Latest third-party insurance premiums for cars, bikes as fixed by IRDAI

Every vehicle operating on Indian roads must have some form of motor insurance, particularly third-party coverage. Anyone who owns or operates a motor vehicle in India must have third-party insurance coverage, according to the Motor Vehicles Act of 1988. Note that the IRDAI determines the cost of third-party insurance, not insurance companies.

What is third-party car insurance?
According to the ICICILomabard, “Third-party car insurance is the minimum insurance cover needed to drive a car in India. The policy covers the property loss and physical injury of a third party. Simply put, it is a pact between you and your insurer where the insurer agrees to indemnify you if you are sued or are found legally accountable for the death, injuries, or property damage caused to a third party.”

How it works
If an accident occurs involving a policyholder, the insurer will provide money to cover the expense of fixing up the property belonging to the third party. As a result, the policyholder's financial burden is lessened. Before submitting a claim in the event of an accident, the insured must promptly notify the insurance provider.
While comprehensive insurance offers total protection for your car, third-party auto insurance only protects you against liability resulting from your car's involvement in an accident that results in property damage, personal injury, or wrongful death to a third party.

Features of third-party liability cover
According to the ICIClLombard website, features of third party liability cover

• Third-party legal cover is mandatory by law.
• It compensates the third party for property damage caused by your car.
• If a third person is injured physically, the policy will cover their medical costs.
• If a third person dies or becomes permanently disabled as a result of an accident
• involving your car, the policy will pay a lump sum amount.

Latest third party insurance



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