The third party cover is unlimited in the case of an accident and the entire compensation will have to be paid by the insurer.
In case of damage to property, the claim amount can be a maximum of RS. 7.5 lakh.
Moreover, litigation related to the claim amount can go on for years in courts.
An analysis done by IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY) on the claim development pattern of goods vehicles & passenger vehicles shows that it takes 8 years for 99% of the claims to be filed.
In case of damage to property, the claim amount can be a maximum of RS. 7.5 lakh.
Moreover, litigation related to the claim amount can go on for years in courts.
An analysis done by IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY) on the claim development pattern of goods vehicles & passenger vehicles shows that it takes 8 years for 99% of the claims to be filed.
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