State procedure to calculate premium for the third party insurance cover.

1 Answer

Third party insurance is a type of insurance policy that is designed for offering insurance coverage to the third party in case of an accident caused by the insured vehicle. This policy covers the liability arising out of an injury, damage or death of the third party.

TP premium rate is fixed for all vehicles & it is fixed by IRDAI. The premium of car insurance depends on the following factors:

1. IDV (Insured Declared Value) of the vehicle

2. Type and age of the vehicle

3. Cubic Capacity of the engine

4. Geographical zone
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