Car insurance is not just a safety measure; it is also a legal requirement in India. Every car owner must have at least a third-party insurance policy to drive legally on public roads. One such option is the ICICI Lombard Third Party Car Insurance Policy, which offers basic coverage at an affordable cost.
In this blog, we will explain what
the ICICI Lombard Third Party Car Insurance Policy is, what it covers, what it
does not cover, and who should consider buying it. The information is written
in simple and easy language so that everyone can understand it clearly.
What Is the ICICI Lombard Third-Party Car Insurance Policy?
The ICICI Lombard Third Party Car Insurance Policy is a basic car
insurance plan that covers damages or losses caused to a third party due to
your car. A third party can be another person, another vehicle, or property.
This policy does not cover damage to
your own car. It only provides protection against legal and financial
liabilities arising from injury, death, or property damage caused to others.
As per Indian motor laws,
third-party car insurance is mandatory for all vehicle owners.
Why Is Third-Party Car
Insurance Mandatory?
The government has made third-party
car insurance compulsory to protect victims of road accidents. If your car
causes injury or damage to someone else, the third-party insurance ensures that
the affected person receives financial compensation.
Without valid third-party insurance,
you may face:
- Traffic fines
- Legal penalties
- Driving restrictions
Having an ICICI Lombard Third Party
Car Insurance Policy helps you meet legal requirements and avoid these issues.
What Does the ICICI Lombard
Third-Party Car Insurance Policy Cover?
Understanding coverage is important
before buying any insurance policy.
Third-Party Injury or Death
If your car causes injury or death
to another person, the policy covers the legal liability and compensation.
Third-Party Property Damage
If your car damages someone else’s
property, such as another vehicle or roadside structure, the policy covers the
repair or replacement cost up to the specified limit.
Legal Expenses
The policy also covers legal
expenses if a third party files a case against you due to an accident.
What Is Not Covered Under
This Policy?
The ICICI Lombard Third Party Car
Insurance Policy has certain exclusions.
- Damage to your own car
- Theft of your car
- Natural disasters like floods or earthquakes
- Fire damage to your own vehicle
- Personal accident coverage for the owner-driver
- Mechanical or electrical breakdown
If you want coverage for your own
car, you need to choose a comprehensive car insurance policy.
Key Features of ICICI
Lombard Third-Party Car Insurance Policy
Here are some important features of
this policy:
Affordable Premium
Third-party insurance is cheaper
than comprehensive insurance because it offers limited coverage.
Legal Compliance
The policy meets the legal
requirements set by the Motor Vehicles Act.
Simple Policy Structure
The policy is easy to understand
with fixed coverage and standard terms.
Reliable Insurance Provider
ICICI Lombard is a well-known
insurer with an established claim handling system.
How Is the Premium Decided?
The premium for the ICICI Lombard Third Party Car Insurance
Policy is fixed by the Insurance Regulatory and Development Authority of
India (IRDAI). It depends on:
- Engine capacity of the car
- Type of vehicle
Because the premium is regulated, it
remains the same across insurers for the same vehicle category.
Who Should Buy an ICICI Lombard Third-Party Car Insurance Policy?
This policy is suitable for certain
types of car owners.
Owners of Old Cars
If your car is old and has a low
market value, third-party insurance can be a cost-effective choice.
Low-Usage Car Owners
If you rarely use your car, basic
insurance may be enough.
Budget-Conscious Buyers
If you want the cheapest legal
insurance option, this policy fits well.
Legal Compliance Only
If your main goal is to meet legal
requirements, third-party insurance is sufficient.
Who Should Not Rely Only on
Third-Party Insurance?
Third-party insurance may not be
suitable for everyone.
- Owners of new or expensive cars
- People driving frequently or in high-traffic areas
- Those who want protection for their own vehicle
In such cases, comprehensive
insurance offers better protection.
How to Buy an ICICI Lombard
Third-Party Car Insurance Policy?
Buying this policy is simple and can
be done online.
- Visit the official website
- Enter car and registration details
- Select third-party insurance
- Check premium amount
- Make online payment
- Receive policy document by email
The process takes only a few
minutes.
Claim Process for Third-Party Insurance
The claim process for third-party
insurance is different from own damage claims.
Step 1: Inform the Insurer
Notify ICICI Lombard about the
accident immediately.
Step 2: File FIR
In case of injury or death, an FIR
must be filed.
Step 3: Legal Process
Claims are handled through the Motor
Accident Claims Tribunal.
Step 4: Claim Settlement
The insurer settles the claim as per
legal judgment.
Third-party claims usually take more
time due to legal involvement.
Advantages of ICICI Lombard
Third-Party Car Insurance Policy
- Low premium cost
- Meets legal requirements
- Simple coverage structure
- Suitable for basic protection
Things to Keep in Mind
Before Buying
- It does not cover your own car damage
- Claims may take longer
- No add-on options are available
- Limited financial protection
Understanding these points helps you
make the right decision.
Conclusion
The ICICI Lombard Third Party Car Insurance Policy is a basic and
affordable insurance option for car owners who want to meet legal requirements
without spending much. It is suitable for old cars, low usage vehicles, and
budget-focused buyers.
However, it does not protect your
own car. If you want complete peace of mind and financial safety, you should
consider upgrading to a comprehensive car insurance policy.
Before buying, always assess your
car’s value, usage, and budget. Choosing the right insurance policy helps you
stay legally safe and financially protected on the road.
Frequently Asked Questions
(FAQs)
Q.1.
What is the ICICI Lombard Third Party Car Insurance Policy?
The
ICICI
Lombard Third Party Car Insurance Policy is a basic motor
insurance plan that covers legal and financial liabilities arising from injury,
death, or property damage caused to a third party by your car.
Q.2. Is third-party car
insurance mandatory in India?
Yes,
third-party car insurance is mandatory under the Motor Vehicles Act. Driving
without it can lead to fines and legal penalties.
Q.3. Does the ICICI Lombard
Third Party Car Insurance Policy cover damage to my own car?
No,
this policy does not cover damage to your own car. It only covers third-party
liabilities. For own car damage, you need a comprehensive policy.
Q.4. How is the premium for
third-party car insurance decided?
The
premium is fixed by the Insurance Regulatory and Development Authority of India
(IRDAI) and depends on the engine capacity of the car.
Q.5. Who should buy an ICICI Lombard Third Party Car Insurance Policy?
This
policy is suitable for owners of old cars, people who use their car less often,
and those who want a low-cost insurance option to meet legal requirements.
Q.6. Can I buy an ICICI Lombard Third Party Car Insurance Policy online?
Yes,
you can buy the policy online by entering your car details, checking the
premium, and making an online payment. The policy document is issued digitally.
Q.7. Can Square Insurance help me understand third party car insurance?
Yes,
squareinsurance
helps customers understand ICICI Lombard Third Party Car Insurance Policy, its
coverage, limitations, and who should buy it, making insurance decisions
easier.
Note:
For
easy insurance guidance, policy comparison, and support, you can also use our
mobile application:
Square Insurance POS – Apps on Google
The
app is designed to make insurance simple, clear, and easy to manage.
