Third Party Truck Insurance

What is Third Party Truck Insurance?

Third party truck insurance is a type of commercial vehicle insurance policy that only provides coverage for liabilities caused to others due to the insured truck. It covers vehicle damages, property damages and physical injuries to third parties in an accident. A third party truck insurance only provides coverage for any damages caused to someone else due to the insured truck and does not cover the costs of damages caused to the truck itself.

Key Features of Third Party Truck Insurance

Take a look at the key features of a third party truck insurance policy:

• Third Party Liabilities- A 3rd party truck insurance policy provides coverage for liabilities and damages caused to others. In case of a claim, the insurance company pays compensation directly to the affected person and not to the truck owner.
• No Own Damage Cover - Third party truck insurance does provide coverage for any loss or damages sustained by the insured truck during the accident. You must have a comprehensive or an own damage commercial vehicle insurance policy to cover any damages caused to the insured vehicle.
• Fixed Premium Price - In India, the premium for 3rd party insurance is fixed by the Insurance Regulatory & Development Authority of India (IRDAI) and stays the same despite the insurer. The premium is decided based on the gross weight of the truck. .
• Lawyer's Fees Covered - A third party commercial vehicle insurance for your truck will also cover lawyer fees incurred by the policyholder in case the insured truck causes bodily injuries to anyone and the compensation amount is decided by the Motor Accidents Claims Tribunal (MACT).

Benefits of Buying a Third Party Truck Insurance Policy

Here are some of the amazing benefits of buying a third party truck insurance policy:

• Covers Third Party Liabilities - This commercial vehicle insurance policy provides coverage for third party accidental liabilities arising out of the insured truck. Thus, the policyholder does not have to worry about paying compensation in case of a truck accident.
• Prevents Financial Losses - In case an accident of the insured truck leads to the death of the third party, the compensation amount can be very high depending on the victim and decision taken by MACT. Having a truck insurance avoids financial burden as the insurer company is liable to pay for losses.
• Fulfils Legal Mandate - In India, third party truck insurance is mandatory for all commercial vehicles as per the Motor Vehicles Act, 1988. Thus, this policy helps the truck owner to fulfil the legal mandate as a violation of this law can lead to a penalty or jail sentence.
• Affordable Cover - The truck insurance premium for a 3rd party insurance is affordable and lower than that of a comprehensive policy.
• Ensures a Peaceful Drive - Buying a third party cover for a truck ensures a peaceful drive as the driver does not have to worry about meeting an accident and facing a major financial setback.

Third Party Truck Insurance Price

You can check the third party truck insurance price for public commercial vehicles in the table below.

How to Buy a Third Party Truck Insurance Policy Online?

You can follow the steps mentioned below to buy a third party commercial vehicle insurance for your truck. :

• Visit the official website of Policybazaar Insurance Brokers Private Limited
• Go to the 'Insurance Products' tab on the menu bar and select 'Commercial Vehicle Insurance'
• Enter your name and mobile number in the available form to view insurance quotes
• Choose 'truck' under vehicle type and select the make, model & variant of your truck
• Select the registration year and the RTO of your truck
• Choose the 'public carrier' under the vehicle carrier type
• You can check the insurance premium for your truck from multiple insurers.
• Choose the plan you wish to and provide the required details
• Pay the third party truck insurance cost online
• The insurance company will issue the policy after successful payment.

How to Renew Third Party Truck Insurance?

You can follow the steps given below to renew your third party truck insurance

• Go to the 'Commercial Vehicle Insurance' page on Policybzaar.com
• Fill in the required details to view the renewal quotes
• Provide the details related to your truck, such as make & model, registration year, carrier type, etc.
• Select the expiry date of your existing truck insurance policy
• Different insurance plans will be displayed from multiple insurers
• Choose the best-suited plan and pay the premium online
• The third party truck insurance renewal will be done upon successful payment.

How to Raise a Third Party Truck Insurance Claim?

To raise a third party truck insurance claim, follow the steps given below:

1. File an FIR as soon as your truck meets with an accident and causes third party damages.
2. Inform your insurer about the accident as soon as possible to start the claim process.
3. The insurer will send a surveyor to review the damages or injuries caused to any person or property. .
4. Submit all the required documents to the insurance company so that the claim can be settled
5. The claim will be settled on the basis of the survey report and other documents.
6. In case the third party is severely injured, the claim amount will be decided by the Motor Accidents Claims Tribunal (MACT)..
7. After the verdict, the insurance company will pay compensation to the third party as decided by the MACT.

Documents Required to Raise a Third Party Truck Insurance Claim

Here are some of the documents required to raise a third party truck insurance claim:

• Claim form
• FIR/ charge sheet
• Truck insurance policy copy
• Driving license of the driver
• Registration certificate of the truck