How Can Third-Party File Third-Party Insurance Claim?

To claim third party insurance, there are 3 steps that a victim or the family can follow.

Step-1: Lodge a Police Complaint

Filing an insurance policy complaint is the most important part of lodging the claim. The victim or the family should file an FIR at the nearest police station. The complaint must be supported by details like the license details of the perpetrator, registration numbers of the vehicles involved in the accident, name and details of a credible witness, etc.

Step-2: File Complaint with the Motor Accidents Claims Tribunal

After filing the FIR, the third-party victim should file the claim with the Motor Accidents Claims Tribunal. This is the lawful authority to conduct proceedings and determine the amount of liability. Also, keep in mind that the responsibility to produce valid documents to authenticate the claim depends on the claimants.

Step-3: Settlement

The Motor Accidents Claims Tribunal makes its verdict after considering all aspects. The insurance company has to abide by the decision of the Tribunal to pay the claim amount given that the company has not opted to appeal.

When to Buy the Third Party Liability Insurance Cover?

Since the comprehensive cover comes with a third party legal liability cover, it is always advisable to go for this vehicle insurance plan for your two-wheeler or car. However, there are also circumstances when you can go only for the third party liability only cover.

If your bike is considerably old, you can choose to go for the third party insurance policy. This third party policy can at least protect you against the third party damage and it will not cost you too much. Also keep in mind that under this condition, you will have to manage the repairing cost of your vehicle from your pocket.

Cost of Third Party Insurance in India

If you want to know the cost of a third party liability only motor insurance policy, it is advisable to check with the underwriter. However, the premium rates for third-party liability insurance have been standardized with effect from 01.04.2018. 

The premiums of third party policy decided by the Insurance Regulatory and Development Authority India (IRDAI) and it depends on the engine capacity of the vehicle. Check out the below price table for third party liability only policy: