Difference between Comprehensive and Third Party Insurance Explained

A third-party policy will compensate any individual that has suffered property damage due to your vehicle in an accident. In case of minor damages and losses, it’s always advised to try and settle them out of court since the process of filing a FIR and dealing with the Motor Vehicle Tribunal is often time-consuming. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure / policy wording carefully before concluding a sale. A Third-Party Insurance basically covers for all expenses that arise in cases where you (of course, while driving!) happen to damage any third-party.

As far as the financial liability is concerned, your insurer will get it covered. The exact amount of compensation would be determined by the tribunal as per the earning capacity of the person who passed away. By buying car insurance, you can get the coverage against the Third Party Liability and damage/loss caused to your own vehicle due to an accident on the part of your fault. There are three types of motor insurance plans under the ambit of motor insurance policy.

Following are the two types of insurance covers you can choose from. In case of any accidental damage caused to the third party’s property or vehicle, the first party must compensate for the damages. The insurance company will handle the liabilities as an essential part of third-party insurance.

Reasons Why Third-party Car Insurance is a Must Have

Your executive spoke with me for nearly an hour in order to help me buy the right policy for my car. His precise answers to all my insurance queries has left me impressed. The tribunal will then declare the result of the case and declare guidelines accordingly for the claims settlement process. Fill in your policy number and make the payment to renew your policy instantly. Your chances of getting into an accident may be lower, but what about theft? Every year, thousands of motor theft cases are reported to police and it is the least solved crime as per police data#.

You can go to a network garage to get a cashless service and also avail reimbursement facility when getting repairs with a non-network garage. There are many advantages to third-party insurance, let’s look at the ones that you will be eligible for in case you wish to buy Third-party liability insurance for your vehicle. Some people go ahead with the third party policy seeing the lower premium but don’t check its exclusion section or limitations in terms of a policy.

If you were driving your care outside the stipulated geographical location mentioned in the policy. Details of insurance and policyholders present during the accident. In the case of medical emergencies, this rider pays for the ambulance charges and medical expenses that are incurred after the accident. After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within 5-7 working days. I am happy to see that being a small company the employees talk to each other & resolve customer queries fast.

Features of third-party insurance offered by ICICI Lombard

A comprehensive car insurance policy protects your insured car against own-damage and also covers third-party damages to a vehicle or property and the death or injury of a third-party person. Cost Since third party insurance coverage is limited only to third-party damages, it is easily affordable when compared to a comprehensive car insurance policy. The coverage provided by a comprehensive policy is extensive, and hence, it is costlier than third party policy.

• This way, you know you don’t have to dent your pocket in the case of such incidents.
• As the name suggests, a third-party policy focuses on another individual involved in an incident that happened with your car.
• Knowing the different terms used in the insurance domain can benefit policy buyers when making claims.
• Here are different types of car insurance policies and their major differences.
• To save you from an unpleasant shock at a future date, we have compiled five strong reasons as to why third-party insurance is not enough for your bike.

Whether you purchase a Third-Party Car Insurance or a Comprehensive/Standard Car Insurance, it’s essential that you have a personal accident cover. With this cover included, your Third-Party Car Insurance will also cover for your personal injuries in the case of an accident. Customization No customizations are possible under this car insurance plan. The policy does not cover for damages and losses caused due to a nuclear attack or war.

A car insurance policy is generic in nature but you can customize it to an extent using suitable Add-ons. For example, you can opt for a Passenger Cover to insure your fellow passengers or purchase an Engine Protection Cover to widen your insurance policy’s coverage. But one cannot buy such Add-ons with just the Third-party Liability car insurance policy. There are certain discounts on premium given by the insurer which will reduce the motor insurance premium amount reasonably.

What Is A Credit Report?

If you want a all-rounder coverage for your car, then third party liability policy is not enough, as it doesn’t cover any damages to your own car. It comes with a host of other features as well, like no claim bonus, range of add-ons to choose from, customisable coverage and more. Your agent spoke clearly and gave me a succinct outline of your car insurance plan. He simplified the policy buying process for me by walking me through each and every step. Looking forward to a good experience from ICICI Lombard in the future too. The insurance advisor I spoke with was very patient, and convinced me to buy the car insurance policy.

First-party is third party insurance enough for car insurance, a type of motor insurance policy, covers the damages caused to the insured vehicle. First-party car insurance covers damages caused to the insured vehicle by accident, fire, or natural disasters. You also get personal accident cover up to Rs. 15 lakh to the owner-driver. With the right long term car insurancecover, you will be able to enjoy your car without worrying about the cost of repairs or damages in case of an accident or event. Whether it is a third-party liability or a personal accident, you will be covered under comprehensive car insurance.

Listen to Our Customers

If a third party involved in the accident faces disabilities like fractures, bone displacement, then the third-party car insurance company shall bear all the medical bills. In the case of permanent disability of the person, your insurer will assure the person a pre-assured sum. Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death. Add-ons play a huge role in extending your car’s insurance cover.

Moreover, the comprehensive insurance cover can be customised to take care of certain damages with the inclusion of add-ons selected by the policyholder. When you buy car insurance, be sure to understand that car insurance plans are meant only for the first party and the third party. The second party is entitled to settle the claims, subject to the authenticity of the event and the information on the documents. This knowledge, in turn, can help you understand the policy document so that you can make an informed decision. If you do not have a valid third-party liability insurance policy, then you will have to pay a traffic fine and other legal fines, which can get very expensive.

• Moreover, she satisfactorily answered my queries, and made the policy buying experience seamless and easy for me.
• If there’s a compensation, we take care of it on your behalf as your third-party car insurance policy comes with unlimited liability cover.
• A long-term comprehensive policy is applicable only for new cars and two-wheelers .
• Premium Price Cheaper than a comprehensive car insurance policy, the premium price here is predetermined by the IRDAI based on your car cc.
• The advertisement contains only an indication of cover offered.

All reputed insurance companies sell their plans online through various channels. This has made comparing and choosing a car insurance policy suited to your requirements far easier than before. Losing a bike to theft or severe damage is something no vehicle owner would want to happen. But if it becomes a reality, your insurer won’t compensate for it under third-party insurance. Suppose you want your insurance company to cover your own damages due to theft, natural disasters, accidents, or man-made disasters like a riot.

Had a smooth, hassle-free experience while buying car insurance from ICICI Lombard. The customer service representative gave an excellent description of the policy advantages such as cashless services across an expansive network of garages. Add-ons are extra pieces of coverage that refine your policy further.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. My experience with ICICI Lombard’s customer care department has been very good.

We achieve this with a cutting edge combination of data science and technology that ensures that both lenders and borrowers have a transparent common platform to make their decisions. We treat your data with the utmost confidentiality and will never share or sell it to anyone. Our dedicated and best-in-class customer service will go the extra mile to support you on every step of your credit journey.

Knowing the different terms used in the insurance domain can benefit policy buyers when making claims. Also, when purchasing the plan or renewing the car insurance plan. Third-party liability insurance is included in all car insurance policies sold in the United States. It’s like a safety net that keeps you safe in the unlikely and highly unpleasant case of an accident in which someone else suffers a loss.

In the case of a third-party plan, the coverage is solely for the liabilities that may arise out of an accident. This can include financial liabilities like paying compensation for injuries or property damage. It also includes legal liabilities like having to deal with the FIR that has to be filed after the incident.

Thanks to your salesperson, my experience of purchasing car insurance from ICICI Lombard was remarkably smooth. She explained to me the advantages of the policy, such as personal accident coverage of Rs. 2 lakh, in a clear and simple language. The coverage of third-party car insurance is focused on legal and financial liabilities of the third-party. Third-party insurance is a type of insurance cover that shields you from any type of financial loss if you damage any third party property in an accident. Other than this, if a third person gets injured in the accident, it will also be covered in the policy itself. The third person can be another driver or someone walking on the road.

Reduce your costs by availing facilities like discounts and no claims bonuses on comprehensive insurance plans. Note that no-claims bonus and discounts do not apply to third party insurance premiums. For this policy, the premium amounts are determined by the IRDAI and are the same across all insurers.