third party insurance
third party insurance

The government has made third-party insurance of the vehicle mandatory with the purchase of a new vehicle. The Supreme Court of India has made it mandatory for all new vehicles purchased from 1 September 2018 to have third-party insurance for five years. Driving on a road without third-party insurance would be considered illegal.

The news of the auto accident is increasing continuously in the country. But in case of injury or death due to an accident, the limit of third-party cover is not given. The court decides the amount of compensation for the victim. And it is paid by the insurance company.

Today we are going to give you complete information about third-party insurance in this article, what is third party insurance and what are the benefits of third party insurance, due to which you can also take advantage of it.

Damage to other people’s vehicles and their property can prove very stressful and costly for you. For this reason, under the Motor Vehicles Act, 1988, the law makes third-party two-wheeler insurance mandatory, so it is considered very important for road vehicles.

What is third party insurance law ?

Third-party insurance is mandatory for driving vehicles on the roads. For your information, tell us that according to section 146 of the Motor Vehicles Act 1988, third-party insurance is mandatory for driving vehicles on the roads.

If you also do not renew the vehicle holder after third-party motor insurance is over, if you are caught while driving without third-party motor insurance, you will have to pay a fine of Rs 2,000.

What are the types of vehicle insurance?

1. Full-Time Insurance

In this Insurance, If any accident occurs with any insured vehicle, then all the losses will be repaid by the insurance company in which the driver and the vehicle in front of the vehicle, along with the people sitting in the vehicle at the time of the accident. The insurance company compensates for the financial loss of the occupants and the driver.

2. Third Party Insurance

There is a provision of third-party insurance under this vehicle insurance. If the third party suffers financial loss or death due to any unfortunate incident, then it is paid by the insurance company.

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Some important things about third party insurance

1. Under the Motor Vehicles Act, it is very important to get third-party motor insurance or third-party insurance cover for all motorized roads. Why do you only benefit from this insurance

2. The insurance company is the other party. The third party is the one who inadvertently incurs losses from the insured. In this insurance, only the third party can claim the claim for damages.

3. It only provides insurance cover for damage to other people and their property from your vehicle.

4. If the driver of the insured vehicle is driving under the influence of narcotics, such as alcohol or drugs, and is subject to any type of accident, the claim is not considered valid in situations like an intentional accident.

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Benefits of third party insurance

  • Many people think that there is no use in getting third party insurance. This is true, but there is no loss of insurance. Because this insurance protects the vehicle owner from financial losses in all vehicle accidents. 
  • These expenses also include hospital and legal expenses. Many times such a problem also arises that if the status of the person being damaged is many times more than you, then you are not eligible to pay damages, in such a way, you are helped by the third party insurance company to give the claim to the victim.
  • According to a law made by the Government of India, the minimum cost of physical and property damage caused by an accident is paid to the driver.
  • If the person suffers any kind of physical harm in the accident under third party vehicle insurance, then the insurance company pays his damages. This includes hospital expenses, loss of earnings, and other expenses.
  • The insurance company compensates the damage to the property of the other victim. Here you have to note that under third party insurance, only the insurance company compensates for the financial loss caused by the accident.
  • If you are accident-prone to carry out any criminal incident then the insurance company will not help you in such a situation. You can also take Prime Minister Accident Insurance too at that time.

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What is covered under third-party two-wheeler insurance?

  • Unknowingly if a person is injured or dead after an accident with your insured two-wheeler due to any reason, third-party two-wheeler insurance can be used in such a situation. 
  • Medical expenses or loss of income due to disability or death can also be claimed through this insurance. Even compensation for loss of income due to physical abilities can be easily claimed.
  • If your two-wheeler has damaged third party property, then that expense can be paid easily through third party bike insurance. As per IRDA rules, the loss of third-party property up to Rs.1 lakh should be covered under third party two-wheeler insurance.
  • In case of an unfortunate incident, if any undisclosed force dies from the insured two-wheeler, in such a situation, the victims will be compensated with the help of third party insurance.
  • If due to any unfortunate event, the owner or insured of the insured two-wheeler or the rider suffers death or disability due to accident, then in such a situation they will be compensated for the loss.
  • If any driver is driving on the insured vehicle after consuming alcohol, drugs, or any narcotics and in case of any kind of accident, then you will not be able to take advantage of third party insurance policy.

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How to take a thread party insurance claim ?

The MACT is involved with legal procedures for taking a third-party claim. Therefore, inform the police on time and file an FIR. I

If the accident from the insured vehicle happened to another person, then it is necessary to inform the vehicle owner first and the owner should immediately inform the insurance company about the accident.

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Some documents to take a third party claim:

  1. Claim Form signed by Insurance Person
  2. Copy of driving license, copy of policy and FIR
  3. RC copy of the insured vehicle
  4. Required stamp if in case of the original document of the registered vehicle of the company
  5. Permit and fitness in case of the commercial vehicle, where applicable.

If any accident occurs with the insured vehicle, immediately before removing the vehicle from the accident site, immediately click a photo on the mobile of the accident and the damage caused by it.

Write the complete details of the accident in detail and correctly in Claim Form. Get the injured admitted to the nearest hospital as much as possible. Immediately inform the insurance company to pay for the hospital.

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It is important to register a third-party insurance claim as soon as possible after the accident. There is no written rule for this, yet it is necessary to inform the insurance company within 24 to 48 hours after the accident. Even if your case is pending in court, it would be better for you to keep in touch with your insurance company continuously.

After completing all these tracks, you can easily make the claim.

Friends, in this article we have given you complete information about what is third party insurance and how can you take advantage of it.  

If you like this information, then you can give your opinion in our comment box too. Can tell, but if you have any kind of question regarding third-party insurance, then you can ask us by commenting.

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