List of Third Party Car Insurance Providers
- Kotak Mahindra. 75.66% Covered.
- IFFCO Tokio. 87.77% Covered.
- Go Digit. 74.82% Covered.
- Future Generali. 57.67% Covered.
- Edelweiss. 116.31% NOT Covered.
- Cholamandalam MS. 82.95% NOT Covered.
- Bharti AXA. 81.91% NOT Covered.
- Bajaj Allianz. 65.83% Covered.
What means third party insurance?
Third party – third-party car insurance is the minimum level of car insurance the law allows. It covers damage to another person’s car, along with compensation costs for injuries to other people. This type of cover won’t cover damage to your own vehicle or your own injuries, if the accident is deemed to be your fault.
Why is 3rd party more expensive?
Well, it’s all down to the level of risk that a driver with third-party insurance represents to the insurance company. The higher the risk an insurer considers you to be, the higher the policy cost will be.
What are the benefits of third party insurance?
What is third party insurance? It protects you against any legal liability, accidental liability, or property damage in case of an unfortunate event. This policy also covers medical expenses in case a third party is injured in an accident or dies.
Which company is best for third party insurance? – Related Questions
What is 1st 2nd and 3rd party insurance?
First-party refers to the insured individual, second-party is the insurance provider, and third party is the person towards whom damages are owed by the first-party in an accident.
What is the difference between first party and third party insurance?
Third-party insurance covers damages or losses caused only to the third party due to an accident. The first party is eligible to receive a substantial personal accident cover with such policies. The first party can raise a claim against it depending on the terms and conditions.
How does a third party insurance claim work?
The third party in an insurance claim is the person who has suffered a loss because of your actions and who lodges a claim against you; the first party is you, the person insured; and the second party is your insurance company, which is responsible for settling the claim.
What type of damage is not covered by third party insurance?
What type of damage is not covered by third-party insurance? Damage to your own vehicle. Damage to someone else’s vehicle. Personal injury.
Can we drive with 3rd party insurance?
It is mandatory to have third-party four-wheeler insurance according to the Motor Vehicles Act of 1988 but if you are aiming for maximum coverage and safety, it is recommended to get a comprehensive car insurance policy.
What are the disadvantages of third party car insurance?
A third-party car insurance plan doesn’t provide coverage for the cost of damage caused to any automobile or any belongings in the automobile if there is any accident. Along with that, it won’t provide coverage to your car or if you belongings are damaged or stolen.
Is 3rd party insurance enough for car?
It is mandatory as per The Motor Vehicles Act, 1988 and driving without a Third-party Liability policy is a punishable offense. However, it is not the most ideal coverage with regards to the above-mentioned purpose of insurance. Read ahead to know 3 reasons why a Third-party Liability car insurance is just not enough.
What is the cost of 3rd party car insurance?
How Much Does Third Party Car Insurance Cost?
| Cubic Capacity of the Car |
Third Party Insurance Premium for the Car |
| Not more than 1000cc |
₹2,094 |
| Over 1000cc but not more than 1500cc |
₹3,416 |
| More than 1500cc |
₹7,897 |
Which type of car insurance is best?
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 mandatory after 3 years?
Third party insurance is mandatory under the motor insurance law for covering liability of third party.
What is 5year insurance rule?
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 third party insurance is mandatory?
Why is third-party insurance mandatory? If every vehicle on the road has third-party insurance, then victims of accidents can get adequately compensated without denting their finances. Similarly, the one at fault also does not suffer significant financial losses as the insurance policy covers it.
What is the difference between fully comp and third party?
What is the difference between comprehensive and third party fire and theft car insurance? Comprehensive cover protects your vehicle against accidental damage claims while third party fire and theft doesn’t.
Which type of car insurance is cheapest?
State-minimum liability coverage is the cheapest type of car insurance. Liability-only insurance is $1,333 cheaper on average than a full-coverage policy. Liability-only car insurance could help you save if your car isn’t worth much and you don’t have a car loan or lease.