Benefits of Liberty Third Party Car Insurance
Since this insurance cover is mandatory, it offers all-around coverage to the individual involved in the accident. It protects the policyholder against property damages due to accidents. It also protects the individual against financial losses and medical expenses in case of accidental death or temporary or permanent injuries. Here are some of the main benefits provided by Liberty Third Party Car Insurance:
Liberty Third Party Car Insurance covers any damages or losses to third-party property, including death or disabilities caused to the vehicle owner. Also, it is the mandatory cover in India.
If your car meets with an accident, it is bound to burn your pocket and result in increasing your financial expenses. From hospitalization to the cost of treatment, Liberty Third Party Car Insurance covers most of your bills. However, the beneficiary is mainly the third-party individual.
This insurance cover is the most inexpensive of all the insurance covers available for vehicles. The annual premium payment is very low, yet it ensures the policyholder's safety in case of unforeseen circumstances.
The policy can be purchased online or offline through an agent. It can also be renewed online. The process is simple; one has to visit the website and follow the instructions.
Sense of Security
The third-party insurance cover provides a sense of security to both the injured party as well as the one causing the injury. This reduces the chance of any clash and worrying about expenses. It is the most basic cover once can have and most preferable for the vehicles that are more than 5 years old.
Process of Claiming the Liberty Third Party Car Insurance
The claim process usually includes the following steps:
1. Registration and Acceptance of a Claim
The customer must inform the insurer about the accident and get it registered for a claim. The customer can do this by calling on the toll-free number 1800 266 5844 or by visiting the website in the claims section. Follow the instructions, fill in the details and submit to get one’s claim registered.
The Liberty Car Insurance representative will get in touch with the insured, and if the claim gets accepted, one will be given a claim reference number.
2. Survey of the Vehicle
Liberty Car Insurance will appoint an inspector who will make a visit to inspect the vehicle and analyze the extent of the damage. This inspection may happen within 24 hours if the spot of the accident is in the same city; otherwise, the limit extends to 48 hours.
3. Documentation and Repairs
The customer will have to get his vehicle towed to the nearest Liberty authorized garage. The policyholder himself can make this arrangement or ask the Liberty representative to do it for him. Submit all your documents in front of the inspector to start with the repair work on your vehicle.
4. Claim Settlement
The claim process will be entirely cashless. The policyholder is only required to pay for the deductibles; the insurer will bear the rest of the expenses. In case of death claim, the settlement is done through the Motor Tribunal Court and as per its verdict.
FAQs About Liberty Third Party Car Insurance
Ans: No, the third party insurance does not cover the insured car under any circumstances.
Ans: The customer can pay their premium online through the website or offline by visiting the nearest branch or calling on the toll-free number 1800 266 5844.
Ans: The court of law decides the compensation amount, and the company bears the entire cost.
Ans: In such a case, the policy's ownership will be transferred to the new owner through a simple process by filling up an endorsement form.
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.Read More