There are different types of insurance covers available and depending upon the losses incurred, people are allowed to claim compensation. In the case of vehicle damage during a road accident, people either settle it within themselves or it sometimes is also dependent on their insurance company.
What is Third Party Insurance ?
In case you hit and damage somebody’s car and also injure the driver physically, in that scenario third party insurance comes as a rescue for the victim. The benefit the injured person gets by using 3rd party insurance is that the insurance provides cover for the damages incurred to both the car as well as to the driver or the passenger.
This article deals explicitly on how you can make a claim when you, the vehicle or your property gets damaged by another vehicle with no fault of yours.
The Motor Vehicles Act explicitly states that it is mandatory for all vehicle owners of India to have third party insurance coverage. As per the policy, the insurance company provides legal liabilities to the third party which is
harmed by the insured, giving no personal benefits to the insured person itself.
The definition of Third Party Insurance policy state the base it bifurcates the parties on. As per the definition, the insured or policyholder is the first party, the insurance company is the second party, and any other person who claims the damages done against the insured person becomes the third party.
Under the third party insurance, when the third party files a case for compensation against the damaged car or property, injury or death caused by the insured person’s vehicle, both the insured and the insurer gets notified of the case filed giving him the rights to claim compensation for his losses.
People are often confused on exactly what does third party insurance cover. You are allowed to claim all your medical expenses under the 3rd party insurance policy. Also, if you need to work from home post-accident, you can file for the loss of earnings. In the case of any accidental deaths, the dependents of the deceased get the right to file a case claiming compensation, and if the person is alive, he gets to claim for medical expenses for all the treatment undertaken by him.
If you plan to get your vehicle damaged then on legal aspects, it is important that you submit both the surveyor’s report and the vehicle inspection report other than the original bills paid by you at the auto-garage.
[Source: https://www.renewbuy.com/blog/insurance/third-party-insurance-cover/]