If you have a car or bike , you may be aware that the road is mandatory third party insurance . Indeed it is rather your vehicle to insure his or her property damage to another person 's make up . Third party insurance premium rates with the Insurance Regulatory and Development Authority ( IRDA) is . Third party motor insurance premium in April 2013 by the insurance regulator has risen nearly 20 per cent . So if you 're going to have to renew your car insurance then be prepared to loose pocket already .
You must understand that any motor insurance consists of two parts - the first and second Own Damage cover to cover third party . On the cover damage caused by an accident, damage to your vehicle is covered . Own Damage Insurance Regulatory fixed rates does not cover . Companies risk and determine it on the basis of market competition . Well convince the third party insurance companies own damage cover the increase in premium rates have not increased , otherwise the vehicle upkeep costs 20 per cent more than just insurance increased annually due to incur .
Third party motor insurance regulator Insurance average of 58 percent in 2011-12 , 15 percent in 2012-13 and 20 per cent in the year 2013-14 has increased . According to statistics from insurance regulator motor insurance industry claims ratio of 213 per cent in 2010-11, but in 2011-12 it came down to 145 percent . Third party motor insurance claims ratio was the major cause of rising premiums .Third Party Insurance Claim Process
First, it must understand that this is very different from motor insurance to cover own damage claim process , so it is different . Immediately after the accident the driver, the owner should notify the police , the FIR . Should be reported to the insurance company . Motor Accident Claims Tribunal cases disposed of Third Party Insurance ( MACT ) and third party in determining the amount of compensation is determined by the court to compensate the third party insuranceDoes the insurance company .
In the case of third party claims is also important to document the whole process . For example, the claim form completed by the policyholder , driving license copy , the copy of the policy , a copy of the FIR was lodged at the police station , RC copy of the vehicle , if the vehicle is registered in the name of the company , its parent document in case of commercial vehicles, in terms of stamp and include their permit and fitness certificate .How to make simple claims
The more information you have about the accident to the insurance company will process your claim will be equally simple . So when filling out the claim form instead of closure to the detail information regarding the accident . If possible crash site before being removed from the vehicle to the crash site to take a picture and attach it to the claim form . If your vehicle to a nearby private hospital and you've been injured or admitted to nursing homes , where you have to pay the costs of treating you immediately informed to your insurance company . The insurance company will cover the cost of treatment .
Do not fall for brokers in turn
Such people will contact you shortly after the accident compensation claim that a third party will readily promised . Beware of such intermediaries and brokers . If the document you contact the insurance company directly . Third party claims filed as soon as possible , go early . If the case is still in court, you must stay in constant contact with the insurance company . It will continue to get phase information of the claim . Often because of the low interest of the policyholder 's claim is getting paid . Go to court to get the money in your favor over time , it is necessary to ensure .
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