Third Party insurance is mandatory for car owners to get insured with a third-party car insurance policy as per the Motor Vehicle Act 1988. SBI General provides multi-year third-party insurance cover so that you do not have to hassle for the renewal of the policy every year.
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Features |
Third-Party |
Comprehensive |
Coverage |
Financial aid for loss or damage caused to the third-party such as injury, death, car damage, etc. |
The comprehensive plan covers loss or damages caused to the insured as well as third-party. Provides cover for damages caused to insured car by natural calamity, theft, etc. |
Cost |
Lower premium because of limited coverage. |
Higher premium cost than third-party because of better coverage. |
Add-on covers |
Add-ons not available |
Pay extra amount for add-on cover |
Personal Accident Cover |
Provided by the insurer. |
Provided by the insurer |
Legal Requirement |
Mandatory to purchase by the Motor Vehicle Act 1988 |
Car owner can either chose to purchase or not |
Personal Accident Cover |
Rs. 15 Lakh |
Rs. 15 Lakh |
SBI General third-party car insurance plan covers the third-party liability such as injury, death, permanent disability, car damage, etc. The ACT-only policy by SBI General provides better cover than the standard third-party cover. Also, when you are insured with the third-party car insurance cover then you will not have to pay for the loss or damage caused to the third-party out of pocket.
SBI General Third-party insurance protects you from the following:
The third-party damage or loss such as injury, permanent disability, death, etc. is compensated partially as well as fully but the amount is provided as per the decision of the court of law.
The exclusions of the SBI General third-party car insurance are as follows:
Ans: No, the SBI General insurance company provide third-party car insurance policy for one year but it provides multi-year policy for 3 years so that you do not have to worry about renewing the policy every year.
Ans: No the third-party car insurance policy provide cover for the own damage but the personal accident cover is mandatory for the insurer to provide to the insured as per the law.
Ans: There is a cover for Rs. 15 lakh in personal accident.
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