Quick Answer: What Is Third Party Insurance With Example?

What is the rate of third party insurance?

Third-Party Car Insurance PricePrivate cars with engine capacityPremium rateNot exceeding 1000cc₹2,072Exceeding 1000cc but not exceeding 1500cc₹3,221Exceeding 1500cc₹7,890.

What does a third party car insurance cover?

Third Party Car Insurance offers cover for damage caused to someone else’s vehicle or property, if you’re liable for it. It can also, for an additional premium, include cover for loss of, or damage to, your car caused by fire or theft.

Is third party insurance enough for car?

It is clear from the above-mentioned points that a Third-party Liability insurance cover just isn’t enough for your car. … In addition, it covers your car against theft and damages, and you can opt for Add-ons as well. A Personal Accident Add-on can give you enhanced coverage in case of personal injuries.

Is third party insurance the cheapest?

Traditionally, third party and third party fire and theft cover were much cheaper than comprehensive insurance, but for many this is no longer the case. … For a more experienced driver, quotes for third party fire and theft cover came out cheaper than comprehensive cover, but by just 1%.

How does the third party insurance work?

One of the most common types is third-party insurance is automobile insurance. Third-party offers coverage against claims of damages and losses incurred by a driver who is not the insured, the principal, and is therefore not covered under the insurance policy. The driver who caused damages is the third party.

Is third party insurance enough?

Why get third-party insurance? The level of cover offered by third-party insurance policies can be good for drivers who are more likely to claim for any damage they cause when driving – and for drivers who can afford to pay repair costs for their own car without needing to claim on their insurance.

Why is 3rd party insurance more expensive?

Insurers said premiums were higher on third-party policies because people taking them out were more likely to make a claim, and to claim higher amounts. Many of them do not have a choice but to take this type of cover.

What is the difference between 3rd party insurance and comprehensive?

In general, a comprehensive car insurance policy will cover you for a wide range of damages, injuries, and loss to your passengers, your vehicle, and other property. Third party car insurance is more restrictive, covering damage to other vehicles and their passengers, but typically not much else.

Which third party insurance is best?

List of Third Party Car Insurance ProvidersCar Insurance Companies in IndiaPersonal Accident Cover for Owner-DriverGo Digit General Insurance LimitedCoveredHDFC ERGO General Insurance Company LimitedCoveredIFFCO-Tokio General Insurance Company LimitedCoveredKotak Mahindra General Insurance Company Ltd.Covered17 more rows

What is the benefit of third party insurance?

The third party car insurance cover or liability cover is a policy which protects the car owner or driver of the vehicle against any legal liability, accidental liability, financial loss or property damage, medical expense cover in the event of an injury to or even death of any third party arising out of their vehicle.

What are the 3 types of car insurance?

Here are a few of the basic car insurance types, how they work and what they cover.Liability coverage. … Collision insurance. … Comprehensive insurance. … Uninsured motorist insurance. … Underinsured motorist insurance. … Medical payments coverage. … Personal injury protection insurance. … Gap insurance.More items…