Why should you buy peace of mind for your vehicle?

Imagine you’re driving a vehicle and get into an unintentional accident. There is a property and car damage including some bruises to the opposite party driver.  As long as it’s not your fault things will be fine but if it’s your fault you will have to face huge financial brunt to cover up the damage. One thing that can offer a financial back up is insuring your vehicle with third party insurance. Therefore, third party motor insurance is the most fundamental form of coverage set by Indian Tariff Law to get your vehicles running on roads. It is the most economical coverage option you can get.

The article discusses few things you should know about third party motor cover before buy it.

It is the kind of cover under which insurance company will agree to compensate or pay for the damages done by the insured person, if he or she is sued or held legally liable for  injuries and damages done to a third party. So, if you bump your car with another car and the accident turns out to be your fault then you’re liable to pay losses such as physical and health damages. However, you cannot claim damage to your own car or health. For this a separate policy known as comprehensive vehicle policy is available in market that will manage things for both the ends.

If you meet with unfortunate incidence and it happens to be other person’s fault then this is how you can make third party insurance claim. A victim, owner of the property, or the legal envoy of the deceased person can make an application for a third-party claim against the vehicle owner. To file a third party claim, an FIR must be filed with the police. 

The FIR would generally include Registration number of the vehicle involved in case of an accident, License number of the driver, Name and contact details of witnesses, if any.  The claimant need to file a case with the Motor Accident Claims Tribunal under the jurisdiction of the area where the petitioner resides or the accident occurred. Documents required would include a copy of the FIR and the original records of expenses incurred by the applicant to authenticate the damages or loss.