Kotak Mahindra Third Party Liability Insurance

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Kotak Mahindra Third Party Liability Insurance Overview

Whether it is a two wheeler or four wheeler, having insured your vehicle with a third party liability insurance is mandatory in India. Like other insurers, Kotak Mahindra General Insurance Company Ltd. has joined the insurance race a couple of years back and has been serving sincerely.

Third Party Liability Only Policy offered by Kotak Mahindra general insurance covers the legal liabilities caused by an accidental injury, property damage, disability or death of a third party, where the insured vehicle is at fault.

With a Third Party Liability policy, you can keep others safe and secure too. The insurer covers the legal liabilities towards third parties for bodily injury/disability/death and property damage caused by an accident involving the insured vehicle.

Kotak Mahindra third party liability insurance coverage is extended to the private cars, two-wheelers and commercial vehicles. Let’s have a clear gist on the product.

Benefits & Features of Kotak Mahindra Third Party Liability Insurance

  • The policy compensates for the liabilities arising out of accidental death of a third party
  • Bodily injury caused by the insured vehicle to a third party
  • Third party property damage caused during an accident
  • Personal Accident Cover to owner-driver
  • Fast claim settlement
  • Hassle-free buying opportunity

Why Buy Kotak Mahindra Third Party Liability Insurance

The various insurance products offered by Kotak Mahindra General Insurance are designed to cater to the different insurance needs of the people. Among the three mainstream products, Kotak Mahindra Third Party Liability insurance comes with its own perks. Here’s why you should buy third party insurance from Kotak Mahindra:

  • It offers complete protection in case a third party liability arises out of an accidental damage/injury/death.
  • The insured is saved from a huge monetary drain arising from an accident
  • This policy is easily available online and cost-effective as well
  • The insurer is one of the reputed insurance brands in India
  • 24x7 claim assistance is available just in a call away
  • The policy can be bought for private cars, two-wheeler insurance and even commercial vehicles at an affordable premium.

Types of Kotak Mahindra Third Party Liability Insurance

Kotak Mahindra Third Party Liability insurance can be availed in the following types:

  • Liability to Third Party - The policy offers insurance protection against liabilities arising due to accidental damages leading to permanent injury or death of a third person, or damage extending to the property.
  • Liability Only - Private Car: This policy keeps you safe in case of a liability. Legal liability to the third party is paid by the insurer.
  • Liability Only New Two-wheeler: This five-year liability policy offers complete protection to your brand new vehicle.
  • Liability Only - New Private Car: A three-year third party insurance cover for your new private car.
  • Liability Only - Misc D: Liability coverage offered to transport vehicles owners on roads
  • Liability Only - GCV: This cover is designed for truck owners. With a comprehensive policy with this cover, a third party can be financially secured and the insured is compensated for the liability expenses arising out of injury or damage caused by the insured vehicle.
  • Liability Only - PCV: While you're responsible for the passengers in your vehicle, Kotak Mahindra Third Party Liability policy will keep those outside your vehicle safe as well. Any liability arising from accidental death, injury or damage will be covered by Kotak Mahindra Two Wheeler Insurance.
  • Liability Only - Two Wheeler: This is for two-wheelers where the insured is covered against liabilities caused by the insured bike to a third party.

Kotak Commercial Vehicle Secure with Third Party Coverage

Kotak Mahindra offers liability insurance coverage to commercial vehicles as well. As they feel that the bigger wheels need complete protection, Kotak Commercial Vehicle Secure for goods carrying vehicles is on offer.a  However, this is a comprehensive cover that includes third-party liability as well.

Policy Coverage under Third Party Clause

With Kotak Commercial Vehicle Secure the insured is rest-assured for third-party liabilities arising for bodily injury, property damage or death to a third party.

Kotak Mahindra Third Party Liability Insurance Inclusion

  • Death of or bodily injury to any person caused by or arising out of the accident when the insured vehicle is at fault
  • Damage to property caused by the use of the insured vehicle
  • Death or disability cover leading to loss of employment
  • Accidental death of the vehicle’s Owner or Driver
  • Permanent Total Disability suffered by vehicle’s Owner or Driver

Kotak Mahindra Third Party Liability Insurance Exclusions

The policy is not responsible to compensate the insured in case of the following conditions:

  • Accidental damage or loss to a third party outside the geographical border, leading to liabilities will not be covered.
  • Claim arising out of contractual liability
  • Any damage or injury sustained to a third party while using the private vehicle for other means or using the vehicle for commercial purpose
  • If the vehicle is driven by other than a driver who isn’t stated in the Driver’s Clause
  • Loss or damage to property or liabilities arising out of a consequential loss
  • Any liability contributed by war or warlike situation, invasion, civil war, use of nuclear weapon material

For the complete list of exclusion, kindly refer the policy document

IDV of Kotak Mahindra Third Party Liability Insurance

IDV is Insured Declared Value of the vehicle based on which the sum insured or policy coverage s decided. The IDV is decided based on the manufacturer's listed selling price of the vehicle at the time of commencement of the policy or renewal. However, it is adjusted after calculating the depreciation of the car in each passing year.

Kotak Third Party Liability Only Claim Process

In case of an accident, both the parties involved are likely to own third party insurance, as it is mandatory in India. If the other party involved in the accident doesn’t own third party insurance, it could turn out to be a costly affair. When a comprehensive car or bike insurance entitles you to make a claim for own damage, third party insurance doesn’t. But if the party at fault posses this insurance, you can claim for the damages under ‘damage to property’ clause under third party insurance. The same goes for the other party as well. So, if you are a victim, you can file a claim by:

  • Informing the Police and registering a report followed by obtaining the charge sheet
  • Approach the Motor Accident Claims Tribunal and file a case
  • The court will fix the liability after hearing the board parties in the court and verifying the evidence

If the court gives its verdict in your favour, the claim amount will be compensated as per the damages sustained to the vehicle. However, claiming third party insurance can be a bit tricky. In that case, you can approach a lawyer to plead your case.

How is Premium Calculated for Kotak Mahindra Third Party Liability Insurance?

Premiums for third-party vehicle insurance is decided by the Insurance Regulatory and Development Authority of India (IRDAI). Good news for the buyers, as per the latest update, IRDA has reduced the premium rates of third-party liability insurance. The new premium rates are effective from 1st April 2018. As per the recent change the premiums have been lowered from Rs. 2,055 to Rs. 1,850 for the cars which engine capacity is less than 1,000 cc. Third party premiums of two-wheelers also reduced from Rs. 569 to Rs. 427 with engine capacity less than 75 cc. the entry level bikes, which fall between 75 and 150 cc are not supposed to face any change in case of premiums. Unfortunately, IRDA has just doubled the premiums of super-bikes exceeding the engine capacity 350 cc. The premiums are supposed to be Rs 2,323 from Rs. 1,019. The performance category bikes also see a hike in premiums from Rs 887 to Rs 985.

How to Buy Kotak Mahindra Third Party Liability Insurance

In order to buy third party insurance from Kotak Mahindra, you can either buy it through a broker or buy online. While buying through a broker, it is highly recommended to be careful and ensure you are provided with the true information. The broker will brief about the product. If it suits your requirement, pay the premiums by cheque and avail the policy.

If you are buying online, before zeroing down on Kotak Mahindra Third Party Liability insurance, compare the other available plans as well. If you still find the plan better, then go to the official website of the insurer, navigate through the ‘Get Quote’ option, check the plan, pay the premium online. On payment of the premium, you will receive an intimation from the insurer and the policy will be mailed to you. You can get the downloaded copy anytime.

How to Renew Kotak Mahindra Third Party Liability Insurance

Renewing Kotak Mahindra Third Party Insurance is easy with the insurer. As Kotak Mahindra has made its products easily available online, availing post-sale services becomes quite easy. To renew the policy:

  • Visit the official website of Kotak Mahindra General Insurance
  • Choose the type of plan you want to renew
  • Provide the policy details and other required information
  • Calculate the premium online using Kotak Mahindra Premium Calculator
  • Pay the premiums online by using any of the online modes such as credit card/debit care/ net banking etc.
  • An instant message on renewal will be sent on successful payment of the premiums

Kotak Mahindra Third Party Liability Insurance FAQ's

Q1. What if I skip buying third-party liability insurance if I carry a good driver’s record?

You can’t ignore buying third-party insurance as it is mandatory in India by the Indian Motor Vehicles Act, 1988. Moreover, you are being a good driver doesn’t counteract the fact that your prized passion can’t be the victim of an accident caused by another driver. Even, in that case, you should be thankful for the law that the driver at fault is covered by third party insurance where you can raise a motor claim to compensate you or vice versa.

Q2. How does Kotak Mahindra third party liability insurance work?

Simply put, when your insured vehicle meets with an accident and causes injury/damage/death to a third party, the party at other side can raise a claim for the damages. The expenses can be huge at times and may be followed by proper legal proceedings. This policy comes in handy in paying the liabilities on you. However, the insured vehicle doesn’t get any benefit.

Q3. What is the maximum benefit payable under third party liability property damage?

In case of death, the complete sum insured amount is payable depending on the policy terms. In case of damage to a third party’s property, compensation up to Rs. 7.5 lakh is payable. Anything above that has to be borne by the insured.

Q4. How much time will it take to raise a claim and get compensated for Kotak Mahindra third party liability insurance, in case of an accident?

Simply, it’s better to raise the claim as soon as possible, however, there is a window of 60 days from the date of occurrence of the incident. File your case with the Motor Accidents Tribunal. The court will give its verdict and you will be compensated accordingly. Usually, the court process may take a little longer, thus, mostly this type of claims are settled outside the court, through mutual agreement between both parties.

Q5. What’re the documents required for claiming Kotak Mahindra Third Party Liability Insurance?

In order to ensure a smooth claim with Kotak Mahindra, the documentation part has to be done properly. You’ll require the following documents to claim Kotak Mahindra third party liability insurance:

Police FIR registered at the local Police Station of the area

  • Driving license
  • Policy Document
  • Proof of damage and expense being claimed
  • Surveyor report in case of damage to the property
  • Postmortem report in case of death
  • Insurer may ask for additional documents as per the norms of the policy

Q6. What if I am caught by the traffic policy for not carrying a driving license while driving?

As per the Motor Vehicles Act 1988, a person not carrying valid driving license is liable for a punishment which can be a fine of a definite amount or imprisonment in the worst case. Moreover, your insurance company wouldn’t cover you for the losses in case of an accident.

Q7. What is not covered under this insurance policy?

A liability insurance policy doesn’t cover intentional damage and contractual liabilities.

Q8. How do I know if I am eligible for a third party car insurance policy?

If you have registered your vehicle with the concerned RTO, you are eligible to buy insurance. Even Third party liability insurance is mandatory in India, which no one can skip. You can buy it from any of the Indian insurance providers and keep the vehicle protected throughout. Third party liability insurance comes handy in case of covering the liability expenses arising out of an accidental injury, death or property damage to a third party.

Q9. Is it possible to port my third party car insurance from one insurer to another?

You can port your existing policy to another insurer by filling up a portability form and reach an agreement with the existing insurer at least 45 days prior to the date of renewal. That means, switching of policy is possible at the time of renewal only.

Q10. I am a good driver; do I still need to buy third party liability insurance?

Having third party insurance for your vehicle is the minimum requirement that is mandatory by the vehicle law in India. so, having third party insurance is abide by the law. Even if you have a good driving record, you can’t be sure enough of the driving skills of the others which may cause a damage to your vehicle. With this policy, you can claim the liabilities from the driver involved in the accident.

Q11. How can I buy third party liability insurance?

Buying third party liability insurance is easy. You can either buy online or by approaching a branch office. However, online insurance will be the convenient way of buying where you can compare the policy and buy accordingly. The policy can be availed instantly by providing the necessary details and paying the premiums online. Most insurance providers offer discounts on online insurance.

If not you can approach a broker or directly buy form the branch office of a particular insurance provider.

Q12. What does a third party liability​​ policy cover?​

Third party insurance apart from being an inexpensive policy, the also covers:

  • Damages to a third party vehicle
  • Damage caused to a third party property
  • Injuries caused to other people in an accident

Under a third party insurance policy, one can claim up to 7.5 lakh for property damage, while compensation in case of death is equal to the sum insured.

Q13. What are the types of vehicles that can be insured online?

You can insure two wheeler, four wheeler, and commercial vehicles online. Private and commercial car or two wheeler insurance policies are available online where you can find your choice by requesting for insurance quotes. With various comparison websites, you can complete your search and buy online without a hassle. The post-sale services are overwhelming where you register a claim or renew the policy online in a few seconds.

Q14. What are the required documents for buying car insurance policy online?

Online insurance requires zero documentation as every formality is done online. You can avail car insurance or two wheeler insurance within a few seconds by filling an online form and paying the premiums through a secured payment gateway. However, below details will be required at the time of buying a policy:

  • Registration number of the vehicle
  • Engine number of the car or bike
  • Chassis number
  • Previous car policy number (if any)
  • Date and city of car purchase
  • Manufacturing date of the vehicle
  • Your contact details (address, phone no and email id)
  • Copy of RC book

Q15. What are the benefits of buying third party insurance online?

The benefits of buying car insurance online is manifold:

  • Ease of buying is the biggest advantage of online insurance. It simplifies your buying experience where you can purchase a plan even sitting comfortable home. Moreover, online insurance also offers comparison benefit where you can buy after comparing the different policies. This way you buy the policy that suits your requirement. Hence, your investments remain safe.

The additional benefits of online insurance include:

  • Renewal reminder
  • Secure payment gateway and tracking
  • Car/two wheeler insurance premium calculator helps in getting an idea of expense you would be bearing
  • Policy renewal can be ensured within a few minutes by paying the premiums through net banking or using debit/credit cards. You can also pay through UPI and Paytm or other instant money transfer wallet.

Q16.  I’ve missed the renewal due date and my policy has expired. How can I renew in case of break-in of my car insurance policy?

Renewal of a break-in policy is only possible in case of comprehensive policy and not for Third Party Liability Insurance.  In case you policy has expired, you can renew it by paying the premiums online. Post inspection and recommendation by a surveyor, your car insurance policy will be issued. You may have to pay a penalty as per the norms of the insurance company.

Q17.  How long will it take to get the insurance policy once the inspection request is registered online?

Once the request is logged the inspection process takes within 24 hours. A surveyor will do a successful inspection followed by an online recommendation, based on which your policy will be issued. You will have to log-in to the official website of the insurer to convert the policy. if the same is not happened within this time frame that means you will have to go through the entire process again.

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