Third Party – Private Car Insurance
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Third Party – Private Car Insurance Policy is a type of car 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 car. 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 – Private Car Insurance Policy ensures financial protection and compliance with legal requirements for car owners in India.
⛦ Example Scenario:
In the scenario where Ramesh’s car met with an accident with a bike rider, and the bike rider got seriously injured, Third Party – Private Car 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 care 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 - Private Car Insurance
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 car.
Passenger Personal Accident Cover
Offers coverage for passengers in the insured vehicle in case of accidental death or permanent disability due to an accident.
Covers the cost of repairing or replacing third-party property damaged by the insured vehicle.
Provides coverage for legal costs incurred in defending against legal claims related to the insured vehicle.
Additional Add-ons OF Coverages of Third Party - Private Car 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 car.
Liability Cover for Paid Drive
Offers coverage for legal liabilities arising from injuries or damages caused to a paid driver while operating the insured car.
Legal Liability to Employees
Extends coverage for legal liabilities towards employees of the insured car in case of injury or damages during employment duties.
Personal Accident (PA) Cover for Passengers
Provides financial compensation in case of accidental injury or death to passengers traveling in the insured car.
These add-ons provide additional protection and financial security to the insured owner, driver, passengers, and employees in case of unforeseen accidents or mishaps involving the insured car.
Factors Determining the Premium of Coverages of Third Party - Private Car Insurance
Engine Capacity (CC)
The cubic capacity of the car’s engine directly impacts the premium. Cars with higher engine capacity are generally associated with higher premiums.
The type of fuel used in the car, such as petrol, diesel, CNG, or electric, also affects the premium. Different fuel types may have different premium rates.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Private Car -New Vehicle Insurance
|Coverage||Own Damage (OD) Cover||Third-Party Liability Cover|
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 car'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.
Based on factors like car'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 car's engine capacity.
Comprehensive coverage for your vehicle, including theft, own damage, and accidents.
Limited to liabilities arising from third-party property damage, injuries, or death.
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.
Optional, but highly recommended for complete protection of your vehicle.
Mandatory by law to drive a vehicle on Indian roads.
Applicable for damages to your vehicle, subject to policy terms and conditions.
Covers financial liabilities towards third parties up to the prescribed limits.
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 car's engine capacity.
How to Settle Third Party - Private Car Insurance Policy Claims?
Inform the 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.
In case of injury or property damage, file an FIR with the police as it is a legal requirement.
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.
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.
In case of legal disputes or third party claims against you, the insurance company may provide legal assistance.
Exclusions of Third Party - Private Car Insurance
Any damage to the insured’s own vehicle is not covered under this policy.
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.
If the vehicle is used for illegal activities or purposes not covered under the policy, the claim won’t be honored.
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 - Private Car Insurance
Duly filled and signed claim form provided by the insurance company.
A copy of the First Information Report (FIR) filed with the police in case of third-party property damage or bodily injury.
Original vehicle registration certificate, insurance policy documents, and valid driving license of the insured.
Evidence of the extent of property damage caused by the insured’s vehicle.
Statements from witnesses, if available, to support the claim.
Medical records and bills, if there are injuries to the insured or third party.
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 - Private Car Insurance
If Policy Obtained through Agent/Broker
Claims are the reason we get a car insurance in the first place! Therefore, ensure the claim process of your desired car insurance is smooth and doesn’t take too long. When you’re in trouble, the last thing you want is, to spend all your time and energy in just filing a claim!
If Policy Obtained Directly from Insurance Company
Claim Settlements are basically getting your compensations done right. Claims being such an important part of a car insurance, check for your desired insurer’s claim settlement ratio so that you’re assured that no matter what, your claims will be settled!
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
Frequently Asked Questions: Third Party- Private Car Insurance
Third Party – Private Car Insurance provides coverage for damages or injuries caused to third parties by the insured vehicle. It is mandatory by law in India.
Third Party Insurance covers damages or injuries to third parties, including their property and bodily harm, caused by the insured vehicle.
Yes, Third Party Insurance is mandatory as per the Motor Vehicles Act, 1988, for all vehicles plying on public roads in India.
Third Party Insurance does not cover damages to the insured vehicle or injuries to the owner/driver. It only covers third-party liabilities.
Yes, you can enhance your coverage by adding add-ons like Personal Accident Cover for the owner/driver and passengers, Legal Liability to Employees, etc.
The premium for Third Party Insurance is determined by factors such as the engine capacity of the vehicle and the type of fuel used.
To settle a claim, inform the insurance company immediately, submit the required documents, and cooperate with the claims process.
No, Third Party Insurance does not cover damages to the insured vehicle. It only covers liabilities towards third parties.
Yes, Third Party Insurance is valid across India and provides coverage for accidents that occur anywhere in the country.
No, Third Party Insurance is non-transferable and remains linked to the insured vehicle only. It cannot be transferred to a new vehicle.
Four-wheeler third party insurance provides coverage for damages or injuries caused to third parties by the insured vehicle. It is mandatory by law in India.
The premium for four-wheeler third party insurance is determined by factors such as the engine capacity of the vehicle and the type of fuel used.
The price of four-wheeler third party insurance varies depending on the make and model of the vehicle and other relevant factors.
Yes, you can purchase four-wheeler third party insurance online through various insurance providers’ websites.
Yes, you can convert your third-party insurance to comprehensive insurance by contacting your insurance provider and paying an additional premium.
Yes, you can purchase four-wheeler third party insurance on Policybazaar’s platform from various insurance providers.
Yes, you can renew your four-wheeler third party insurance online through the insurer’s website or online insurance portals.
No, four-wheeler third party insurance only covers damages or injuries caused to third parties and their property. It does not cover damages to your vehicle.
Yes, as per the Motor Vehicles Act, 1988, having third party insurance is mandatory for all vehicles plying on public roads in India.
Yes, you can use a premium calculator provided by insurance companies or websites to get an estimated premium for four-wheeler third party insurance.