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Third Party Insurance

Accidents are unplanned and it can be due to luck, fate, or poor road conditions in India. There are chances of major injuries or property damage in a car accident. But you can be thankful if you already have a third party car insurance as a savior in such unfortunate situations.

We bring to you all there is to know about third party car insurance and how it can offer a great insurance coverage for your car.

About Third Party

Insurance A third party insurance for car is a cover to protect you from any major liability occurred during your own car accident, such as injuries or damage to third party property. Your insurance company will compensate you for repair and hospitalization costs of third party. Hence, you can get a financial cushion for repair work on the third party car.

Features of third party car insurance

Here are some of the salient features of a 3rd party car insurance cover that you should know about –

In the case of new cars, the cover should be taken for a long term period of 3 years. For older cars, however, coverage is available on an annual basis.
The premium of 3rd party car insurance is determined and reviewed by the Insurance Regulatory and Development Authority of India. The premium can change every financial year. The car third party insurance price depends on the engine capacity of the car. You can opt for a personal accident cover for the driver/owner of the car with the mandatory third party cover.
In the case of third party claims, you would have to file a police FIR.

About Third Party

As stated earlier, the car third party insurance price is fixed by the IRDAI. For the financial year 2021-21, IRDAI has proposed third party premium rates for cars. Here are the proposed rates for private cars in India.