Buying a Vehicle: Importance of Third-Party Car Insurance

Purchasing a vehicle, whether online or offline, is the first step toward convenience and comfort. Owning a car allows for easy navigation and readiness for travel. However, securing car insurance is equally essential.

Why Third-Party Car Insurance is Important

• Provides financial security against fire incidents, natural calamities, and accidents.
• Covers damages or losses to third parties (pedestrians, other drivers, or property).
• Mandatory under the Motor Vehicles Act, 1988.

What is Third-Party Car Insurance?

• Covers legal liabilities arising from accidents involving third-party injury, death, or property damage.
• Ensures compensation as per IRDA guidelines.
• Protects the policyholder from financial obligations in case of third-party claims.

How to Claim Third-Party Insurance?

Follow these steps for a smooth claim process:

1. Notify the Insurer

• Inform the insurer immediately (within the specified timeframe).

1. File an FIR

• Report the accident at the nearest police station and submit a copy to the insurer.

1. Submit Required Documents

• Fill out the claim form and attach necessary documents.

1. Legal Process (if applicable)

• If the claim exceeds ₹7.5 lakhs, the case goes to the Motor Accidents Claims Tribunal (MACT).
• The court evaluates evidence and decides compensation.

Documents Required for Third-Party Claim

• Copy of the driving license
• Signed claim form
• FIR copy
• Policy document copy
• Vehicle registration certificate

For Property Damage Claims:

• Damage must be to a third-party vehicle or property.
• FIR and claim settlement copy must be filed promptly.
• Maximum claim limit: ₹7.5 lakhs (as per IRDA).

FAQs on Third-Party Insurance

1. Does third-party insurance cover vehicle damage?

• It covers third-party damages, not your own vehicle (unless you have comprehensive insurance).

1. What is the coverage limit?

• Depends on policy terms; consult your insurer for details.

1. Can I file a claim online?

• Yes, check with your insurer for their online process.

1. Are there extra charges for claims?

• No, only the premium applies (unless court-mandated compensation exceeds IRDA limits).

Disclaimer: The above information is for reference only. For full details, review policy documents before purchasing.