What is the benefit of third-party insurance?

Which type of insurance is best for car?

Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else's car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.

Is 3rd Party insurance enough for car?

Since a third party policy provides coverage only for third party liabilities and nothing for damages sustained by the insured's car, it is not considered an ideal car insurance cover.

Does 3rd party insurance cover personal injury?

What's covered by third party insurance? It covers any damage you cause, as well as personal injury claims, to another person.

How third party insurance works in an accident?

Third party insurance covers your accidental legal liabilities arising due to damaging a third party property or vehicle. It also covers your legal liabilities if an accident caused by you results in a third party person's disability or death.

What is zero DEP insurance policy?

With zero depreciation coverage, the insured does not have to pay the depreciation value of the damaged or replaced parts and the policyholder can claim. It applies to vehicles that are less than 5 years old and the policyholder can avail of it twice during the policy tenure. Read more.

What type of damage is not covered by third-party insurance?

Damage to your own vehicle. Damage to someone else's vehicle. Personal injury.

Why is third-party more expensive?

Insurers said premiums were higher on third-party policies because people taking them out were more likely to make a claim, and to claim higher amounts. Many of them do not have a choice but to take this type of cover.

Is third party insurance mandatory after 3 years?

Third party insurance is mandatory under the motor insurance law for covering liability of third party. Insurers believe the 3 year tenure will subsequently decreases the cost like issuing policies, administering them and follow-ups for renewals.

Why is it called 3rd party insurance?

It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any benefit to the insured.

What's cheaper comprehensive or third party?

Not only could comprehensive insurance be cheaper than paying for third party cover, but if you get into an accident, your insurance company may pay for the damages to your vehicle. You may receive compensation when the fault can't be proven too.

Can I drive another car on my insurance?

Your car insurance policy needs to be a fully comprehensive one. The other car must have insurance already. Your car must be in a driveable state (ie, not written off) Your occupation cannot be in the motor trade (ie, where you often drive other cars)

Which insurance covers your car from accident damage?

Comprehensive car insurance policy

Comprehensive car insurance is the most extensive policy type and covers third-party liabilities as well as own damage costs, loss due to theft, natural disasters etc. You will receive the IDV or the total market value in case your vehicle is stolen or damaged beyond repair.

What are the 3 types of car insurance?

What are the 3 main types of insurance?

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Is it compulsory to take 5 years insurance?

Following a Supreme Court ruling in September 2018, IRDAI has made it mandatory for all new two-wheelers to be issued a 5-year insurance cover. This has been done to ensure that maximum number of two-wheelers remain insured and also to minimise incidents of lapsed, expired policies and uninsured vehicles.

Why is comprehensive insurance cheaper than 3rd party?

How come comprehensive cover is sometimes cheaper? It's because a lot of high-risk drivers tend to go for third-party cover as a way of lowering their insurance costs. As a result, the statistics begin to skew towards a higher number of claims on third-party policies.

Is theft covered under third-party insurance?

The Third-party Insurance Plan covers only third-party injury/death or damages to their property but does not cover car theft or damages to the insured vehicle. If you want financial protection against car theft, you'll need to purchase the Comprehensive Insurance Plan.

How do I claim a third party accident?

The long procedure of claiming third party insurance starts with registering an FIR in a nearby police station followed by collecting a charge sheet. After that Motor Accident Claims Tribunal, a special court, registers a case, as Civil courts can't make a judgement on road accidents or decide a compensation claim.

What is difference between OD and third party insurance?

Own Damage insurance provides coverage for your car in case of damages, theft or loss. This type of insurance plan is beneficial if you already have Third-party insurance for your vehicle. Since Third-party insurance covers only third-party injuries, death or property damages, you should buy OD cover for your car.