Third Party Car Insurance

The claim settlement process for 3rd party car insurance can be initiated as follows:

1. Procure Insurance Details

If you are the victim of an accident and wish to claim third party insurance, you must obtain the insurance details from the owner/driver of the vehicle involved in the accident.

2. Submit Application

The legal representative of the deceased or the victim has to submit an application against the owner of the vehicle to claim third party liability compensation.

3. Lodge an FIR

Once the application has been submitted, a First Information Report (FIR) of the accident has to be filed with the local police station explaining the details of the accident. The police complaint must contain the following information:

Driver’s Licence Number

• Witnesses’ name and contact details
• Keep a copy of the FIR and the original records of the expenses incurred by the victim.

4. Register case with Motor Accidents Claims Tribunal

After filing the First Information Report (FIR), the next step is to register the case with Motor Accidents Claims Tribunal. The Tribunal scans all the evidence and testimonials presented in the case to finally arrive at the judgment. The owner-driver will be summoned along with any witnesses for the final arbitration.

5. Cover Amount is compensated

There is no predefined limit for claiming third party insurance. The insurer compensates the full amount decided by the Court in its final verdict. However, the maximum cover for damage of property has been fixed at a maximum of Rs.7.5 lakhs by the IRDAI (Insurance Regulatory and Development Authority).

In the event of a car accident with major chances of injuries and damages, third party car insurance protects you from nay liabilities to a third party. Any property damage, injuries or death caused to the third party due to the accident will be compensated by the insurance company.

Essentially, the 3rd party car insurance benefits the owner/driver in terms of staying financially protected against any liabilities towards a third party. The policy is also a mandatory basic requirement for any vehicle to operate on Indian roads, according to the Motor Vehicles Act of 1988.

Some of the main features of third party car insurance include:

• Damages to a third-party vehicle
• Damages to a third party propertys
• Injuries caused to another individual in case of an accident.
• Third-party car insurance ahs a fairly simple process to be followed in term of getting a claim settlement processed. The process is carried out as per the following -
• If you are the victim of an accident, it is important to gather information about the involved driver/owner’s insurance to initiate a claim.
• An application has to be submitted by the legal representative of the accident’s victim for third-party liability compensation.
• Then an FIR has to be filed with the local police station, including details regarding the driver’s license number and witness’s name and contact details. Original records of the victim’s expenses and a copy of the FIR are to be kept safely.
• The case should also be registered at the Motor Accidents Claims Tribunal. With the submitted evidence and testimonials, the Tribunal comes to judgement and the driver, along with the witness, is summoned for final arbitration.
• The insurer compensates the concerned party with the amount finally decided by the court. The IRDAI has fixed a maximum cover of Rs. 7,50,000 for damage of property.

Keeping in mind these steps help ensure proper processing of claims in the event of an accident.