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INSURANCE Policy For #CAR 3rd Party

Any losses arising due to damages or injury caused by the insured to a third party or third party’s property, are covered under the third-party insurance policy. In the event of a car accident, an insured person with a third party insurance policy is required to immediately inform the insurance company of the incident. For the uninitiated, a car insurance policy consists of three parties – First Party or the owner of the car who purchases the car insurance policy. Second Party or the motor insurance company that promises to provide financial aid in exchange for a car insurance premium.


Third party car insurance policy is an insurance cover which insures you against all the third party legal liabilities which may arise due to any mishap such as a road accident involving your car. It provides coverage for bodily injury/death of a third party (as decided by a court of law) as well as third party property damage up to Rs. 7.5 lakh.

cheapest insurance policy for car 3rd party


Third party car insurance is a type of motor insurance policy that protects the car owner against third party legal liabilities resulting out of an accident involving the car. It provides coverage against any property damages, physical injuries or death of third parties if the car owner is at fault. Third-party car insurance, which is also called third party liability insurance, covers you against any liability which can happen in case of any loss or damage caused to any third-party vehicle, person or property. Unfortunately, it doesn’t cover your own vehicle damages.


While a comprehensive car insurance policy offers overall protection against damages to your car as a result of incidents unrelated to accident / collision; a third party liability car insurance offers cover against any legal liability arising due to damages or injury caused by the insured to a third party. It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any benefit to the insured.


Due to this policy, the customers won't have to pay a higher upfront premium for the insurance policy. Moreover, they have the liberty to change the insurance provider after one year. However, the new car owners will have to purchase three-year third-party (TP) cover for motor vehicles, and five-years for two-wheelers.


If you have a lot of assets to protect, you might need more liability coverage than what’s included in your home and car insurance policies. An umbrella insurance policy allows you to extend your third-party liability coverage beyond your current limits. Contact your licensed broker to find out if an umbrella policy is right for you.


Third-party motor liability insurance is usually part of the main car insurance policy. An important clause, some insurers may also offer this as a standalone add-on cover. This works out well for the penny conscious customer as the cost of a comprehensive car insurance policy is always much higher than a stand-alone third-party cover.


The Shriram third party car insurance policy insures you against all the third party liabilities which may arise due to an unfortunate event like a road accident involving your car. The Shriram third party cover provides you compensation for all third party losses, be it injury or death of a third party or be it third party property damages.


For those new to the term, third party insurance is a type of policy that policyholders purchase to safeguard their assets motor vehicles, real estate, patents, properties from claimants. To review, the company (second party) covers the liability of the insured in case of damages or losses on a third party. A 3 rd party car insurance policy is a legal requirement for driving a car in India on public roads. This policy safeguards the interests of those who might be injured or whose property might be damaged because of an accident involving the insured vehicle.


Third-party car insurance works by insuring the policyholder against liabilities arising due to injury sustained by a third party or damage to a third party’s property by the insured car. In such a scenario, the third party will most likely demand compensation to treat injuries or repair damages from the car’s owner. Third-party insurance is a basic form of car insurance for Kiwi drivers. This type of policy provides cover when your car causes damage to someone else’s vehicle or property and also covers your legal liability up to a specific limit, eg $20 million.


Third-party is defined as car insurance which covers you for damage to other people’s property, for example, their car or home, up to a certain limit, (eg $20 million). Third-party insurance only covers this and nothing else, except for some policies, which partially cover damage to your vehicle as well, even if you are at fault.


A third party car insurance policy offers coverage for any bodily injury to third party or any damage to the third party property. In event of an accident claims can be raised by the third party for damages, therefore having a third party car insurance policy protects you from such costs. Third-party, fire and theft cover offers the same level of protection as third-party insurance, but it also covers your car in case it’s stolen, damaged or destroyed by fire. Third-party, fire and theft insurance won’t cover any damage that’s caused by a collision.


As the name suggest, the principal beneficiary of this car insurance policy is neither the original policyholder, not the insurance company; it is the affected third party individual. The policy covers the financial liability of the policy holder in case of a third party individual’s permanent disability caused due to the accident, or even death.