Third-party Fire & Theft Insurance Policy in Motor Insurance

Buying a car comes with a big responsibility. You need to protect one of the biggest investments from several unforeseen instances including theft and fire. In India, it is mandatory to purchase a third-party insurance policy for your car. However, it does not give you extensive coverage. That is why you have the option of opting for third-party theft & fire insurance policy. So, what is this third-party fire and theft insurance policy?

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What is Third-party Theft & Fire Insurance Policy?

Like anything else, cars also need proper maintenance and preventive safety measures to protect them from inattentive mishaps. That is why the right car insurance policy plays a significant role in getting assured from these unpredictable instances.

However, some car owners do not want a comprehensive car insurance policy that provides coverage for third-party liabilities and own damages. That is why third-party theft & fire insurance policy is introduced to meet the requirement of those people who do not want a comprehensive car insurance cover.

This car insurance policy does not cover you for your own damages that have occurred in a road accident. But will certainly cover for an attempted theft that led to losses or damages to your insured car.

How Is Third-Party, Fire & Theft Insurance Different from Third-Party Insurance?

As the name suggests, a third-party fire and theft insurance policy provide you cover for third-party liabilities as well as loss or damage caused in a fire incident, or the insured car gets stolen. Whereas, third-party insurance will only provide cover for the third-party liabilities, which is also a mandatory cover in India.

How Is Third-Party, Fire & Theft Insurance Different from Comprehensive Insurance?

A comprehensive insurance plan provides extensive coverage as it covers for the third-party liability and your own damages caused due to accidents, natural & man-made disasters, theft, fire, total loss, etc. Also, it is costlier than the third-party fire & theft insurance plan. This is how it differs from third-party fire & theft insurance.

Things to Consider Before Purchasing Third-party Theft & Fire Policy

When you purchase a car you consider several things like your budget, what kind of car you want, horsepower, if the car meets your requirements, etc. Similarly, while purchasing an insurance policy you need to consider several things. Here are the things that you must consider while buying a third-party fire and theft plan-

  • This policy provides cover for third-party liabilities
  • Fire and theft are covered
  • It does not provide cover for own damages in case of an accident
  • Slightly more expensive than a third-party liability policy
  • Compare different plans online and then purchase the right one
  • Purchase it if you do not drive your car very often
  • Purchase it if you are a skilled driver and less likely to meet an accident.

Exclusions of Third-party Theft & Fire Insurance

There are chances that your claim might get denied by the car insurance company. Here are some reasons:

  • In case your insured car gets damaged due to a fire accident that happened because of an electrical or mechanical breakdown
  • Damages to the insured car due to road accident
  • If the driver does not have a valid driving license when the accident took place
  • If the insured car is used in illegal activity
  • Your own damages, bodily injury, and death as well as the passengers in the vehicle
  • Loss or damage caused to your car in a war or war-like situation
  • Loss or damage caused by an act of terrorism.

Third-party Fire & Theft Insurance Premium

A third-party fire & theft insurance policy is more expensive than a third party insurance and less costly than a comprehensive car insurance policy.

However, you must check the value of the different insurance policies. For that, you can visit the official website of Policybazaar Insurance Brokers Private Limited and check the insurance premium for your car model. You can also compare multiple plans offered by insurers and find an affordable deal in your budget.

Wrapping It Up

It would be a good idea for you to purchase this insurance plan if you do not drive your car often. It is a cost-effective insurance plan and purchasing it online would make your deal successful.

Written By: PolicyBazaar - Updated: 28 September 2022
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