The regulators in India have made car insurance mandatory. Under the Motor Vehicles Act, having third party liability insurance is compulsory and the car owner-driver can be fined if he is caught without it. But what is third party liability car insurance? Before you invest in this policy, it is important to understand all about it.

What is third party liability insurance?

This is a type of four wheeler policy which protects the car owner from any claims made by third parties for damage to their property or any injury or harm to a third person.

The claim here is raised by a third person on the car owner and the insurance policy provides protection against these claims. There are two types of third party liability car policy claims:

Property damage

Personal accidental damage

When it comes to property damage, for 자동차다이렉트보험 - http://comutal.com/car-insurance/ four wheeler insurance, this damage is restricted to Rs. 7.5 lakhs. In case the damage is more than that, the insured will have to pay it from their own poc

><

>
On the other hand, personal accident damage covers any damage or injury to the third person including medical co

><

>
The third party liability premium rates are decided by the insurance regulator and are more or less the same for all insurance companies. However, these costs differ based on the car model and engine capacity. It is very convenient to get this type of car insurance onl

><

>
New rules for third party liabi

><

>
According to the Supreme Court, there are new rules with respect to third party liability insurance. The insurance companies now have to offer long term 4 wheeler insurance policies for third party liability. For car owners, it means an upfront investment for car insurance coverage for 3 years. However, it is possible to buy separate own damage insurance covers and personal accident cover

><

>
This long term insurance policy means that the upfront policy costs increase but there is no need to renew the policy for another 3 ye

><

>
How are claims made under this insurance po

><

>
If you get into an accident and cause damage to a third person's property or cause injury to the third person, then the claims procedure is complicated. The first thing that you need to do is contact the insurance company so that the customer care executive can help you out with the next st

><

>
It will also be necessary to get a police report filed with details about the accident. You should take photographs of the damage since the insurance company will need those deta

><

>
If a third person wants to file a claim against you and claim damages, they need to file a claim with a motor claims lawyer in the Motor Claims Accident Tribunal. The judge will look at the details - http://www.google.de/search?q=details of the case and then pass a judgement about the damages to be awarded. The average time to get an order like this is between two to three years or sometimes even lon

><

>
If you want to claim against someone's third party liability policy, then you will need to get an FIR filled and then file a case with the Motor Claims Accident Tribunal. Another option is to claim damage to the car under your own damage 4 wheeler insurance pol

><

>
Nitin Sachdev is a finance expert with over 10 years of experience in the insurance industry. His immense knowledge and love for writing is what drives him to educate other people. In this article, he has given information on car insurance . He has explained how third-party insurance works