Kotak Mahindra Third Party Liability Insurance

Third Party Liability Only Policy offered by Kotak Mahindra general insurance covers the legal liabilities caused by an accidental injury, property damage, disability or death of a third party, where the insured vehicle is at fault.

With a Third Party Liability policy, you can keep others safe and secure too. The insurer covers the legal liabilities towards third parties for bodily injury/disability/death and property damage caused by an accident involving the insured vehicle.

Kotak Mahindra third party liability insurance coverage is extended to the private cars, two-wheelers and commercial vehicles. Let’s have a clear gist on the product.

Benefits & Features of Kotak Mahindra Third Party Liability Insurance

• The policy compensates for the liabilities arising out of accidental death of a third party
• Bodily injury caused by the insured vehicle to a third party
• Third party property damage caused during an accident
• Personal Accident Cover to owner-driver
• Fast claim settlement
• Hassle-free buying opportunity

Why Buy Kotak Mahindra Third Party Liability Insurance

The various insurance products offered by Kotak Mahindra General Insurance are designed to cater to the different insurance needs of the people. Among the three mainstream products, Kotak Mahindra Third Party Liability insurance comes with its own perks. Here’s why you should buy third party insurance from Kotak Mahindra:

• It offers complete protection in case a third party liability arises out of an accidental damage/injury/death.
• The insured is saved from a huge monetary drain arising from an accident
• This policy is easily available online and cost-effective as well
• The insurer is one of the reputed insurance brands in India
• 24x7 claim assistance is available just in a call away
• The policy can be bought for private cars, two-wheeler insurance and even commercial vehicles at an affordable premium.

Types of Kotak Mahindra Third Party Liability Insurance

Kotak Mahindra Third Party Liability insurance can be availed in the following types:

• Liability to Third Party - The policy offers insurance protection against liabilities arising due to accidental damages leading to permanent injury or death of a third person, or damage extending to the property.
• Liability Only - Private Car: This policy keeps you safe in case of a liability. Legal liability to the third party is paid by the insurer.
• Liability Only New Two-wheeler: This five-year liability policy offers complete protection to your brand new vehicle.
• Liability Only - New Private Car: A three-year third party insurance cover for your new private car.
• Liability Only - Misc D: Liability coverage offered to transport vehicles owners on roads
• Liability Only - GCV: This cover is designed for truck owners. With a comprehensive policy with this cover, a third party can be financially secured and the insured is compensated for the liability expenses arising out of injury or damage caused by the insured vehicle.
• Liability Only - PCV: While you're responsible for the passengers in your vehicle, Kotak Mahindra Third Party Liability policy will keep those outside your vehicle safe as well. Any liability arising from accidental death, injury or damage will be covered by Kotak Mahindra Two Wheeler Insurance.
• Liability Only - Two Wheeler: This is for two-wheelers where the insured is covered against liabilities caused by the insured bike to a third party.

Kotak Commercial Vehicle Secure with Third Party Coverage

Kotak Mahindra offers liability insurance coverage to commercial vehicles as well. As they feel that the bigger wheels need complete protection, Kotak Commercial Vehicle Secure for goods carrying vehicles is on offer.a  However, this is a comprehensive cover that includes third-party liability as well.

Policy Coverage under Third Party Clause

With Kotak Commercial Vehicle Secure the insured is rest-assured for third-party liabilities arising for bodily injury, property damage or death to a third party.

Kotak Mahindra Third Party Liability Insurance Inclusion

• Death of or bodily injury to any person caused by or arising out of the accident when the insured vehicle is at fault
• Damage to property caused by the use of the insured vehicle
• Death or disability cover leading to loss of employment
• Accidental death of the vehicle’s Owner or Driver
• Permanent Total Disability suffered by vehicle’s Owner or Driver

Kotak Mahindra Third Party Liability Insurance Exclusions

The policy is not responsible to compensate the insured in case of the following conditions:

• Accidental damage or loss to a third party outside the geographical border, leading to liabilities will not be covered.
• Claim arising out of contractual liability
• Any damage or injury sustained to a third party while using the private vehicle for other means or using the vehicle for commercial purpose
• If the vehicle is driven by other than a driver who isn’t stated in the Driver’s Clause
• Loss or damage to property or liabilities arising out of a consequential loss
• Any liability contributed by war or warlike situation, invasion, civil war, use of nuclear weapon material

For the complete list of exclusion, kindly refer the policy document

IDV of Kotak Mahindra Third Party Liability Insurance

IDV is Insured Declared Value of the vehicle based on which the sum insured or policy coverage s decided. The IDV is decided based on the manufacturer's listed selling price of the vehicle at the time of commencement of the policy or renewal. However, it is adjusted after calculating the depreciation of the car in each passing year.

Kotak Third Party Liability Only Claim Process

In case of an accident, both the parties involved are likely to own third party insurance, as it is mandatory in India. If the other party involved in the accident doesn’t own third party insurance, it could turn out to be a costly affair. When a comprehensive car or bike insurance entitles you to make a claim for own damage, third party insurance doesn’t. But if the party at fault posses this insurance, you can claim for the damages under ‘damage to property’ clause under third party insurance. The same goes for the other party as well. So, if you are a victim, you can file a claim by:

• Informing the Police and registering a report followed by obtaining the charge sheet
• Approach the Motor Accident Claims Tribunal and file a case
• The court will fix the liability after hearing the board parties in the court and verifying the evidence

If the court gives its verdict in your favour, the claim amount will be compensated as per the damages sustained to the vehicle. However, claiming third party insurance can be a bit tricky. In that case, you can approach a lawyer to plead your case.

How is Premium Calculated for Kotak Mahindra Third Party Liability Insurance?

Premiums for third-party vehicle insurance is decided by the Insurance Regulatory and Development Authority of India (IRDAI). Good news for the buyers, as per the latest update, IRDA has reduced the premium rates of third-party liability insurance. The new premium rates are effective from 1^st April 2018. As per the recent change the premiums have been lowered from Rs. 2,055 to Rs. 1,850 for the cars which engine capacity is less than 1,000 cc. Third party premiums of two-wheelers also reduced from Rs. 569 to Rs. 427 with engine capacity less than 75 cc. the entry level bikes, which fall between 75 and 150 cc are not supposed to face any change in case of premiums. Unfortunately, IRDA has just doubled the premiums of super-bikes exceeding the engine capacity 350 cc. The premiums are supposed to be Rs 2,323 from Rs. 1,019. The performance category bikes also see a hike in premiums from Rs 887 to Rs 985.

How to Buy Kotak Mahindra Third Party Liability Insurance

In order to buy third party insurance from Kotak Mahindra, you can either buy it through a broker or buy online. While buying through a broker, it is highly recommended to be careful and ensure you are provided with the true information. The broker will brief about the product. If it suits your requirement, pay the premiums by cheque and avail the policy.

If you are buying online, before zeroing down on Kotak Mahindra Third Party Liability insurance, compare the other available plans as well. If you still find the plan better, then go to the official website of the insurer, navigate through the ‘Get Quote’ option, check the plan, pay the premium online. On payment of the premium, you will receive an intimation from the insurer and the policy will be mailed to you. You can get the downloaded copy anytime.

How to Renew Kotak Mahindra Third Party Liability Insurance

Renewing Kotak Mahindra Third Party Insurance is easy with the insurer. As Kotak Mahindra has made its products easily available online, availing post-sale services becomes quite easy. To renew the policy:

• Visit the official website of Kotak Mahindra General Insurance
• Choose the type of plan you want to renew
• Provide the policy details and other required information
• Calculate the premium online using Kotak Mahindra Premium Calculator
• Pay the premiums online by using any of the online modes such as credit card/debit care/ net banking etc.
• An instant message on renewal will be sent on successful payment of the premiums