Third party car insurance plan offers financial coverage to your vehicle at an affordable premium. Compensation for third-party damages, death or disabilities resulting from accidents involving the insured vehicle are covered under this insurance policy.
According to the Motor Vehicles Act, 1988, it is mandatory for every vehicle owner on the Indian roads to own a basic third-party insurance cover. However, while mandatory, a third party four-wheeler insurance plan does not cover the damages sustained by the insured car or its driver in the event of a mishap.
There are various insurance providers which are accessible on the online platform of Bajaj Markets. They offer auto insurance policies, allowing you to choose from a variety of possibilities. You can perform a comparative analysis amongst several policies based on their features, premiums, and benefits in order to choose the one that best suits your requirements. Here’s a table that depicts the details of the same:
Insurance Provider |
Claim Settlement Ratio (2021-2022) |
Starting Premium |
Check Plans |
SBI General Car Insurance |
98.00% |
₹2094* |
|
Bajaj Allianz Car Insurance |
98.54% |
₹2094* |
|
HDFC Ergo Car Insurance |
99.00% |
₹2094* |
|
Acko Car Insurance |
95.50% |
₹2094* |
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.
Here’s how you can purchase and renew third-party car insurance cover online at the Bajaj Markets’s platform with a few simple clicks. Follow these steps and you are good to go:
Navigate to the ‘Car Insurance Premium Calculator’ page on Bajaj Markets
Choose the type of coverage you need such as the third-party four-wheeler insurance plan
Input the required details in the application form that displays on your screen
Upload the necessary documents as asked
Pay the third-party car insurance premium online via the available payment modes such as net banking, UPI, credit/debit cards, and more
The third-party car insurance policy document will now be sent to your registered email ID. With this, you have secured your vehicle with a third-party four-wheeler insurance policy against third-party legal and financial liabilities.
You can buy a third-party insurance policy at a price which is very nominal with respect to a comprehensive car insurance policy.
The process of buying a third-party liability cover is extremely hassle-free. Being a standard insurance policy, there are not a lot of options to choose from. All you are required to do is choose the model of your car and opt for the insurance cover.
A third-party liability policy will provide financial coverage against injuries caused to a third party and their property by your insured vehicle.
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.
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.
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.
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 |
This is mandatory as per the laws |
This is not mandatory as per the laws |
Having a third-party car insurance cover will protect you against financial and legal third-party liabilities. You must buy it to protect yourself from any unexpected misfortune that may take place.
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.
Third party insurance is a basic car insurance policy that covers loss caused to another party.
No, you cannot purchase a zero depreciation cover with a third-party car insurance. However, you can purchase this add-on cover with a comprehensive car cover or an own-damage car insurance plan.
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.
The maximum compensation offered for property damage under Third Party motor insurance is ₹7.5 Lakhs. The compensation for injury or death is decided by the court.
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.
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.
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.
A third-party car insurance policy only covers any third-party liabilities that may arise as a result of your car getting involved in an accident.
The third party insurance cover compensation amount is calculated by the Insurance Regulatory Authority of India (IRDAI). The compensation amount is calculated keeping two important factors in mind
The cubic or engine capacity of the car causing the accident.
The earning capacity of the policyholder is responsible for the accident.
Yes. Driving a vehicle without at least a third-party liability cover is illegal in India. Hence, you will have to pay a penalty.
You can purchase third-party car insurance on Bajaj Markets starting at just ₹2094.