Interested in learning more about third party insurance options in India? Let’s break it down, looking specifically at the mandatory third party motor insurance drivers that many of the top insurance companies in India provide.
What Is ‘Third Party Insurance?’
Let’s begin by breaking down what is legally meant by third party insurance so that you have the right idea moving forward. Third party insurance is insurance that is provided by a party outside of the individual filing the claim or the individual receiving the filed claim. It is often seen as a form of safeguard to ensure that relationships business or otherwise are properly protected financially. You should know that there are situations in India where third party insurance is required. For example, if you own or operate a vehicle, you are required to have third party insurance in order to operate that vehicle. This is laid out in the Indian Motor Act. There are other forms of third party insurance you may want to consider, even when it is not mandatory. In the end, the point of third party insurance is to mitigate your risk.
Who Provides Third Party Insurance In India?
Because so many people in India are looking for motor insurance, let’s take a moment to review the best providers of third party insurance in the country.
1. Tata AIG General Insurance
Providing a range of third party insurance options, Tata AIG General Insurance is a popular choice for auto insurance in India as well. Along with a range of services offered to its clientele, Tata AIG General Insurance goes above and beyond for helping people get back on their feet after a motor accident. This includes settling claims within 7 days, warranty for accident repairs lasting upwards of 6 months, and car pickup that is free of cost.
2. Royal Sundaram General Insurance
Another general insurance provider, Royal Sundaram was the first to collaborate directly with banks to sell retail insurance policies. In addition to providing drivers with 24×7 support for their third party motor insurance, Royal Sundaram also puts managers in charge of fixing road mishaps and getting the client through the long and often complex process.
3. Bajaj Allianz General Insurance
Winning awards after award for superior service, Bajaj Allianz General Insurance does a great job with its third party insurance options for individuals. Their motor insurance options reflect this. With a whole host of services that put other insurance providers to shame, Bajaj Allianz General Insurance has managed to make an impressive name for itself.
Should I Consider Third Party Insurance?
In situations where it is mandatory, third party insurance provides both protection financially and protection from the law. Risking a lack of insurance means risking possible actions taken against you. In addition, for other forms of third party insurance not having to do with vehicles, understand that every additional level of insurance you take out will protect you financially if and when something goes wrong.
There is no price worth not paying for peace of mind.