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.

Written By: PolicyBazaar - Updated: 02 April 2019
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 32 Reviews)
Kotak Mahindra Third Party Liability Insurance Reviews & Ratings
4.8 / 5 (Based on 32 Reviews)
(Showing Newest 15 reviews)
Atul
Gadag, July 10, 2020
Avail the quotes online
It is very much easy to avail the quotes of the car insurance online. Just visit the website of policybazaar and put the details. After doing it you will get the quotes and the plans of the car policy. Much easy and hassle free. Thanks Kotak Mahindra for such great plans.
Yashesh
Baghpat, July 09, 2020
Customer service assistance
Kotak Mahindra Car Insurance has one of the best customer support teams. They are exceptionally well trained and have the answers to all your queries/concerns. 24x7 support makes them even wonderful to opt for. Thank you Policybazaar, I will be in your debt to help me opt for what others only dream of.
Vaibhav
Adkur, July 09, 2020
Less premium prices
I found the Kotak Mahindra an appropriate company for the car insurance policy. As, the product which I bought is very convenient and less expensive as compared to the others. The premium rate is affordable as they are providing the extra features to their customers like roadside assistance, towing facilities etc. Great services.
Raghu
Lahul And Spiti, July 09, 2020
Compare the plans online
It is easy to get the car insurance policy when you have the good website. I got to know about Kotak Mahindra on policybazaar portal. It was very much easy and I selected it online. There were varieties of plans. But I like the kotak one because of good features, add on covers and also the premium rate was according to my budget. I compared online and found the best one. Thanks team.
Raghu
Lahul And Spiti, July 09, 2020
Compare the plans online
It is easy to get the car insurance policy when you have the good website. I got to know about Kotak Mahindra on policybazaar portal. It was very much easy and I selected it online. There were varieties of plans. But I like the kotak one because of good features, add on covers and also the premium rate was according to my budget. I compared online and found the best one. Thanks team.
Adish
Sabarkantha, July 09, 2020
No Claim Bonus
NCB is something that not everybody is aware of, and if there is any change of even 1% that will temper your insurance while having the claim or renewing the policy. But Kotak Mahindra Car Insurance is the only company which helps & guides you mentioning the right NCB while renewing the policy. I am glad that Policybazaar suggested me to choose the best for my insurance needs.
Naresh
Jagannathpu, July 07, 2020
Additional benefits
I purchased the car insurance policy from policybazaar and that was of the Kotak Mahindra company. It is a nice plan and after researching more I got to know about the additional benefits related to the same. I got the additional benefit of roadside assistance, depreciation cover, NCB protector and so on. It is an amazing plan with features. Thanks team kotak Mahindra and policybazaar.
Kalpesh
Jabalpur, July 07, 2020
Best services in the insurance industry
Kotak Mahindra Car insurance is the best service provider in the insurance industry. Whether it's documentation, claim, customer support, roadside accidental assistance, these people excel in all of these. The best choice I made to visit Policybazaar & they suggested me to go for Kotak Mahindra.
Anil
Hagaribommanahalli, July 06, 2020
Natural calamities cover
Kotak Mahindra Car insurance is one of those few insurance companies that provide you helps you with the claim from natural calamities. I am happy to get associated with you. Thank you Policybazaar for helping me chooses the best out of all.
Gaurav
N.e.khawdungsei, July 06, 2020
Man-made disaster
One of my friend suggested me the kotak Mahindra car insurance policy. It is really nice as he told me the features regarding the same. His policy covers the man-made disasters such as accidents, riots, curfews, loss of the car and the theft related activities. If any of these problem does occur then it will be taken care by kotak team.I really like the plan and planning to purchase the same.
Jayesh
Vadakara, July 03, 2020
Third party insurance policy
I recently got the third party insurance policy from kotak Mahindra from policybazaar website. I bought the third party because it provides the assistance as in financial and legal procedures. In third party insurance policy it takes care of the my car damages as well as my hospitalization bills and also the third party car’s damages and their bills. So, that I won’t bear any kind of losses or problems at that time. This policy is a saviour for me and for my car. Thanks team.
Mihir
Dabhoda, July 03, 2020
Claim assistance
I got my claim done from Kotak Mahindra. I bought the car insurance policy from Kotak Mahindra from the website of Policybazaar. The company is really nice and also recently I got my claim done from them on immediate basis. My car was sent to the network garage and I got the cashless claim from them over my bank account. It was a great experience. Thanks team.
Garud
Dabhoda, July 02, 2020
24*7 assistance
I really like the services of the kotak Mahindra as I purchased the car insurance policy from them from the website of the policybazaar. I get the best assistance from them and if I really want to consult them at any point of time then I can call or message them in 24*7. They provide the customer care assistance for 24*7. It is quick and hassle free.
Tarun
Calicut, July 02, 2020
Less paper work
I really like to buy the car insurance policy online. Because it is very much convenient in nature. Also, I got the best car plan on online basis. It was of Kotak Mahindra car insurance policy. No paper work is required and you just have to submit your documents on online basis. A great plan with several benefits and add on covers. Thanks to team poliybazaar and kotak.
Ashok
P.s.murli, July 01, 2020
Helps from unexpected problems
My car insurance policy helps me and saves me from various unexpected problems and hurdles. Such as accidents, theft, loss of a car or damage made to the car. And along with those certain unexpected expenses comes over. Kotak Mahindra car insurance helps the insurance bearer to save himself from certain problems.
Arun
Ichalkaranji, July 01, 2020
Car protection and coverage
I recently planned to take the car insurance policy from Policybazaar as I trust that company a lot. They told me about various plans and policies but I like the best one of Kotak Mahindra. It is a great plan which is quite helpful for the car’s protection and coverage. At less premium price I got the best In class car coverage. Thank you team.
Mihika
H D Kote, June 30, 2020
Claim done swiftly
It was a good way to get the best experience and customer assistance from policybazaar and Kotak Mahindra team. I got my claim on time within 3-4 days and they helped me sending my car to the nearest network garage. I like the way they treat their customers in the best manner. Great work.
Mahesh
Vadakara, June 30, 2020
EMI services available
I opted for a car insurance policy from POlicybazaar and Kotak Mahindra. I made the payment on online basis and it was easy to do. Also, it is very much transparent in nature. I got an opportunity of making my payment in the form of EMI and it is really good. The EMI payment system is much better and it helps you to manage the finances. Kudos to the team.
Tarang
R.g.pur, June 29, 2020
Customer service
The customer service team of policybazaar and kotak Mahindra is quite good. I was having a problem related to my car insurance policy and there was some mistake into my car policy. The customer service team is quite friendly and genuine and they helped me in resolving my concern in next few hours. Thanks team for such great support.
Archana
Kochi, June 29, 2020
Add on covers
I got my car insurance policy from Policybazaar and Kotak Mahindra and I got a very good plus beneficial policy for my car. It was an easy process to get the car insurance policy. Also, I got some of the add on covers along with my policy. The add on cover is of personal accident. And it will cover the liabilities of the driver. Thank you team for such better assistance.
Pakhi
Faizabad, June 26, 2020
Compare and save the money
I got my car insurance policy from Policybazaar.com. And they recommended me the plan of Kotak Mhaindra. Though before taking the car insurance plan I checked out the whole website of Policybazaar very clearly and compared lot many plans with respect to Premium price, features, add on covers etc. The kotak plan which I got is really nice and cost-efficient. Thanks a lot to team policybazaar and kotak Mahindra for such great experience.
Kunal
G.k. Bhatar, June 26, 2020
Man-made disaster coverage
I have taken the car insurance policy from Poliybazaar. I have taken the car insurance policy of kotak Mahindra and it is a good company. It was my good decision to get my car insured from the same. As my car insurance policy covers the man-made disasters like curfew, riots, accident, theft and loss of the car. It is really easy to claim for the car as the kotak Mahindra is quick to settle the same. Great work team.
Pakhi
Faizabad, June 26, 2020
Compare and save the money
I got my car insurance policy from Policybazaar.com. And they recommended me the plan of Kotak Mhaindra. Though before taking the car insurance plan I checked out the whole website of Policybazaar very clearly and compared lot many plans with respect to Premium price, features, add on covers etc. The kotak plan which I got is really nice and cost-efficient. Thanks a lot to team policybazaar and kotak Mahindra for such great experience.
Reena
Habra, June 25, 2020
Claim facilities promptly available
It is good to know that the company which you have been associated with is quite nice and beneficial for the customer. Yes, I recently got my car claim from Kotak Mahindra. My car met with an accident and I filed for a claim from them. My car was sent to the network garage near to my place and all repair work was done in 6-7 days. Also, I got my claim money into my bank account. It was real quick and hassle free.
Vasudev
Yamunanagar, June 25, 2020
Less paper work and more facilities
I got the car insurance policy for my car from Kotak Mahindra. It is a great company which provided me best in class car policy and services too. I got the policy online via the website of Policybazaar. Everything was done online basis. It was very quick and easy to do. No paper documents were required. Along with certain facilities I got the various benefits with my car insurance policy.