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As per the Motor Vehicles Act of 1988, every car plying on Indian roads needs to be insured under a basic third party car insurance plan. Besides ensuring compliance with the law, a third party car insurance plan provides you with a basic coverage umbrella against affordable premiums. This basic insurance plan provides compensation for third-party damages, death or disabilities resulting from accidents involving the insured vehicle. However, while mandatory, a third party car insurance plan does not cover the damages sustained by the insured car or its driver in the event of a mishap.

How does Third Party Car Insurance Work?

A third party insurance ensures financial security in case your vehicle causes damage to a third party. In case the third party sustains bodily injuries, the insurer will pay for the hospitalisation expenses, loss of income, permanent disability, or death that may arise due to an accident.

 

In the event of property damage, the insurer will compensate for the loss incurred, car wreckage, cost of replacement of the damaged structures, etc. Hence, you can rest assured when it comes to the financial aspect of an accident as third party insurance has got your back!

Third Party Car Insurance Plans Offered By Bajaj Markets

There are several insurance firms accessible on the platform that offer auto insurance policies, allowing you to choose from a variety of possibilities. You may compare them based on their features and costs to discover the best policy for your car. Let's take a deeper look at their policies.

Insurance Provider

Incurred Claim Ratio (2020-2021)

Starting Premium 

Check Plans

HDFC ERGO Car Insurance

70.02%

₹2094

Buy Now

Bajaj Allianz Car Insurance

68.06%

₹2094

Buy Now

Acko Car Insurance

82.35%

₹2094

Buy Now

Disclaimer: *The premium rates are only estimates. The exact premium you need to pay may vary depending on a variety of variables. Please check the current premium rates before purchasing your auto insurance coverage.

How to Buy Third-Party Car Insurance Online at Bajaj Markets

You can purchase third party car insurance online at Bajaj Markets with just a few clicks. Here is what you need to do: 

 

  • Go to the ‘Car Insurance Premium Calculator’ page on Bajaj Markets

  • Choose the type of coverage you need such as the third party car insurance plan

  • Input the required details in the application form

  • Upload the necessary documents

  • Pay the third party car insurance price online via the available payment modes

  • The third party car insurance policy document will be sent to your registered email ID

  • With this, you have secured your vehicle with a third party car insurance policy

Key Features of Third Party Insurance 

A third party insurance comes with multiple features. Below are the details about the same: 

    1.Affordable

Since third party auto insurance is inexpensive, it is more approachable to those looking to get auto insurance.

    2.Simple to Obtain

Many companies now include third party auto insurance in their standard auto insurance package since it has been mandated by the government. You may also obtain it online by going to the website of any auto insurance provider.

    3.Protects from Legal Liability

Having third party auto insurance can protect you from any potential legal obligations to a third party that may arise from your involvement in the collision. The third party liabilities that include compensation for physical harm, fatalities, and property damage will be provided by the insurance company. Consequently, it will be your rescuer in situations like these.

 Benefits of Third Party Insurance

Here are the benefits of third party car insurance. 

    1.Economic Security

If you are involved in an accident and injured a third party, your insurance company will pay for the damage to their property. As a result, your finances will be secured and you won't have to pay from your pocket.

    2.Safeguards from Legal Troubles

Third party car insurance is mandated by the law, and violating the law might result in punishment or other legal repercussions. However, third party vehicle insurance can shield you against issues of this nature.

    3.Personal Accident Coverage

By insuring your car, you could get personal accident coverage. In the event that the insured sustains a physical injury, passes away, or becomes disabled while operating the car, the insurance pays out.

Inclusions and Exclusions of Third Party Car Insurance

Here are the inclusions and exclusions of third party car insurance. 

Inclusions 

Exclusions 

Injury to third-party

Damage to own vehicle

Damage to third-party property

Drunk driving 

Personal accident cover

Overspeeding 

 

Driving without a valid driving licence 

Third Party Car Insurance Vs Comprehensive Car Insurance

Insurance companies have come up with several types of insurance plans. Each plan has its own set of features and benefits. While there is third party insurance, which offers limited financial protection in case of a road accident, the insurance companies also offer comprehensive car insurance policies which offer a wide range of financial securities. Here’s a closer look at the differences between third party car insurance and comprehensive car insurance

Third Party Car Insurance

Comprehensive Car Insurance 

Premium is cost-effective

Premium cost is high

Provides protection against third party liabilities only

Safeguards you against robbery, man-made disasters, personal injury, and third-party liabilities

Third-party automobile insurance cannot be modified

You may easily add additional coverage to your comprehensive insurance for increased protection

If your automobile is old or you don't use it often, you should get third party insurance

If you often use your automobile, comprehensive insurance is the best choice

Points to Keep in Mind While Raising a Third Party Car Insurance Claim

Here are a few things you must keep in mind while making a third party insurance claim

 

  • The FIR must be lodged in case of an accident, post which your insurance provider should also be informed about the incident. The claim process shall not be commenced without the aforesaid steps.

  • The third-party should furnish relevant evidence to prove that you caused the accident.

  • It is always recommended to settle minor damages and losses outside the court since the procedure of filing an FIR can be time-consuming.

  • No coverage limit is set on the personal damages caused to the third party, however, the limit for property damage is capped at ₹7.5 Lakhs.

Why Buy From Bajaj Markets 

Buying third party car insurance from Bajaj Markets will provide you with several benefits. Below are the details about the same:

    1.Convenient 

The whole process is digital. Hence, you are not required to visit the offices of the insurance company. You can easily get third party car insurance within just a few minutes. 

    2.Multiple Options

Several lenders are available on the platform, allowing you to choose from various policies. 

    3.Discounts 

The platform also offers discounts on policies, thus providing an excellent experience to its customers. 

    4.24x7 Customer Assistance 

Dedicated customer care officials are always available to guide you throughout the process. You can contact them anytime in case of any queries. 

How to Claim Third Party Car Insurance?

Here is a step-by-step process if you want to make a this-party car insurance claim:

 

  • Register your claim request at Bajaj Markets at the earliest

  • Fill up the claim application form with your personal and policy details

  • An FIR must be filed by the third party at the nearest police station. A copy of the FIR needs to be uploaded along with other necessary documents online

  • Submit your application and wait for the insurer to verify the details provided

  • The case will be registered with the Motor Accident Claims Tribunal who will decide the compensation amount

  • As there is no cap on the amount you receive as co-compensation for bodily injuries or the death of the victim, the court may determine the sum. In case of damage to third-party property, a maximum sum of ₹7.5 Lakhs can be paid out to the victim.

Check Out Car Insurance Plans Available at Bajaj MARKETS

FAQs

  • ✔️What is the benefit of third party car insurance?

    The third party car insurance plan is mandatory under Indian law and it offers financial security in the event of loss or damage incurred by a third party.

  • ✔️What type of insurance is a third party?

    Third party insurance is a basic car insurance policy that covers loss caused to another party.

     

  • ✔️What documents should be submitted while raising a claim?

    Here is the list of documents.

     

    • FIR copies

    • Proof of cost that you want to claim

    • Surveyor report

  • ✔️Which is a better choice - Comprehensive or Third Party Insurance?

    A third party car insurance policy solely provides protection against third-party obligations, such as those arising from accidents involving the insured vehicle. On the other hand, a comprehensive auto insurance policy provides total coverage for both own damage and third-party liabilities.

     

  • ✔️Is third party insurance mandatory for cars?

    Yes, as per the Motor Vehicle Act of 1988, it is mandatory to have third party car insurance. 

     

  • ✔️Is there any eligibility criteria for third party car insurance?

    You can get third-party liability insurance for your vehicle if you have a valid driver's licence and it is registered with the local transportation authority.

     

  • ✔️If you claim for a third party car insurance, will you lose your NCB?

    No Claim Bonus is a reward that is only available in conjunction with Own Damage coverage. This implies that if you just have third-party insurance, you cannot receive the NCB discount on your auto insurance.

  • ✔️What is the ultimate compensation offered as part of this policy?

    The maximum compensation offered for property damage under Third Party car insurance is ₹7.5 Lakhs. The compensation for injury or death is decided by the court.

     

  • ✔️Why is it mandatory to purchase Third party car insurance in India?

    Accidental tragedies often have terrible effects on you, your family, and other people. It may put a strain on your finances and those of the accident victims, including you. As a result, the Indian government made it necessary for car owners to have at least Third Party car insurance.

     

  • ✔️Does a third-party car insurance policy offer sufficient coverage?

    Despite being a basic choice for coverage, it provides policyholders with the security of knowing that they have enough financial protection against the harm they could do to others in an accident. The policyholder's financial assets are protected from unintentional hazards by third party car insurance.