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Car Insurance 1286 views April 23, 2020
Third party insurance protects the owner of the car from legal liability to the third party due to an accident resulting in death, injury, disability or damage to property of a third party. Third party Insurance is mandatory under the Motor Vehicles Act, 1988. Without a third party insurance policy, it is illegal to drive a car on the roads of the country. Any damage caused to the third party is paid by the insurance company under third party insurance policy. Hence it acts as a shield protecting the policyholder from the financial liability towards the third party. All the insurance company offering third party insurance policy provides online purchase of the policy for ease of the customers. You can buy third party insurance online for four-wheeler from the official website of the insurance company.
Table of Contents
Coverage of Third Party Insurance
Third party insurance policy covers third party legal liability in which the liability in case of injury or death of the third party is paid by the insurance company. The plan also property damage of the third party as well as personal accident cover for rider/owner of the four wheeler.
Features of Third Party Insurance policy
Third party insurance policy mainly covers all the damages caused in an accident only of the third party. The key features of a third party insurance policy are as follows:
- The premium of Third Party Insurance policy depends upon the engine capacity of the four-wheeler. Higher the cubic capacity of the engine, higher will be the premium on the third party insurance policy.
- The term of the third insurance policy of four wheeler brought before 1st September, 2018 is one year and for four wheeler brought on or after 1st September, 2018 is three years.
- Third party insurance policy neither cover injury to the policyholder himself nor the damages caused due to an accident to the four wheeler of the policyholder.
- The third party insurance can be easily assessed 24 hours and 365 days in a year. It can be easily purchased and renewed online from any location at any time.
Benefits of Third Party Insurance
Besides being mandatory, third party insurance has numerous benefits which act as a protective shield to the policyholder. The benefits of third party insurance are as follows:
- Third Party Insurance fulfils the legal mandate of the Motor Vehicle Act, 1988 and you will not be subjected to any police fines and charges or any other penalty.
- If any third party liability arises then you will be saved from the financial implications as the insurance company will pay for the damages and take care of the finances saving you from financial trouble.
- The premiums of the third party insurance policies are very low as they are fixed by the Insurance Regulatory Development Authority (IRDA) of India. The low premiums make third party insurance policies cheapest and most affordable insurance plan which you can buy. The premium to be paid on the third party insurance policy are same for all the third party plans under all the third party insurance policy provided by all insurance company as it is fixed by IDRA.
- This policy provides peace of mind as being a liability only insurance policy it takes away the stress in difficult situations of huge financial liabilities and acts as a financial pillar for all third party damages.
The premiums to be paid for third party insurance policy for four-wheeler, fixed by the Insurance Regulatory Development Authority (IRDA) of India with effect from 19th January, 2019, are as follows:
| Cubic Capacity of Four Wheeler | One year premium amount (for four wheelers brought before 1st September, 2018) | Three year premium amount (for four wheelers brought on or after 1st September, 2018) |
|---|---|---|
| Not Exceeding 1000cc | Rs 2,072 | Rs 5,286 |
| Exceeding 1000cc but not exceeding 1500cc | Rs 3,221 | Rs 9,534 |
| Exceeding 1500cc | Rs 7,890 | Rs 24, 305 |
Conclusion
Third Party Insurance online for four -wheeler is available to be brought from the official website of the concerned insurance company. Various insurance companies offer third party insurance policy to be purchased online as well as offline. Accidents can happen anytime and it may result in huge damages caused either to the third person or their property. In such a case, you will have huge financial outflow to pay the damages caused to the third person by your four-wheeler. If you buy a third party insurance policy which is otherwise mandatory, the concerned insurance company will come for your rescue and save you from financial trouble.