A third-party insurance policy provides financial aid to the insured in case he/she meets an unforeseen road accident and is responsible for it that causes injury, death, permanent disability, third-party car damage, etc. Being insured with third-party car insurance also fulfills the legal liability of having third-party car insurance as per the Motor Vehicle Act, 1988.
Before getting car insurance take a look at the key differences between Digit Third Party Car Insurance and Digit Comprehensive Car Insurance in the table below:
Categories |
Shriram General Third Party Car Insurance |
Shriram General Comprehensive Car Insurance |
Policy Coverage |
Third-party liabilities arising after the accident. |
Own damage, third-party, loss or damage caused by natural calamity, etc. |
Legal Requirement |
It is mandatory for all car owners to have this insurance plan |
It is not mandatory. Depends on the car owner whether to purchase it or not. |
Own Damages Cover |
Does not cover own damages |
Covers own damage |
Premium |
Limited coverage keeps the premium low |
Broad coverage makes the premium higher than third-party |
Add-on Covers |
No Add-ons available |
Zero-depreciation, NCB, roadside assistance, etc. |
Shriram General third-party car insurance by Shriram General provides cover for the third-party liabilities for which the insured car is responsible. The Shriram General Insurance Company compensates for the third-party damages on behalf of the insured. Hence, it keeps the insured in peace and not worry about unforeseen expenses.
Shriram Third Party Car Insurance covers the policyholder against the following:
Shriram General third-party car insurance provides cover for the third-party car insurance or property damage up to Rs. 7.5 lakh but the compensation provided by the insurance company will rely on the Motor Accidents Claims Tribunal.
The following adversities are not covered under a Shriram General Third Party Car Insurance policy:
Ans: If your car gets damaged in a typhoon then no coverage will be provided to you if you are only covered under third-party car insurance. To get coverage for damages coming out of natural calamity it is recommended to purchase comprehensive car insurance.
Ans: Motor accidents claim tribunal decides the compensation amount that would be provided to the third-party property damages coming out of a road accident. They will decide whether the compensation will be paid fully or partially.
Ans: If you do not have third-party car insurance plan and a traffic police personnel stops you then you will have to pay the fine of Rs. 2000 as per the Motor Vehicle Act 2019.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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