The insurance company will appoint a surveyor to assess the damage or loss. They will inspect the vehicle and assess the liability.
Claims Settlement
If the claim is valid and within the policy’s coverage, the insurance company will process the claim and settle the amount with the third party as per the policy terms.
Legal Assistance
In case of legal disputes or third party claims against you, the insurance company may provide legal assistance.
- Remember, Third Party - Passenger Carrying Vehicle Insurance only covers liability towards third-party injuries and property damage, not own vehicle damage.
Exclusions of Third Party Passenger Carrying Vehicle Insurance
Own Damage
Any damage to the insured’s own vehicle is not covered under this policy.
Intentional Acts
Any damage caused intentionally or due to fraudulent activities is not covered.
Driving without License
If the driver doesn’t have a valid driving license or is under the influence of drugs/alcohol during the accident, the claim will be denied.
War and Nuclear Risks
Damage caused by war, nuclear explosions, or related risks is excluded.
Usage Violations
If the vehicle is used for illegal activities or purposes not covered under the policy, the claim won’t be honored.
Mechanical Failures
Claims arising from mechanical failures, wear and tear, or manufacturing defects are excluded.
Racing and Speeding
Any accident while racing or participating in speed tests is not covered.
Damage Beyond Policy Scope
Any damage that falls outside the coverage scope of the policy will not be compensated.
Documents Required for Claim Settlement under Third Party Passenger Carrying Vehicle Insurance
Claim Form
Duly filled and signed claim form provided by the insurance company.
Accident Details
Detailed information about the accident, including date, time, location, and cause.
Police FIR
A copy of the First Information Report (FIR) filed with the police in case of third-party property damage or bodily injury.
Vehicle Documents
Original vehicle registration certificate, insurance policy documents, and valid driving license of the insured.
Third-Party Details
Information about the third party involved in the accident, such as name, address, and contact details.
Witness Statements
Statements from witnesses, if available, to support the claim.
Medical Records
Medical records and bills, if there are injuries to the insured or third party.
Property Damage
Evidence of the extent of property damage caused by the insured’s vehicle.
Valid Third Party Insurance
Proof of valid third party insurance of the involved vehicle, as it is mandatory for claim settlement.
Contact Information for Claim Settlement: related to Third Party - Passenger Carrying Vehicle Insurance
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
- Phone: +91-9654259715
- Email: services@beemawala.com
Frequently Asked Questions: Third Party - Passenger Carrying Vehicle Insurance
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