Re: Third party insurance

Query Approved

Re: Third party insurance

Disclaimer - Your post is little confusing; my replies below are based out of the assumption that, you want to compensate/fix OR want to claim/get compensated with the money you paid scooter lady who does not have all the documents in place. If my understanding is incorrect, pls explain clearly

Medical assistancea??? For that you should have motor accident mediclaim policy & that on oneself. One cannot use their own policy for someone else. It doesn't work like third party motor insurance. And for the scooter, my question will be BUY WHY? It it because you paid to her & you want to get compensated through your insurance?

Pls define insurance "status"; having motor insurance is per law, doesn't affect anyone's status quo

Standard procedure...
1. Visit Traffic investigation Police Station
2. Write a written complaint
3. Obtain SR
4. Take the third party's vehicle to ASC for vehicle damage assessment & proceed thereafter (hope you don't want details on this)

Last but not the least, if you want reply only from knowledgeable people, then you can ignore my replies hehe

Re: Third party insurance

Well, let me just clear this out that I am no expert here. I just use to have a third party insurance from Liberty Videocon which not only covers third party property damage but also third party bodily injury. I would suggest speaking to your insurance provider and seeking the same or else switching the company

Re: Third party insurance

Nowadays, it is very difficult to get a third party insurance, especially converting a comprehensive insurance policy to a third party at the time of renewal. I learnt this in a hard way a few weeks back, when the comprehensive insurance policy of my Thunderbird 500 was about to expire. First, I tried to renew the existing insurance as a third party insurance online, but in vain. Then, I tried taking a new third party insurance policy by contacting the insurance companies. Some said they don't do third party insurance and others gave some vague response. After getting fed up, I called the agent who did the comprehensive insurance policy for my Thunderbird 500 and requested him to renew it as a third party one. Initially, he too hesitated. But, I was firm. At the end, he agreed to my request. Now, my Thunderbird 500 is enjoying the third party insurance costing less than half of the comprehensive insurance premium. I managed to get a certificate from the insurer at the time of renewal stating that my no-claim bonus will be transferred to a new comprehensive insurance policy, if I buy a new two-wheeler within 3 years from the date of certificate.

Re: Third party insurance

Here is the no-claim bonus certificate issued by my insurer.

Re: Third party insurance

The main motive of the Private insurers is to make the most money they can which is what the comprehensive insurance policies are for. Except for one or two unfortunate souls who have their vehicles stolen or damaged badly, most of the owners ( specially two wheeler ones) do not claim anything for all the years the full comprehensive cover is in place. Also many insurers refuse to provide comprehensive insurance for vehicles more than 10 years old .

My attempt at getting a pure third party insurance from a private company has been quite easy, I could buy one online from iffco tokio or future generali I dont recall exactly, about a year ago. Bajaj insurance guys said they need the vehicle to be inspected to give out a third party only insurance. The Sarkari Insurance guys do give a 3rd party, but they do not work on saturdays or sundays, and neither have I come across any Sarkari insurer providing 3rd party for online purchase.

Also, I have observed that the 3rd party premiums have been steadily raised citing losses ( which is not quite logical ) Third party insurance as of today is almost twice the cost it was about half a decade ago. I smell a rat, in that the private insurance lobby is quite successful in getting the third party insurance cost so high that most people would instead go for a comprehensive insurance as there is not much of difference in cost.

Re: Third party insurance

Thanks [MENTION=25995]srikany[/MENTION]. I just checked IFFCO-TOKIO. Looks like it is possible to get third party liability insurance online.

Yesterday, the insurance agent told me that third party premia will increase every year as directed by IRDA. He suggested that I can go in for long-term third party insurance for 3 years, which will not be subjected to future increase in premia.

All said and done, in my case, the expired comprehensive insurance premium was ₹ 2,445 with 20% no-claim bonus. The third party premium I paid was ₹ 1,049. The net saving is ₹ 1,396 [2445-1049].