Buying your own vehicle comes with multiple benefits. You can travel from one place to another at your own will. However, Indian roads are highly congested which increases the risk of road accidents. India is sitting on top of the world when it comes to the number of road accidents per year. To avoid such incidents, the government of India has taken several steps. One of which is that they have made several changes in the traffic rules and regulations. In December 2019, the government of India renewed the Motor Vehicle Amendment Act and increased the fines and made rules stricter. One of the rules every Indian driver who wants to drive on the Indian roads has to follow is to buy at least a third party
motor insurance policy. Let’s understand more about this insurance plan:
What Is Third-party motor insurance?
Third party vehicle insurance is a type of insurance policy that provides coverage against the legal liability for the damages caused by your insured motor to the third-party. The third-party here is the person that gets affected due to the accident. They can be a person traveling in another motor or pedestrian. This policy covers damages to third-party belongings and death or bodily injury to a third party. There is no limit on the liability cover for death or bodily injury. However, there is a limit for the coverage offered by this plan against the third-party property damage. This upper limit is Rs.7.5 lac. If the damage cost exceeds this limit, the policyholder needs to pay it from his/ her own pocket.
One can also buy comprehensive motor insurance from reputable insurers. However, it is only advisable to buy this plan, if you have bought an expensive motor. It does provide end-to-end coverage; however, its premium rate is very high.
One should prefer a
third party car insurance
third party bike insurance
if they are using an old older vehicle or it is not an expensive model. The cost of repairing and replacement is very cheap and that is why one should buy third-party vehicle insurance as premium rates are much cheaper. Given below are some of the benefits of third party vehicle insurance:
Benefits Of Third-party motor insurance Policy
You don’t have to worry about the expenses that may incur during the repair of the vehicle of the third-party. You don’t have to pay the hospitalization bills or takes care of the medical expenses, in case the person in another motor suffers from serious bodily injuries due to the accident caused by your motor. You can save some bucks as the premium of third party insurance plans are low.
Given below is the claim process that policyholder needs to follow in case making a third-party motor insurance claim:
Firstly, you need to lodge a complaint and file an FIR. You then have to approach a lawyer with the charge sheetYour case will be registered under the Motor Accident Claims Tribunal. The jurisdiction would be of the area where the accident took place or where the policyholder lives. Then the court will conduct a hearing to analyse the evidence.The court will make the final decision on the liability Your insurer will compensate the amount under a third-party plan.