Third party insurance covers you for liabilities towards the third party during an accident. The coverage extends towards protecting your liabilities for damages to the third party’s property or person. As is evident from the name, third party insurance does not cover own damages to one’s vehicle arising from an accident, natural calamities or man-made disasters.
Third party motor insurance can be purchased for four-wheelers and two-wheelers. The premium for third party insurance is fixed by the Insurance Regulatory and Development Authority of India (IRDAI).
| Key Features | Third Party Insurance Coverage |
|---|---|
| Third party property damages | Yes up to Rs 7.5 lakhs |
| Third party death/injury | Yes as decided by the court |
| Own damages | No |
| Injuries to the insured party | Covered under mandatory personal accident insurance |
When you buy third party motor insurance, you enjoy many benefits.
The biggest benefit of having third party insurance is that you receive coverage for legal and financial liabilities towards the third party in the event of an accident caused by you. This helps reduce the burden on your shoulders as the insurer helps you lift the expenses that can result out of a road mishap.
Accidents can often lead to damages that run into lakhs of rupees. If you were to pay for these on your own, you may end up draining out your savings account. Having third party insurance will ensure that you protect your hard-earned money when things go awry.
It is legally necessary to have a valid third party motor insurance policy to drive your car or ride your bike on Indian roads. If you are caught driving without a valid motor insurance policy, you may incur a hefty fine. Plus, you expose yourself to the risks of financial loss during an accident.
Third party two wheeler insurance protects bike or scooter owners against third party liabilities in the event of an accident. The coverage extends to legal and financial liabilities. The coverage for property damages goes up to Rs 7.5 lakhs. Compensation for loss of life of the third party is as decided by court.
Third party car insurance protects car/SUV owners against third party liabilities in the event of an accident. The coverage extends to legal and financial liabilities in third party insurance for car owners. The coverage for property damages goes up to Rs 7.5 lakhs. Compensation for loss of life of the third party is as decided by the court.
The IRDAI has also made it mandatory for all vehicles to have long-term third party insurance. As per this mandate, long-term third party insurance constitutes compulsory coverage of 3 years for four-wheelers and 5 years for two-wheelers. In compliance with this, IFFCO Tokio offers you long-term third party insurance policies. Get your long-term third party coverage today and stay legally compliant while plying your vehicle on the road.
When you buy third party motor insurance, you receive coverage for –
If the third party sustains any injury in an accident that is caused by the insured individual, then the insurance provider shoulders the ensuing financial liabilities. There is no limit on this amount and it is paid based on the figure decided by the Motor Accident Claims Tribunal.
If the third party, unfortunately, passes away in the accident for which the insured individual is held responsible, the insurance provider will pay up the death benefit. There is no limit on this amount and it is paid based on the figure decided by the Motor Accident Claims Tribunal.
Any damage to the third party’s vehicle or property that has occurred due to the policyholder’s fault will be compensated up to a limit of Rs 7.5 lakhs.
All legal liabilities faced by the insured individual are also covered under third party insurance.
Third party motor insurance also has its own limitations to coverage. Here is what does not get covered when you buy third party insurance for car or bike.
Any damages to your own vehicle are not paid for in third party motor insurance. So, any damages sustained to your car or bike in an accident, due to theft, or from natural or man-made calamities will not be compensated for.
If the vehicle has been in an accident due to the driver being intoxicated, the insurance policy will not be eligible to provide coverage for the damages. This means that claims would be invalid if the owner was under the influence of alcohol or other intoxicating substances.
If a policyholder gets in a road accident outside the geographical limit of their third-party insurance policy, they would be able to use their policy to make claims and get coverage for the damages caused.
If the insured vehicle goes through damages caused by war, the policyholder will not be able to make claims. Similarly, damages caused by any kind of nuclear weapon activities will not be covered by the third-party insurance policy.
If the insured vehicle has been used for any purposes that are unauthorized (such as racing) coverage will not be honored. Also, the coverage may not be paid if anyone else other than the registered owner driving the car at the time of the accident.
If the policyholder is driving their vehicle without a valid driving licence, their claim for coverage might get rejected. A claim can also get rejected if the third party insurance policy has expired.
Here is a quick look at the process of filing a third party motor insurance claim.
Step 1. FIR
You need to immediately file an FIR at the local police station as soon as you possibly can. Without an FIR, your claim may not be processed.
Step 2. Inform us
Get in touch with us at IFFCO Tokio so that our customer support staff can guide you through the process of filing a claim.
Step 3. Documentation
We will guide you on the documents you require to make a claim post which you need to spend time getting these in order. You will need to have a filled claim form, copy of FIR, third party insurance policy copy, copy of your driving license, copy of your vehicle’s RC, and any other situation-specific documents (such as photographic evidence).
Provided all your initial paperwork is in order, IFFCO Tokio will assist every step of the way you so that your third party insurance claim gets processed smoothly.
Here is a quick look at the process of filing a third party motor insurance claim.
Step 1. FIR
You need to immediately file an FIR at the local police station as soon as you possibly can. Without an FIR, your claim may not be processed.
Step 2. Inform us
Get in touch with us at IFFCO Tokio so that our customer support staff can guide you through the process of filing a claim.
Step 3. Documentation
We will guide you on the documents you require to make a claim post which you need to spend time getting these in order. You will need to have a filled claim form, copy of FIR, third party insurance policy copy, copy of your driving license, copy of your vehicle’s RC, and any other situation-specific documents (such as photographic evidence).
Provided all your initial paperwork is in order, IFFCO Tokio will assist every step of the way you so that your third party insurance claim gets processed smoothly.
When filing a claim, do not –
Avoid these mistakes in order to ensure that your third-party motor insurance claims process gets settled smoothly. For any queries or detailed guidance, do get in touch with us at IFFCO Tokio.
At IFFCO Tokio General Insurance Co. Ltd. we believe in simplifying the process of purchasing motor insurance. You can simply walk into any of our offices to get third party coverage for your bike or car. Our experienced customer support staff will be more than happy to assist you with the process.
You could even opt to buy your third party bike insurance or third party car insurance online. Buying coverage online is really easy and can be completed in 3 simple steps.
1. Log on to our website
Visit our website and head over to the ‘motor insurance’ tab. Next, select whether you want to buy coverage for your bike, car or commercial vehicle. Fill in your name and contact number when prompted. You may then select third party insurance from the insurance coverage options provided for your vehicle.
2. Fill up your information
Fill up the remaining details as asked for on our website. Do keep your KYC documents at hand so that the information you provide on our website matches what is on these documents. Crosscheck your entries to ensure you have not made any mistakes.
3. Pay for your policy
Once you have completed filling up all your details, you will be redirected to our secure payment portal. Complete your payment to purchase your coverage. We accept all major credit/debit cards and net banking for payment.
That’s it. A soft copy of your third party motor insurance policy gets emailed to you almost immediately. You can print this out and file it or simply access it in your email anytime you wish to.
At IFFCO Tokio, we really believe in simplifying the process of getting motor insurance.
If you decide to walk into one of our branches, our staff would be more than happy to help you buy the motor insurance policy you need. However, we do recommend that you consider buying Third party insurance for bike or third party insurance for car online as you enjoy the following benefits -
Easy Purchase Process
Buying third party insurance online is really easy. All it takes are a few clicks of your mouse to get your coverage needs within a couple of minutes.
24/7 Accessibility
Our website is available for you at any time of the day. Whether on your lunch break or at home after work, simply log on at a time that is convenient for you to get your insurance policy.
Paperless Documentation
One of the biggest advantages of buying coverage online is that you don’t have to worry about storing files of physical documents that can get misplaced. Your third party insurance policy copy stays safe in your inbox for when you may need it.
If you decide to walk into one of our branches, our staff would be more than happy to help you buy the motor insurance policy you need. However, we do recommend that you consider buying Third party insurance for bike or third party insurance for car online as you enjoy the following benefits -
Easy Purchase Process
Buying third party insurance online is really easy. All it takes are a few clicks of your mouse to get your coverage needs within a couple of minutes.
24/7 Accessibility
Our website is available for you at any time of the day. Whether on your lunch break or at home after work, simply log on at a time that is convenient for you to get your insurance policy.
Paperless Documentation
One of the biggest advantages of buying coverage online is that you don’t have to worry about storing files of physical documents that can get misplaced. Your third party insurance policy copy stays safe in your inbox for when you may need it.
