Third party Liability Insurance
Third-Party Liability Insurance is the most basic and mandatory type of car insurance policy in India. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. In this article, we will go over some of the important aspects of third-party liability insurance in India.
What is Third-Party Liability Insurance?
Third-Party Liability Insurance is a type of car insurance policy that provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. It is mandatory by law for all vehicles on Indian roads to have at least third-party liability insurance.
Additional Reading
Coverage and Exclusions
Third-Party Liability Insurance provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. It also covers legal liabilities arising due to the accident. However, it does not cover damages caused to the insured vehicle or injuries to the driver and passengers.
Premium
The premium for third-party liability insurance is usually lower than comprehensive insurance as it provides limited coverage. The premium is calculated based on the Insured Declared Value (IDV) of the vehicle and the type of vehicle.
Claim Process
In case of an accident, the insured needs to file a claim with the insurance company. The process includes submitting the claim form, a copy of the policy, and other required documents. The insurance company will then assess the damages and settle the claim as per the policy terms and conditions.
Benefits
Third-Party Liability Insurance is a cost-effective way to comply with the legal requirement of car insurance. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle, thereby protecting the insured from legal liabilities.
Conclusion
Third-Party Liability Insurance is a mandatory requirement for all vehicles on Indian roads. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. While it is a cost-effective option, it is important to note that it does not cover damages caused to the insured vehicle or injuries to the driver and passengers. Therefore, it is always advisable to evaluate the coverage required and consider comprehensive insurance as well.
