The claim settlement process for third party car insurance can be initiated through these following steps:
- The legal representative of the deceased or the victim has to submit an application against the vehicle’s owner to claim third party liability compensation.
- Once the application has been submitted, an FIR has to be filed with the police by the policyholder of the third party car insurance, explaining the details of the accident. Keep a copy of the FIR along with the expenditures incurred by the victim for future reference.
- Next, register the case with Motor Accidents Claims Tribunal.
- You can then get compensation for the entire expense or an amount as directed by the court as there is no maximum capping on the compensation that the policyholder has to reimburse to the victim or his/her family. The maximum cover for damage of property has been fixed at a maximum of Rs.7.5 lakhs by the IRDAI (Insurance Regulatory and Development Authority).