What is Third-party cover?
A third party liability insurance offers cover against any legal liability to a third party caused when you are at fault.
Any losses arising due to damages or injury caused by the insured to a third party or third party's property, are covered under the third party vehicle insurance policy. As per the Indian Motor Vehicles Act, a third party liability cover is a must and a basic requirement under a vehicle's insurance policy.
Premium with effect from 16th June, 2019 (in Rs)-
Long Term Motor Premium Rates |
|Not exceeding 1000 cc||5,286|
|Exceeding 1000 cc but not exceeding 1500 cc||9,534|
|Exceeding 1500 cc||24,305|
What do we offer?
Reliance Long term Pvt. Car Liabilty (3 Years Tenure) offers coverage for 3 years against any legal liability to a third party when you are at fault.
Reliance Private Car Package Policy- Bundled offers a third- party coverage of 3 years and an own damage (OD) cover for 1 year due to accidents like fire, theft, etc.
How does car third party insurance work?
In order to better understand the concept of third party insurance, let us look at some terminologies. For example, in the event of a car accident, the parties involved are as follows:
First party: The insured person or policy holder
Second party: The insurance company
Third party: The person who claims for the damages caused by the first party
In an event where an insured person with a third party insurance policy is held legally liable for injuries or damage done to a third party, then his/her insurance company indemnifies the insured person.
What is Own damage cover?
Own Damage (OD) covers loss or damage to your vehicle due to accidents like fire, theft, etc. In case of an accident, an own damage cover compensates you for expense to repair or replace parts of your car damaged in the accident.