Everyone has a dream of owning atleast some form of vehicle. However, your vehicle is not just a means of transport, it represents you personality, who you are, your living standard and sets you apart from the masses. Thus, it’s a highly cherished possession often a pride to own it. But as much as you love your vehicle, you cannot predict the unfortunate incidences. You may strike into an accident and there might be damages done to third party vehicle, property or health. In such situations if you don’t have insurance you’ll have to bear the financial losses done to you. Therefore, Indian government mandates atleast a third party cover if you wish to drive your dream machine on road.
Let understand what is Third Party Insurance?
In India, motor vehicle insurance can be broadly classified two categories: Comprehensive & Third Party Insurance (TPI). TPI protects you from liability arising from your vehicle being engaged in any form of accident that led to the injury, death or damage of an arbitrary third party. A comprehensive cover will incorporate third party damage, damage to your vehicle, physical damages to both the party. It is the most complete protection you can get and provides cover up to the insured amount. Third Party Insurance is more than just a like a safe-guard: It is mandatory, and covers any financial liability the policy holder may incur from a third party.
How to get Third Party Cover
Most of the comprehensive car policies include third party cover. This works well as both benefits are offered in single policy. Online website are great place to shop your third party insurance cover as they help you easily to compare the cost of insurance and also provide you variety of options to choose as per your requirements. While comprehensive insurance has a fixed cover amount based on the insured vehicle’ s value, a TPI policy protects the insured from potentially higher liabilities faced in the event of any incident with a third party. This is of particular significance as in most cases compensation or pay-outs are decided based on the effected third party coverage.
Third party insurance can be bought instantly as they do not require vehicle inspection or reporting. They can be equipped with minimal pre-cover formalities. They are affordable and Cost Effective. Premiums of TPI in India have been updated recently and offer a flat rate across 3 segments. Each slab varies depending on the engine displacement of the insured motor vehicle.
It is important you read all policy documents carefully before the purchase of third party policy. Most Insurance providers offer TPI with the following features – Death or bodily injury to a third part, Damage to third party property, Accidental Death of the insured vehicle owner or driver and Permanent Total Disability of the insured vehicle owner or driver. Choosing a robust third party insurance policy ensures your journey remain stress free and sheltered from any third party damages. It gives a peace of mind that you have the advantage of being fully protected against third party liability at minimal costs.