
Owning a vehicle is a huge convenience, especially if you live in a crowded city or one where the means of public transportation are inadequate. A car is one such vehicle that allows you to travel across cities and states with ease. But as a car owner, you must ensure that you get the necessary insurance to protect yourself from liabilities in case of an accident.. As per the Motor Vehicle Act of India, all car owners must have third-party insurance. Let's decode this type of insurance policy in detail.
With Liberty General Insurance, you can rest assured about all your insurance needs. Here's why:
At LGI, we offer a wide range of car insurance plans, including third-party insurance, stand-alone own damage or SOD car insurance policy, and comprehensive car insurance policies.
LGI is renowned for offering budget-friendly insurance plans, which you can customise to your liking. Choose a plan that does not burn a hole in your pockets but also offers maximum coverage. 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.
At LGI, we endeavour to settle our customers' claims in the shortest time possible. Read our customer reviews to assess our smooth and easy claim settlement process and ratios.
Access our extensive network of over 4300+ network garages offering cashless assistance all over India. With LGI, you do not need to worry about not having enough cash to pay for vehicle repairs.
Reach out to LGI customer care all days of the week. Get assistance for claim filing Monday to Sunday from 8 a.m. to 8 p.m.
Whether you want to buy third-party insurance or renew it, you can do so from the comfort of your home. You can have one of our insurance agents visit you and collect the premium cheque. You can also visit your nearest LGI branch or consult your insurance advisor to buy and renew your insurance plan.
Third-party insurance, also referred to as limited liability insurance, is a type of insurance plan covering the insured party against legal liabilities arising from accidental injuries suffered by a third-party individual or damage caused to a third-party's property. For car owners in India, this policy is a statutory requirement as per the Motor Vehicle Act of 1988.
Road accidents can occur any time, and being in an accident can be incredibly stressful. Third-party insurance comes to your aid in such a time. The insurance plan pays for the damages and cost of repairs of the third-party's property in an accident caused by you. Also, if the accident results in fractures or causes bodily injuries to the third party, the insurance provider bears the costs associated with the third party's hospitalization. As such, the policy reduces your financial and legal liabilities. It also ensures that you are on the right side of the law, preventing you from facing penalties.
Third-party insurance covers the policyholder under the following situations:
A 3rd party insurance is a basic insurance plan. It does not cover you, the policyholder, against the following:
However, you can upgrade the third-party insurance plan by investing in a comprehensive car insurance policy that offers a bouquet of additional covers.
Third-party is an insurance term used to indicate an unknown person who may be injured, or whose vehicle may be damaged, due to an accident caused by you. While the policy covers the third party, it would be in your name as you would be paying its premiums. Thus, as the policyholder, you are the first party and the insurance provider, the second.
If a third-party individual suffers injuries or if their property is damaged due to an accident caused by your car, you are held legally liable for the same. In such a situation, your insurance provider comes to your rescue and eases you of the stress of legal and financial burdens.
In most cases, if the incident is severe, the third party may choose to file a claim if an accident leads to hospitalisation or property damages.. Your claim will be registered in the Motor Accident Claims Tribunal Court, which decides the quantum of compensation based on the injuries sustained by the third party or damages caused to their property. The insurer bears the costs up to a pre-determined, capped limit, and if the cost exceeds the said amount, you have to pay the remaining amount from your pocket.
As per the law, you must always keep a copy of your car insurance policy documents in your car. Having the insurance details and policy number handy goes a long way in reducing your stress in such tension-filled situations.
The process of claiming third-party insurance largely remains the same whether you are a third-party in an accident or whether you have caused an accident. Here's how you should go about it:
As mentioned earlier, the premium amounts for third party policies are not determined by the insurance provider. They are fixed by the IRDAI, and are the same across all insurance companies. However, there are two critical factors that affect your third-party insurance premium payments. They are as under:
Insert Premium calculator
Third-party car insurance brings with it a wide array of advantages. They are as under:
While third-party insurance covers you against legal and monetary liabilities, it has a few limitations:
Answer. Third-party insurance is vital as it reduces your liabilities if you are involved in or the cause of a car accident. The insurer bears the costs of those expenses, up to a limit determined by the IRDAI?
Answer. There are many ways in which you can buy third-party insurance. You can visit your nearest LGI office or consult your insurance agent. You can also call up the insurance provider’s helpline and get the necessary help with buying the policy. Once you select the policy, you need to fill a simple form and pay the premium via cheque, debit or credit cards.
Answer. You can renew your insurance plan in the same way as you bought the insurance – by visiting the LGI office, or through your insurance agent. You can also call the LGI customer care helpline or email us. Ensure that you renew your insurance policy before it expires.
Answer. Not renewing your car insurance on time can lead to many repercussions. For one, your coverage is immediately suspended, and if you are involved in an accident, you will be liable to bear the legal and financial consequences. You would also be flouting the law, which can result in further complications.. If you fail to renew the policy before it expires, you will have to buy a new insurance plan altogether, for which you will need to get your vehicle inspected all over again.
Answer. If you choose to buy third-party insurance, you have to provide the below mentioned documents.
Note that it can take the RTO up to 45 days to send you the RC book. However, you can still buy third-party insurance policies since you would already have the vehicle registration number.
Thanks Manish
Dear Mr. Dharma – I would like to thank your company personnel at the customer services division for their excellent support. Your customer care executive, Manish Bhatia took care of all my queries in a very courteous and professional manner.
Would also like to thank Mr. R Rajkiran from ‘Invee Intelligence Private Limited’ and Mr. Umesh for taking this issue to closure.
Keep up the good work.
Majid Hashmat
Lorem ipsum dolor ame consectetur adipiscing Cras feugiat nislplacerat imperdiet Cra eget scelerisque Suspendise potenti Nulla tincidunt dui Vestibulum ultricies odio facilisis non rutrummaximus Fusce.
Mr. N. Rama Mohan Rao
Average RatingBased on 35 Ratings
7/16/2016 10:51:28 AM
Category: General Insurance
hi. ashish singal, 09700616177 there is not at all good response from ur company.my policy no. is 20000365156..
7/16/2016 10:51:28 AM
Category: General Insurance
A good company to insure with. Quick customer service and claims also. Really feeling happy to insure with LVGI.
7/16/2016 10:51:28 AM
Category: General Insurance
customer satisfaction is the key to competency Have got a good feedback regarding the service.I hope we get to avail the services soon in dehradun...
7/16/2016 10:51:28 AM
Category: General Insurance
I am happy to see that being a small company the employees talk to each other & resolve customer queries fast. I am pleased with the speed of service. Very professional people...
7/16/2016 10:51:28 AM
Category: General Insurance
I was surprised to see the level of professionalism shown by the claims & customer service team. They were quick and courteous. Cheers...
A month before your car insurance policy comes to an end, you usually get a reminder to renew your policy from your agent. As you know..
Read MoreCar insurance policy is taken by the owner to protect her vehicle from damages and/or loss arising from unavoidable..
Read MoreAuto insurance is an insurance policy taken by vehicle owners to mitigate the risks associated with a vehicle in case of an accident or theft of the vehicle or third party..
Read MoreA car is an asset that depreciates with time. Depreciation has an impact on your claims in case of an accident. One might assume that comprehensive car insurance..
Read MoreRegistration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656
2019 Liberty General Insurance Ltd.
Reg Office: 10th floor, Tower A, Peninsula Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013
Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty General Insurance Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.