Third party insurance is related with general insurance, specially motor insurance. As the name suggests, when the recipient of any insurance policy is somebody other than the two parties that is the insurer and the insurance provider, the cover is known as a third party insurance cover.
This Policy Covers the Following Things Like:
- Claims for accidental disability, death and injury: In case of an untoward incident that causes partial disability or permanent disability, injury, or death, this insurance offers compensation. The total compensation is paid by the insurer after the court settles the case by determining on the sum.
- Property damage: If the untoward incident causes any kind of damage to the third party’s property, for a third party compensation a claim can be made against the owner. As per the rules, third party property damages are covered maximum to an amount of INR 750,000.
Claims Settlement Procedure
- In case of disability, death or injury, a claim must be made by the victim in a Motor Accident Claims Tribunal at the site of accident. In the event, one is a victim of the accident, then he must first get the insurance details of the vehicle and file a FIR of the accident clearly explaining who was wrong. Usually, it is found that the vehicle owner will try to make an out of the court settlement. But, in case the accident takes in the life of any person, any legitimate heir of the deceased can make a claim to get adequate compensation. Post this, the court will call the car owner or driver of the reported vehicle and the lawyers of both parties and come to a final conclusion.
- In case of property damage, the claim can be made by visiting the Motor Accident Claims Tribunal at the site of accident. Here also, the vehicle owner will try to get an out of the court settlement but in case the person feels that the compensation is not enough, he/she can move to the court.
These are some of the ways by which claims are settled in third party motor car insurance.
