A third-party car insurance is a type of four-wheeler insurance that offers financial protection to the owner of insured car in case of injuries or damages to another person or their property. Buying at least a Third-party car insurance policy is mandatory as per The Motor Vehicles Act, 1988.
It is the most basic form of auto insurance coverage in India. The car owner is the first party, insurer is the second party and any person affected by the insured car is the third-party.
Every four-wheeler owner/first party legally need a third-party car insurance cover to drive on the Indian roads.
It ensures that in case of a road accident, the person being harmed by your vehicle is compensated.
Comprehensive Car Insurance offers an extensive coverage that covers both - Third-party Liabilities and Own Damage. Buying this type of policy is not mandatory by law, however due to its enhanced coverage it is the preferred choice for many car owners.
A comprehensive car insurance policy does more than just financially cover you against damages caused by your car to another person or their property. Its covers damages to the insured car.
Repairs for the damages caused to your car, under circumstances like an accident or natural calamity, are covered by your insurance company.
The extent of coverage offered by your insurance company under a comprehensive insurance can be customised with Add-ons.
Here’s how Third-party car insurance stacks up
against Comprehensive car insurance.
It covers the damages caused to another individual or their property due to the insured car.
In addition to third-party liability coverages, theft, damage from calamities, fire, etc. are also covered for your car.
Only a Personal Accident Add-on is included
A number of useful Add-ons can be bought with this type. For example, Zero Depreciation, Roadside Assistance, Accessories Cover, and more.
No, as the insured car is still exposed to risks.
Yes, as this is a comprehensive policy and can be customised with Add-ons.
This is the cheapest type of car insurance due to its low coverage. The cost of a third-party car insurance policy is fixed by IRDAI on the basis of the engine's cubic capacity of the car.
The cost of this car insurance policy is higher due to its wider coverage. The cost of this policy is fixed by the insurer as per the terms and conditions of the policy.
Thus, a Comprehensive Car Insurance cover is better than a Third-party Car insurance policy as it offers an extensive coverage that can be further customised with Add-ons. A Third-party liability policy will leave you vulnerable to risks involving damages to your own car.
It is very easy to get your car insurance. All you have to do is use the widget given above and follow the instructions to buy your policy online. In case of a Comprehensive policy, we may need to inspect your car before issuing a policy.
As mentioned above, all you have to do is scroll up and fill the required details to get your car insured. Select the type of policy, fill in your details, select add-ons if required, make payment, and you will receive your policy instantly via email..
An insurance agent is affiliated to an insurance company and will provide the necessary application forms and other details. You will receive the policy document via post or through the agent.
Once you select the insurance company, visit their branch for getting your car insured. The representative at the help desk will guide you through the process.
A Third-party car insurance is compulsory as per The Motor Vehicles Act, 1988. But a comprehensive car insurance is the smarter choice. Consider these factors before buying a car insurance policy:
If you have a high-value car, you could consider a Comprehensive car insurance policy. In the event of loss or damage, you need not pay the high expenses from your pocket.
If you want to be stress-free in the event of any loss, opt for a Comprehensive policy. It covers the damage caused to your car and any possible injuries. This is in addition to the cover that a third-party policy offers.
If you do not have a high insurance budget, opt for a third-party insurance. It is cheaper than a Comprehensive car insurance. However, in the long run you may have to pay from your pocket.
Choose an insure that provides the best price for your car insurance policy. Your insurer should also provide service that are useful in the time of need.
In any case, be sure of going through the fine print of the policy documents carefully. At the time of claim, it will be beneficial if you are aware of the inclusions & exclusions of your car insurance policy along with the terms & conditions of the insurance company.
Buying comprehensive car insurance is a smarter choice because it offers a dual benefit of third-party coverage as well as own damage. Plus you can choose add-ons which will further enhance the scope of your insurance policy.
Yes, you can change the type of your car insurance policy. Your car will be thoroughly inspected before your policy approval. So, just make sure to get those pre-existing dents on your car repaired, before inspection.
Comprehensive car insurance is more expensive than third-party policy because a third-party car insurance policy covers only the damages caused to the third party person or property. It offers the most basic coverage.
On the other hand, a comprehensive car insurance policy pays for the damages caused to your car as well as injuries caused to you, along with compensating the third-party. This extended coverage makes comprehensive car insurance more expensive than third-party policy.
The best add-on covers for a comprehensive car insurance policy are:
Zero-depreciation
NCB protector
Roadside assistance
Return to invoice
Loss of personal belongings
Buying an add-on cover totally depends on your personal requirements. So, it is very important to access them before choosing the right cover and to not overspend on car insurance.
Buying a third-party car insurance is mandatory in India because, it ensures that the third party liability, damaged/ injured in an accident involving your car, will be compensated for the loss. It covers the cost of treatments for a person injured due to your car and compensates for the loss occurred due to the damaged property.
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