What is a third party insurance claim?
Third party insurance is a liability insured purchased by the insured first party from an insurer second party, to protect himself/herself against the claims of a third party in case of an accident where there is loss, damage or injury involved. The Third Party Insurance Claim is a mandate in India according to the Motor Vehicles Act, 1988.
Third Party Insurance for two-wheeler vehicles can cover the following situations:
- Physical injury or death to the third party
- Damage to the property or vehicle of third party
- Death of the insured vehicle owner or driver
- Permanent total disability of the insured vehicle owner or driver
Generally, the cover provided for third party damage to property is up to 7.5 lakhs.
Third Party Insurance for Two Wheeler
Filing a third party insurance claim for a two-wheeler can be tricky business. It seems very simple, but is a bit tricky. There are a lot of factors involved, and even one mistake can lead to the two-wheeler insurer rejecting your insurance claim.
It is a fact that two-wheelers are more susceptible to vehicular accidents, injuries and damage than four-wheeler vehicles.
Things to keep in mind while filing Third Party Insurance claim for two-wheeler
- Filing an FIR:
In case of an accident, first step is to call the police and file an FIR. An FIR is the most important document required for supporting the two-wheeler insurance claims as well as third party insurance.
- Informing your Insurance Company:
Immediately after an accident, it is important to inform your insurance company or agent as soon as possible, preferably within 24 hours. Many companies have a two-day window for informing, but it is still preferable to call and inform about the accident or loss as soon as you can.
- Collecting Evidence:
Having photographs of the accident scene to present as evidence is of high importance. It is also important to note down the names and numbers of any witnesses that might be present, as well as to note down the insurance details of the other parties involved.
- Being honest with the Insurance Company:
Hiding details to make yourself look better will do more harm than good. Concealing important information can lead to an invalidation of your policy or rejection of your claim. Thus, it is important to disclose all details for the purpose of the insurance claim.
- Registering the Case:
The next step is to register a case with the special Motor Accident Claims Tribunal Court with jurisdiction in the area where the mishap occurred, or where you or the third party live.
- Keep Detailed Notes:
It is essential to keep detailed note of all the conversations you have with the insurance company representatives for future reference without fail. Also, make note of their names and job titles.
- Save all the Receipts:
It is highly important to save all the receipts procured during the pursuing the claim or recovering from injuries, and organize it in a file for handy reference.
- Additional Points to Remember:
- Do not run away from the accident scene, and do not move your or anyone else’s vehicle.
- Always remember to call the police, no matter what.
- Do not get stressed and do not be submissive and accept all liability falsely.
- Do not ride your two-wheeler under the influence of alcohol, or other substances, and do not drive illegally. Because these careless acts will cost you your right to claim insurance.
- Do not miss any required formalities and procedures, and complete them in the prescribed time-limit.
- Do not sign any releases to the insurance company until you obtain legitimate legal advice.
- Unless you are ready, do not accept any check for ‘final payment’.
These are the things to remember while filing for a third party two-wheeler insurance claim for vehicular accidents. It is essential to follow this procedure to avoid making any mistakes for the same.