It is the most basic car insurance plan offered by IFFCO Tokio General Insurance Company. It provides coverage against legal liabilities imposed due to causing property damages or bodily injuries to third parties during an accident involving the insured car.
Under third-party car insurance, the beneficiary is not the policyholder but the third party to whom the insured car has caused injuries or damages. When a third party insurance claim is raised, the IFFCO Tokio Car Insurance pays compensation to the affected parties on behalf of the policyholder.
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Benefits of IFFCO Tokio Third Party Car Insurance
Following are the benefits of buying IFFCO Tokio third party car insurance:
- Financial Aid - It provides financial aid to the car owner in case he/she accidentally causes damages or injuries to third parties by the insured car.
- Legal Obligation - It helps the car owner to fulfil the legal obligation of having a third party insurance cover for his/her car under the Motor Vehicles Act, 1988.
- Affordable Premium - The IFFCO Tokio third party insurance is extremely affordable as compared to the comprehensive policy as it only offers the mandatory third party insurance cover.
- Financial Loss - It covers the policyholder for any unforeseen third party legal liabilities arising out of the insured car, thereby, preventing him/her from incurring a major financial loss.
- Stress-Free Driving - It promotes driving without any worries as the car owner will be covered against any accidental third party liabilities arising out of his/her car.
What is Covered Under IFFCO Tokio Third Party Car Insurance?
The following coverage is provided under an IFFCO Tokio third party car insurance policy:
- Third Party Injuries - It provides coverage for any third party bodily injuries caused by the insured car in an accident.
- Third Party Vehicle Damages - It covers the policyholder against any accidental damages caused to the vehicle of a third party by the insured car.
- Third Party Property Damages - It provides coverage against any accidental damages to the property of the third party for up to Rs 7.5 lakh caused by the insured car.
- Personal Accident Cover - It covers the owner-driver of the insured car against any accidental injuries caused while using the vehicle. It also pays compensation up to the tune of Rs 15 lakh in case the injuries result in the death or disability of the car’s owner-driver.
What is Not Covered Under IFFCO Tokio Third Party Car Insurance?
The IFFCO Tokio third party car insurance policy does not provide coverage for the following:
- Own Damages - It does not pay for any loss or damages caused to the insured car due to incidents, such as natural calamities, accidents, etc.
- Depreciation - It does not provide coverage for the depreciating value of the insured car.
- War & Related Perils - It does not pay for any loss or damages to the insured car resulting from war or related activities.
- Regular Wear & Tear - It does not pay for the repair expenses incurred on regular wear and tear of the insured car.
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.