Third Party Insurance FAQs
What does third party insurance cover?
Third party motor insurance covers your legal and financial liabilities towards the third party in an accident caused by you. The maximum coverage goes up to Rs 7.5 lakhs for property damages. There is unlimited liability coverage for loss of life or severe injury sustained by the third party (amount is decided in court).
Can third party insurance be bought online?
Yes, third party insurance can be bought online. All leading insurers in the country offer you the option of buying coverage on their websites.
Can add-ons be included in third party insurance?
No, add-ons can only be included in a comprehensive motor insurance policy.
What documents are needed for filing a claim on a third party insurance policy?
When filing a claim on your third party insurance, you need to present your insurance policy copy, filled up claim form, RC copy of vehicle, driving licence copy, and FIR.
What is mean by first-party, second-party, and third party in third party motor 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.
Do commercial vehicles also require third party insurance?
Yes, commercial vehicles also need to have basic third party insurance in order to ply legally on the roads in India.
Will the insured policyholder’s own injuries get covered in third party insurance?
Third party insurance does not cover the insured policyholder’s own injuries. However, it is mandatory for all motorists to have a valid personal accident cover of at least Rs 15 lakhs before riding their bikes or driving their vehicles on Indian roads. The personal accident insurance cover will compensate the policyholder for any injuries they may sustain in an accident. It also pays out a death benefit to their nominee.
- What does third party insurance cover?
- Can third party insurance be bought online?
- Can add-ons be included in third party insurance?
- What documents are needed for filing a claim on a third party insurance policy?
- What is mean by first-party, second-party, and third party in third party motor insurance?