Everything You Need to Know About Third Party Car Insurance
If you drive in a country like India, having a third party car insurance is a necessity. If you are unaware of this policy or don’t already have it, then it is time to get one. Suppose you are driving your car and you accidentally hit someone. Your car insurance covers the expenses of the driver and the car, but what about the person who was hit by your car? Or what if you end up damaging property in an accident? You will have to shell out money from your pocket to pay for these expenses. But having a third party car insurance can save you from these additional expenses.
As per the Motor Vehicle Act, 1988, third party car insurance is mandatory for every vehicle owner. If the insurer is legally liable to compensate for the loss or injury of the third party, then it will be covered under the third party car insurance policy. The insured person is the first party, the insurance company is addressed as the second party and the injured person is referred to as the third party. While third party insurance is an add-on, Chola MS covers it under the car insurance policy. There are several aspects that are covered under the third party car insurance. Some of them are -
Injuries: When an accident takes place, you cannot predict the intensity of the injuries caused to the third party. A third party insurance can prove to be a saviour for the person sitting behind the wheel as well as for the person hit by your vehicle. From little wounds to critical injuries, a third party cover includes everything. Right from the hospital expenses or medical bills of the third person, your insurance company will look after it.
Partial or permanent total disability: If the injured person has sustained partial disability, the insurance company pays for his expenses as well as compensates for the same. Also, your insurance company will step in for compensation in case of total disability like paralysis or loss of any body part of the injured person. The third party car insurance can come to your rescue when you are not in a state to provide any assistance to the injured person.
Death: If a third person, unfortunately, loses his/her life in a major accident, the third party car insurance provides an unlimited death compensation. The amount is paid depending on various factors such as the third person's earnings and the impact of his/her death on the family's life.
Death Property Damage: In case of damage to property due to an accident, your third party car insurance policy will help cover the expenses. The policy covers the losses of up to Rs.7,50,000.
As getting your car insured with third party car insurance is mandatory, getting the right plan for you along with the necessary add-ons is a must. Along with the third party insurance, the Chola MS Motor Insurance also covers on-site minor repairs, flat tyre replacement, fuel delivery and a lot more!
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals as well as corporates. For individuals, there are products like Car Insurance, Commercial Vehicle Insurance, Two Wheeler Insurance, Travel Insurance, Health Insurance, Personal Accident Insurance, Home Insurance and Crop Insurance. For SMEs and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects, Engineering Operations, Liability Insurance, Marine Insurance, Fire Insurance and Miscellaneous Insurance.