The IRDAI revises premium every year, considering the ratio of claims made and loss for providers. Because of this, third party insurance rates for cars and bikes have become costly from April 1st, with the insurance rate rising up to 40%.
- Death of any third party due to the car
- Any type of bodily injury suffered by any third party due to the car
- Damage to third party properties
- Damages suffered by the car due to natural calamities like hurricanes, earthquakes, storms, tempest, flood, etc.
- Damages suffered by the car due to man-made disasters like fire, theft, burglary, etc.
- Damages incurred due to ignition or self-explosion
- Damages suffered when the car is being transported via rail, road, water or air
- A personal accident cover for the owner/driver of the car against accidental deaths and accidental permanent disabilities
