Third Party Car Insurance
Third Party Car Insurance
If you are a car owner, you probably understand the importance of insurance coverage to protect yourself and others on the road. Third-party car insurance is a fundamental type of auto insurance that covers damages caused to others in an accident where you are at fault. This means it protects the other party but not you or your vehicle.
Here, we will delve deeper into the ins and outs of Third-Party motor insurance. We'll explain its key features, benefits, and limitations, helping you decide when to choose the right policy for your needs.
Understanding the complexities of insurance can be overwhelming, but fret not! Our user-friendly and easy-to-comprehend guide aims to simplify the process, allowing you to navigate the world of vehicle insurance confidently.
Let's embark on this journey together and ensure you have the knowledge to safeguard yourself and others.
What is Third-Party Car Insurance?
A third-party car insurance plan is a type of auto insurance that provides coverage for damages and injuries caused to third parties in the event of an accident where you, the policyholder, are at fault. It does not cover any damages to your vehicle or injuries you may sustain in the accident.
Instead, it safeguards other individuals involved in the incident, including passengers, pedestrians, and the property of others.
For example, if you accidentally collide with another car, and it's determined that you were responsible for the accident, your Third-party car insurance will cover the cost of repairing the other car and any medical expenses incurred by the occupants.
However, you would need to cover the repair costs for your car from your pocket, as your policy won't provide any compensation for your damages.
Third-party car insurance is typically the minimum legal requirement in many countries, ensuring financial protection for others if you cause an accident while driving.
How Does a 3rd Party Car Insurance Policy Work?
When an accident occurs, and you are at fault, your third-party vehicle insurance will cover the expenses for repairing the other party's vehicle and any medical treatment required for their injuries. It may also cover damages to other properties, such as fences or buildings, and legal liabilities arising from the accident.
It's essential to note that the insurance company predetermines the coverage limit for Third Party Insurance and may vary based on the policy terms. If the costs of damages or injuries exceed the policy's limit, the policyholder will be personally liable for the remaining expenses.
After you file a claim with us, we will evaluate the damage to the other party's vehicle and the costs of the injured driver's medical care. If determined to be valid, we would pay the third party's car repair costs and any associated medical costs up to the policy's predetermined limits.
One of the critical advantages of Third-party car insurance is that it fulfils the legal requirement in many countries, allowing you to drive legally on the roads. However, it's crucial to understand its limitations and consider additional coverage, like comprehensive insurance, for better vehicle protection and potential medical expenses.
How the Third Party Car Insurance Price, or Premium, is Calculated?
The Third Party Bike Insurance premium in India is determined based on guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). The premium calculation for Third Party Insurance primarily focuses on the potential liabilities that may arise from an accident caused by the policyholder. Unlike Comprehensive Insurance, which covers own damage and offers more comprehensive coverage, Third Party Insurance only covers damages and injuries to third parties.
The key factors that influence the premium calculation for Third Party Bike Insurance in India are as follows:
Cubic Capacity (CC) of the Bike: The engine capacity of the bike, measured in cubic centimetres (CC), is a crucial factor. Higher CC bikes are generally associated with higher risks, leading to higher premiums.
Zone of Registration: India is divided into zones based on geographic locations, each with predefined premium rates. Zones with higher traffic density and accident rates tend to have higher premiums.
Age of the Bike: The age of the bike at the time of insurance purchase affects the premium. Older bikes might have a lower premium compared to newer ones.
Anti-Theft Devices: Installing anti-theft devices approved by the Automotive Research Association of India (ARAI) can lead to premium discounts, as they reduce the risk of theft-related claims.
Voluntary Deductibles: Policyholders can opt for voluntary deductibles, agreeing to bear a certain amount of the claim during an accident. Choosing a higher voluntary deductible can lower the premium, which means higher out-of-pocket expenses during a claim.
No Claim Bonus (NCB): If the policyholder has a history of not making any claims, they may be eligible for a No Claim Bonus, which can lead to a premium discount upon renewal.
Legal Requirements: IRDAI sets the minimum premium rates or price bands that insurance companies must follow while determining the premium for Third Party Bike Insurance in India.
Policyholders must provide accurate information to the insurer to avoid any discrepancies in the policy. As Third Party Bike Insurance is mandatory by law in India, the premium rates are regulated to ensure affordability and accessibility for all vehicle owners.
How Does CC (Cubic Capacity) of a Car Engine Affect the TP Insurance Premium?
You can easily determine the price of your Tata AIG third-party car insurance using our specially designed third-party car insurance calculator. The calculator considers your car's engine's cubic capacity (cc), aligning with the premium rates set by the Insurance Regulatory and Development Authority of India (IRDAI).
Although the car insurance cost follows standardised rates, it is essential to calculate the premiums due to variations in the cubic capacity among different cars. This ensures that you get an accurate quote tailored to your specific vehicle.
The IRDAI reviews and updates these third-party car insurance rates annually to keep up with industry changes and maintain fairness. You can easily calculate your car insurance price by referring to the existing rates in the table provided.
Rest assured that our user-friendly calculator considers all relevant factors, making the process hassle-free and enabling you to obtain the most up-to-date and accurate third-party car insurance cost for your Tata AIG policy.
|Car’s Cubic Capacity||Third-Party Insurance Premium for the Car*|
|Not more than 1000cc||₹2,094|
|Over 1000cc but not more than 1500cc||₹3,416|
|More than 1500cc||₹7,897|
[*Note – These prices can change as per the new rules by the IRDAI]
Things Covered and Not Covered in the Best Third-Party Car Insurance Plan with Tata AIG
A Third Party Car Insurance Plan with Tata AIG covers damages and injuries caused to third parties in an accident where you, the policyholder, are at fault. It is mandated by law in India and fulfils the legal requirement to drive on public roads.
Let's explore the things covered and not covered under this type of policy:
|Things Covered in Tata AIG’s Third-party car insurance||Things Not Covered in Tata AIG’s Third-party car insurance|
The plan covers the legal liabilities arising from bodily injury or death of a third party, including passengers and pedestrians, due to an accident caused by the insured vehicle.
|Own Vehicle Damage
The primary limitation of Third Party Car Insurance is that it does not cover damages to your vehicle in case of an accident. You would need a Comprehensive Car Insurance policy for such coverage.
It provides coverage for damages caused to third-party property, such as another person's car, fence, or any other structure, resulting from an accident for which the policyholder is responsible.
Third Party Insurance does not cover injuries the policyholder or any passengers in the insured vehicle sustained during an accident.
Third Party Car Insurance covers legal expenses incurred in defending against third-party claims and lawsuits related to the accident.
Damages caused to the insured vehicle due to non-accident-related incidents, such as theft, fire, or natural calamities, are not covered under Third Party Car Insurance.
|Personal Accident Cover
Some Third Party policies may include a personal accident cover for the owner-driver, offering compensation in case of permanent disability or death due to an accident.
|Driving Under the Influence
If the policyholder was driving under the influence of alcohol or drugs at the time of the accident, the claim may be denied.
Factors to Consider Before You Buy Third-Party Car Insurance Online in India
Before you buy car insurance in India, several crucial factors should be considered to ensure you make an informed decision and obtain the right coverage for your needs.
Let's explore these factors:
Legal Requirement: Understand that Third Party Car Insurance is legally mandatory in India. It is the minimum insurance coverage required to drive legally on public roads. Ensure you comply with this legal requirement to avoid penalties or legal issues.
Coverage Limit: Third Party Car Insurance offers limited coverage for damages and injuries to third parties only. Familiarise yourself with the coverage limits provided by the policy, as these are predetermined and may vary among insurers.
Add-Ons and Riders: Although Third Party Car Insurance is basic, some insurers may offer optional add-ons and riders to enhance coverage. Consider add-ons like Personal Accident Cover for passengers or legal protection to customise the policy according to your requirements.
Premium Cost: Compare premium costs from different insurers to find a policy that suits your budget. The premium is typically determined based on factors such as the vehicle's cubic capacity (CC), location, and vehicle age.
Insurer's Reputation: Research the insurer's reputation, claim settlement record, and customer service. Tata AIG is a reputable insurer known for hassle-free and efficient claim settlement.
Policy Terms and Conditions: Carefully read and understand the policy's terms and conditions, including inclusions and exclusions. Be aware of specific requirements or conditions affecting your coverage or claim process.
Coverage Limitations: Be aware of the limitations of Third Party Car Insurance. It does not cover damages to your vehicle or personal injuries sustained in an accident. Consider Comprehensive Car Insurance if you need broader coverage.
Claim Process: Tata AIG’s claim settlement process is swift and easy to proceed. Our smooth and straightforward claim process is crucial during emergencies; hence, this is one of the most important factors to consider before purchasing third-party car insurance.
Customer Reviews: Check online reviews and feedback from other policyholders to gain insights into the insurer's customer service, claim settlement efficiency, and overall customer satisfaction. For Tata AIG, you can review a few testimonials from our past customers at the end of this page.
Renewal Process: Understand Tata AIG’s car insurance renewal online process and be mindful of renewal dates to ensure continuous coverage without any lapses.
A Few Benefits of Tata AIG’s Third-Party Car Insurance Online
Tata AIG's Third Party Car Insurance Online offers several benefits that make it a convenient and efficient choice for car owners in India. Here are a few key advantages:**
Ease of Purchase: Purchasing Third Party Car Insurance from Tata AIG online is seamless. It eliminates the need to visit physical offices, allowing policyholders to buy or renew their insurance from the comfort of their homes anytime.
Instant Policy Issuance: With Tata AIG's online platform, policyholders can receive their insurance policy instantly via email. This eliminates any waiting period, ensuring that they are legally compliant and protected on the road without delays.
Comparative Analysis: We provide the opportunity to compare different insurance policies online. This allows potential buyers to assess coverage features, premium costs, and add-on benefits, enabling them to make an informed decision.
Hassle-Free Renewals: Renewing third-party car insurance with Tata AIG online is hassle-free. Policyholders receive timely reminders for renewal, and with a few simple steps, they can extend their coverage without disruptions.
Secure Payment Options: Tata AIG's online platform offers secure payment gateways, ensuring that policyholders can make premium payments online.
Accessible Customer Support: The online platform typically provides access to customer support through chat, email, or phone. This allows policyholders to get their queries addressed promptly and seek assistance when required.
Instant Documentation: All policy-related documents, including the insurance policy and terms, are available online. Policyholders can access and download these documents whenever needed.
Digital Records: Keeping digital records of the insurance policy and related documents helps in easy retrieval and reduces the chances of losing important papers.
Time and Cost Efficiency: Online purchase and renewal save time and effort for both the insurer and the policyholder. It also eliminates paperwork, reducing administrative costs and making the process more cost-effective.
By offering a seamless and user-friendly experience, our Third Party Car Insurance online provides car owners with the convenience and flexibility they need to secure essential vehicle insurance coverage quickly and efficiently.
Comprehensive Vs Third-Party Car Insurance Policy – Key Differences
Comprehensive and Third Party Car Insurance are two distinct types of auto insurance policies offering different coverage levels. Understanding the key differences between the two is essential for car owners to make an informed decision based on their specific needs.
Here are the main contrasts between Comprehensive and Third Party Car Insurance:
|Parameters||Third-Party Insurance Plan||Comprehensive Insurance Plan|
|Coverage||This policy only covers damages and injuries caused to third parties in an accident where you are at fault. It does not provide coverage for your vehicle or injuries sustained.||This policy provides coverage for third-party liabilities and damages to your own vehicle. It includes protection against accidents, theft, fire, natural calamities, and other non-collision incidents.|
|Legal Requirement||Third-Party Insurance is typically a legal requirement in many countries, including India, to drive on public roads.||While it offers extensive coverage, Comprehensive Insurance is not mandatory by law in most countries. However, it is highly recommended to safeguard your vehicle and finances.|
|Premium Cost||Third Party Insurance premiums are usually more affordable as they offer limited coverage.||Due to its broader coverage, Comprehensive Insurance generally comes with a higher premium than Third Party Insurance.|
|Own Vehicle Damages||In the case of Third Party Insurance, you would need to bear the repair costs for your vehicle, as this policy does not cover your damages.||With this policy, damages to your vehicle due to accidents or other covered events are taken care of by the insurer, subject to policy terms and conditions.|
|Add-On Benefits||Add-ons are unavailable with Third-party insurance as it is a basic and standardised policy.||Insurers often offer various add-ons and riders that can be customised to enhance the coverage further. Examples include zero depreciation cover, engine protection, roadside assistance, etc.|
How to Buy or Renew Four-wheeler Third-Party Insurance Online with Tata AIG?
Buying or renewing Third Party Insurance online for four-wheelers with Tata AIG is straightforward and convenient.
Here's a step-by-step guide to help you through the process:**
Buying Third Party Car Insurance:
Visit Tata AIG's Website: Go to the official website of Tata AIG General Insurance.
Select the Four-Wheeler Category: Choose "Car Insurance" or "Four-Wheeler Insurance" to proceed with your car's insurance purchase.
Enter Vehicle Details: Provide essential information about your car, including its make, model, manufacturing year, and registration number.
Choose Policy Type: Select the type of policy you want to purchase, Third Party Car Insurance.
Add-ons and Riders: Tata AIG may offer additional add-ons or riders to enhance your coverage. Decide whether you want to include any of these optional benefits.
Fill in Personal Details: Enter your personal information, contact details, and other required information.
Review and Compare: Carefully review the policy details, premium amount, and coverage. Compare with other available options if necessary.
Make Payment: Once satisfied with the policy, make the premium through online payment options, such as credit/debit cards, net banking, or mobile wallets.
Receive Policy: After successful payment, you will receive the insurance policy instantly via email. You can also download and print a copy for your records.
Renewing Third Party Insurance:
Visit Tata AIG's Renewal Page: Go to the Tata AIG website's renewal section for car insurance.
Enter Previous Policy Details: Provide the details of your expiring Third Party Insurance policy, such as policy number and expiry date.
Review and Compare: Check the policy details, premium amount, and coverage offered for the renewal. You may have the option to modify or upgrade your coverage during renewal.
Make Payment: Proceed to make the premium payment through online payment methods.
Receive Renewed Policy: Upon successful payment, the renewed policy will be generated and sent to your registered email address. You can also download the renewed policy document.
Steps To Claim Third-party car insurance Online with Tata AIG
Tata AIG’s claim settlement process is pretty simple.
Filing a Claim as a Policyholder (Own Damage Claim)
Step 1: Secure the Scene and Ensure Safety
Immediately after the accident, ensure the safety of all parties involved. Move your bike to a safe location, turn on hazard lights, and assist anyone injured. If required, inform the local authorities and seek medical help.
Step 2: Gather Information
Collect essential details about the accident, such as the date, time, location, and contact information of witnesses and the other involved party. Take photographs of the accident scene and the damages to your bike as evidence.
Step 3: File a Police Report
Report the accident to the nearest police station and file an FIR (First Information Report). A police report is crucial while filing an insurance claim.
Step 4: Inform Tata AIG
Contact Tata AIG immediately to report the accident and initiate the claim process. You can do this through the company's helpline number or its website. Provide all the necessary details and information about the accident.
Step 5: Claim Survey and Inspection
A surveyor appointed by Tata AIG will inspect the damages to your bike and assess the extent of the loss. Cooperate with the surveyor and provide all relevant documents and evidence.
Step 6: Submit Required Documents
Submit all the necessary documents to support your claim. This typically includes the filled claim form, a copy of the FIR, policy documents, vehicle registration details, driving licence, and any other documents requested by the insurer.
Step 7: Settlement and Payment
Tata AIG will process the claim after completing the survey and verifying the documents. If the claim is approved, the insurer will provide the settlement amount per the policy's terms and conditions. You may need to pay the deductible or depreciation per the policy terms.
Filing a Claim as a Victim (Third Party Liability Claim)
Step 1: Gather Information
Collect all necessary information about the accident, including the involved parties and witnesses' date, time, location, and contact details. Take photographs of the accident scene, vehicle damage, and any injuries sustained.
Step 2: Report the Accident
File a police report and inform the nearest police station about the accident. An FIR is essential for claiming third-party liability insurance.
Step 3: Identify the Insurer
Find out the insurance details of the at-fault bike by obtaining the policy number or registration details. Contact us or check our website to identify the insurer and policyholder.
Step 4: Inform Tata AIG
Contact us and provide all relevant information regarding the accident and your claim as a third-party victim. Provide the policy number or registration details of the at-fault bike.
Step 5: Claim Survey and Inspection
Tata AIG may appoint a surveyor to inspect the damages to your vehicle and assess the extent of your losses. Cooperate with the surveyor and provide any requested documents and evidence.
Step 6: Submit Required Documents
Submit all necessary documents to support your claim. This may include a copy of the FIR, policy documents, vehicle registration details, driving licence, and any other documents requested by the insurer.
Step 7: Claim Settlement
Once the survey and verification process is complete, Tata AIG will process your claim. If your claim is approved, the insurer will provide the settlement amount per the policy's terms and conditions. The settlement amount will cover the damages to your vehicle and any medical expenses incurred due to injuries.
To Sum it Up
Tata AIG's Third Party Car Insurance provides essential coverage for damages and injuries to third parties caused by the policyholder's vehicle. While it fulfils legal requirements and offers affordability, it does not protect against damages to the insured vehicle or injuries sustained by the policyholder.
You should consider Comprehensive Car Insurance with optional add-ons for more comprehensive protection. Our user-friendly online platform lets policyholders easily purchase or renew their Third Party Insurance, benefit from instant policy issuance, and access secure payment options.
By understanding the policy's coverage and limitations, car owners can make informed decisions to ensure adequate protection on the road. Happy driving!
"I've been using Tata AIG's Third Party Car Insurance for the past two years, and I must say, it has been a hassle-free experience. Recently, I had an unfortunate accident where my car collided with another vehicle. Thanks to Tata AIG, the claim process was smooth and efficient. They handled everything promptly, from filing the claim to settling it without hassle. I highly recommend Tata AIG for their excellent customer service and reliable Third Party Car Insurance coverage."
- Rajesh Kumar, Delhi.
"I was sceptical about buying Third Party Car Insurance initially, but after researching various insurers, I chose Tata AIG, which was the right decision. Last month, my car accidentally damaged someone's property, and I was worried about the costs involved. Tata AIG came to the rescue! Their team guided me through the claim process and ensured a quick settlement. I appreciate their professionalism and commitment to customer satisfaction. I feel more secure on the road knowing I have Tata AIG's Third Party Car Insurance."
- Sneha Patel, Mumbai.
"Tata AIG's Third Party Car Insurance has been a reliable and cost-effective choice for me. I recently had a minor accident where I damaged another car's bumper. Despite being a small claim, Tata AIG treated it with utmost importance and settled it efficiently. Their online platform made the claim process incredibly convenient, and I received the settlement amount within days. Tata AIG's Third Party Car Insurance is the best value for money, and I will definitely continue using their services."
- Ravi Verma, Bangalore.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
What is third party car insurance?
What is third party car insurance?
Third party car insurance is a basic but mandatory car insurance cover that protects you from third-party losses and damages such as injuries to a third-party person or even their death, as well as damages to a third-party vehicle or property caused by your insured car.
What all is covered under a third party car insurance policy?
In case of an accident, third party insurance covers third-party losses caused by your insured car. This could be injuries to or even the demise of a third-party person or partial or total damage to a third-party vehicle or property.
Is a third party insurance plan mandatory for all car owners?
Yes, a third party insurance plan is mandatory as per the Motor Vehicles Act, and all car owners must have third party insurance with them to be able to drive legally in India.
What is the process for getting third party insurance for my 10-year-old car?
To buy a Tata AIG 3rd party insurance plan for your car, you can follow these quick steps:
- Visit our Tata AIG car insurance page, enter your car’s registration number and click “Get Price”.
- Then choose the policy type and proceed to know your car insurance premium quote.
- You can now purchase your third-party car insurance cover from Tata AIG.
Can I buy a zero depreciation add-on cover along with my third party car insurance plan?
No, a third party car insurance plan, though mandatory, offers limited coverage against third party losses only. Hence, you cannot include any add-ons, even zero depreciation add-ons, to your third party car insurance plan.
Is 3rd party insurance mandatory for cars?
Yes, a 3rd party car insurance is mandatory for all cars in India as per the Motor Vehicles Act. With basic third party insurance, you can be protected from paying heavy traffic fines.
Which is a better choice; third party car insurance or comprehensive car insurance?
The choice between a third party car insurance policy and comprehensive car insurance depends on your insurance needs and budget. If you currently need only a compulsory but basic insurance cover for your car, then a third-party policy is a good choice. However, if you need more extensive protection for your car along with the benefit of add-ons, then a comprehensive policy is better.
What happens if I am caught driving without a valid third-party liability insurance policy?
If you do not have a valid third-party liability insurance policy, then you will have to pay a traffic fine and other legal fines, which can get very expensive. It is also possible that your driver’s license could be temporarily suspended until you have paid all the required fines.
If you claim third party car insurance, will you lose your NCB?
No, you cannot lose your No Claim Bonus discount by filing a third party car insurance claim because this discount on premiums is only offered on Own Damage or comprehensive car insurance policies.
Is Third Party car insurance mandatory?
Yes, third party car insurance is mandatory by law as per the Motor Vehicles Act in India. Not having this basic car insurance policy with you at all times in your car can lead to you paying traffic fines to the tune of:
- ₹2000 and/or 3 months imprisonment
- ₹4000 and/or 3 months imprisonment
Is Third Party Insurance enough for my car?
A third party insurance policy can be enough for your car under certain circumstances. For one, if you intend to buy a comprehensive insurance cover in the next couple of weeks or months, you can buy third party insurance for the time being to avoid any legal hassles of not having a valid insurance cover. Also, if your car is very old and you plan to sell it off soon, you can manage with a third-party car insurance cover until then. Otherwise, a comprehensive insurance policy is a better choice.
What documents should I submit when raising a claim for third-party car insurance online?
If the third party affected by your insured vehicle wants to file a claim, they will have to submit an FIR charge sheet to request compensation for their losses. While filing a third-party car insurance claim online, apart from the FIR, other documents needed are the car insurance policy details, the registered contact details, the signed claim form with all the details, proof of the event, registration details of the insured vehicle and a copy of the driving license. In case there are injuries caused to a third-party person, then a copy of the medical bills will also be needed.
What is third-party car insurance, and why do I need it?
Third-party car insurance is auto insurance that covers damages and injuries caused to third parties in an accident where you are at fault. It is a legal requirement in many countries, including India, to drive on public roads. It ensures financial protection for others in an accident caused by your vehicle, protecting you from potential legal and financial liabilities.
What does Tata AIG's Third Party Car Insurance cover?
Tata AIG's third-party car insurance covers damages and injuries to third parties involved in an accident caused by your insured vehicle. It includes compensation for third-party vehicle damage, bodily injuries, and property damage resulting from the accident. However, this policy does not cover damages to your vehicle or personal injuries you may sustain.
Can I buy or renew Tata AIG's third-party car insurance online?
You can easily buy or renew Tata AIG's third-party car insurance online through our official website. The online platform provides a seamless and user-friendly experience, allowing you to enter vehicle details, compare premiums, and make secure online payments. Renewing online ensures instant policy issuance without any delays.
Is third-party car insurance sufficient for complete coverage?
While third-party car insurance fulfils the legal requirement and provides coverage for third-party liabilities, it does not cover damages to your vehicle or personal injuries. Consider Tata AIG's Comprehensive Car Insurance with optional add-ons for more comprehensive protection. Comprehensive Insurance includes own damage coverage, protection against theft, fire, natural calamities, and additional benefits to enhance your overall coverage.