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Car Insurance 1407 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.
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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.
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:
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:
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 |
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.