Car insurance comprehensive vs third party india

To understand that - let me highlight some basics from an article

In Car Insurance terminology:-
- first party is the owner of the vehicle,
- second party is the insurance company, and
- third party is the person/group with whom one has met an accident or co-passengers in the car who have suffered due to your car collision or accident.

Third Party Car Insurance, also known as liability insurance is bought with objective to cover the loss incurred to co-passenger or another person with whom you have met an accident. The cover is generally unlimited in case of death of co-passenger or other person.

Key Benefits of Third Party Car Insurance
- Premium Calculation for 3rd Party Car Insurance is always lower against comprehensive policy and is independent of car value.
- No Cap on Compensation Amount to the third party injured or damaged.

Key Limitations of Third Party Car Insurance
- Does not cover loss, damage. theft of car.
- Does not cover injuries or loss to the insured himself or his own car.

Optional: However, along with 3rd party insurance, once can also take theft insurance. But combined premium will then be equivalent to Comprehensive Car Insurance Policy making it unviable to have 2 insurance policies and rather go in for comprehensive policy.

Its Mandatory in India to have Insurance on the car. But - its optional to choose in between Third Party Car Insurance and Comprehensive Car Insurance. We recommend for Comprehensive Policy as it covers for theft, owner driver as additional cover other than added benefit over 3rd Party Car Insurance.

Companies Providing Third Party Car Insurance in India
Once can check with Bajaj Allianz, Tata AIG, HDFC Ergo, Iffco Tokio, ICICI Lombard, Oriental Insurance, Royal Sundaram, United Insurance Company, Reliance Insurance can have word with for Third Party Car Insurance

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