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Everything you need to know about third-party insurance

 

Third-party insurance is an important aspect of any vehicle owner's life in India. It is a legal requirement for all vehicles running on public roads in India and is an integral part of the Motor Vehicle Act, of 1988. The purpose of third-party insurance is to provide financial protection to victims of accidents caused by the insured vehicle. It covers the liability of the insured person to pay for damages caused to third-party persons or property, including death or bodily injury. In this article, you will learn everything you need to know about third-party insurance in India.

What is third-party insurance?

Third party insurance is a type of insurance policy that provides financial protection to victims of an accident caused by the insured vehicle.

What does third-party insurance cover?

Third-party insurance covers the liability of the insured person to pay for damages caused to third-party persons or property, including death or bodily injury. It also covers any legal and compensation costs arising out of a claim made against the insured vehicle.

What is the cost of third-party insurance?

The cost of third party insurance in India depends on the type of vehicle, its age, the cubic capacity of the engine, and the geographical area where the vehicle is registered. The third-party insurance premium for cars ranges from Rs. 1,200 to Rs. 6,000 per annum. 

How to buy third-party insurance in India

Third-party insurance can be purchased from insurance companies, online insurance websites, or agents. When buying third-party insurance, it is important to compare the various policies available on the market to make sure you are getting the best deal.

What is the claim procedure for third-party insurance?

In the event of an accident, the insured person has to file a legal claim with the insurance company. The claim must include details of the accident, the extent of damage caused, and proof of ownership of the vehicle. Once the claim is filed, the insurance company will investigate the matter and decide whether to accept or reject the claim.



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