Case Study
What is Third-Party Car Insurance Cover & How it Works?
If you own a car or are planning to get one, you cannot take it on the roads without obtaining valid insurance for the same. Though there are two types of car insurance, third-party insurance is considered the most basic insurance that no vehicle owner can do without. If you’re ever caught driving an uninsured car, you will be heavily penalized by the authorities.
Third-party insurance for car is comparatively affordable compared to other car insurance, but it also offers limited coverage. If you’re contemplating getting third-party car insurance from a well-known insurance provider but want to gather necessary information before making any purchase, this article is here to guide you.
Also Read – New to Insurance? Keep these 5 Things in Mind While Purchasing life Insurance
Third-Party Car Insurance: Things to Know
The Indian Motor Vehicle Act mandates car owners to get at least third-party insurance for their registered vehicle if they don’t want to go ahead with comprehensive insurance. Third-party insurance primarily covers the vehicle owner against losses/damages caused to a third party during an accident. Like other insurance policies in the market, even third-party insurance for car has specific inclusions and exclusions that you should be aware of.
● Inclusions in a Third-Party Car Insurance
Irrespective of your driving skills, driving on chaotic Indian roads can sometimes be challenging. And with so much crowd and traffic around, chances of unfortunate events, like road accidents, increase manifold. In such a situation, if you end up hurting/damaging a third party or his property, you will be liable to pay the damage cost to the other individual. It is during such cases when third-party insurance comes to the rescue. They cover car owners for:
Also Read – Government Should Address The Long Pending Insurance Bill Sanjay Tripathy
1. Personal Damages to Third-Party
If a person gets hurt during an accident because of your car, you will have to bear his medical and other associated expenses. If you have taken third-party insurance, you can claim the financials involved from your insurance provider, and they’ll take care of the rest.
2. Property Damages to Third-Party
Similar to personal damages, you are also required to pay the property damage cost to the third party. Whether you accidentally hit another vehicle or a street lamp post, you will be liable to pay for the damages caused because of your car. Luckily, it is also covered in third-party insurance, so policyholders don’t have to bear the brunt of such unexpected out-of-pocket expenses.
● Exclusions in Third-Party Car Insurance
While third-party car insurance covers the vehicle owner for personal and property damages caused to a third party, it doesn’t cover the damage caused to the policyholder. But this negative can be turned into a positive by adding a personal accident cover to your basic third-party car insurance. You will have to pay for personal accident cover separately, but the extra payment will be worth it, as it will bring along peace of mind.
Also Read – Insurance A Push Product in India Says Indiafirst Lifes Rushabh Gandhi
● Difference Between Comprehensive and Third-Party Car Insurance
The fundamental difference between comprehensive and third-party insurance lies in coverage. While the third-party insurance protects the car owner from a property and third-party damage caused by his vehicle, the comprehensive insurance covers policyholders for both third-party and own damages. You should purchase comprehensive car insurance if you want maximum coverage. The insurance premium varies proportionately to the inclusions/coverage a policy offers, so don’t worry if you have to pay more for comprehensive insurance.
But before you purchase any insurance for your vehicle, always remember that no claim will be entertained if the policyholder was found driving in a drunken state or the driver had no valid driving license. Also, if a minor was found driving the car at the time of the accident, no claim will be fulfilled. So always be responsible while driving to avoid any unpleasant surprises during claim settlement.
How does Third-Party Car Insurance Work?
If a person meets an accident after taking third-party car insurance, the policyholder can raise a claim for the damage caused to a third party or his property. For claim settlement, the policyholder should inform the insurance company about the accident within the stipulated time as mentioned in the policy document and also furnish an FIR so the insurance company can take things forward. A surveyor will then be sent from the insurance provider’s end to assess the monetary damage caused and verify the same before sharing a detailed report with the insurance company. Based on the final report, the claim amount will be processed.
You can either call the representative you’ve been in touch with from the insurance provider’s side or simply email them on their official email id with the necessary details. Having a good insurance company by your side is important if you want faster claim settlement and excellent customer support. So take your time and do the due diligence before purchasing third-party insurance from any insurance provider.
Taking third-party car insurance from a trustworthy insurance provider will enable you to drive legally on the Indian roads without any worry of traffic penalties or fines and save you from unexpected and unavoidable out-of-pocket expenses in case of a road accident. With so many benefits on the table, you shouldn’t think twice before getting your vehicle insured.
Also Read – Covid-19 Uplifts Health insurance Sector, But Premium Segment Sees Decline
Mumbai: GIVA, a premium jewellery brand aiming to make authentic, elegant, and fine silver jewellery accessible in India, launched their latest line of Rakhi collections, for the upcoming Raksha Bandhan festivities in India. Renowned for redefining the art of presenting exquisite sterling silver jewellery, GIVA takes immense pride in launching an emotive campaign that honours the profound sibling connection. Aptly named “Ties of Love,” the campaign transcends being a mere collection; it is an exploration of the emotional connection that siblings share. This campaign artfully encapsulates the essence of sibling relationships through meticulously crafted 925 silver jewellery rakhis, serving as poignant symbols of affection, protection, and enduring love.
GIVA has embraced a digital advertisement that eloquently portrays the deep and meaningful love that siblings share. This ad serves as a heartfelt depiction of the profound bond that exists between brothers and sisters, further resonating with the brand’s dedication to celebrating and cherishing these special relationships. The ad beautifully captures the essence of a sibling duo celebrating a long-distance Raksha Bandhan and highlights the range of emotions amidst virtual and real-time celebrations. The campaign’s strategic blueprint leverages modern communication platforms such as influencer marketing, Youtube and Instagram advertising.
In a strategic move, GIVA enlisted the support of prominent social media influencers and celebrities Ridhhi Dogra, Pooja Gor and Sreejita De to convey the campaign’s key messages to their target audience. To honour this enduring bond between siblings, GIVA has created an Instagram filter named #TiesofLove. This filter is a tribute to the unbreakable bond we share with our siblings and with this, GIVA aims to witness countless siblings sharing their own delightful and hilarious anecdotes all through August.
GIVA has introduced an exclusive Rakhi collection complemented by exquisite fine silver jewellery choices, with prices beginning at just Rs 899 only. This assortment encompasses a diverse range of options to cater to various preferences, featuring personalized rakhis designed to strengthen the sibling bond. These personalised rakhis can showcase intricately embedded names of brothers and sisters, alongside specially crafted Lumba rakhi designs for beloved sisters-in-law. Moreover, their innovative Convertible rakhis offer a unique transformation into stunning pendants, reflecting a blend of sustainability and style.
GIVA founder Ishendra Agarwal said, “GIVA’s Ties of Love Rakhi campaign embodies GIVA’s mission: celebrating the timeless with a modern twist. This year, we sought to extend Rakhi’s warmth beyond a day by crafting convertible rakhis that can transform into cherished pendants. We also extended our shipping to over 20+ countries to truly celebrate sibling love across borders.
It is more than a campaign. It’s a call for togetherness. It’s a shared tribute to love, tradition, and cherished moments. Our curated collection of gift hampers, personalised rakhi and rakhi gifts are a testament that gifts should know no boundaries.”
To extend a perfect gesture towards both sisters and brothers-in-law, their Bhaiyya-Bhabhi combo stands as an ideal selection. The Rakhi Box is an exclusive gifting choice that presents a personalized rakhi and kumkum, encapsulating a heartfelt touch. Additionally, they also have Bracelet rakhis that seamlessly fuse tradition with fashion, adding to their charm.
Ensuring no one is left out, GIVA has an exclusive Kids’ collection that presents a delightful array of rakhis, starting at just 699 INR. This collection is tailored for younger siblings, capturing the spirit of sibling love playfully.
GIVA’s Raksha Bandhan campaign seeks to highlight the profound emotional value of the rakhi tradition in India, positioning the brand as a provider of thoughtfully crafted and meaningful silver jewellery. The brand’s objective is to establish a heartfelt connection with customers, nurturing a deeper understanding of sibling connections while showcasing the brand’s impeccable artistry. GIVA has always prioritized individuality and self-expression in its design ethos. This Raksha Bandhan, the brand is particularly attentive in presenting a diverse range of top-notch, hypoallergenic rakhis, all certified by GIVA. This effort is dedicated to cherishing the enduring bond, as precious as silver, that exists between siblings.
