|21st September 2012, 19:44||#1|
Join Date: Sep 2011
Thanked: 208 Times
Moneylife Article : Know your Financial Rights in a Road Accident
Looking at the given information closely, I find most of it to be logical, but not sure whether realizing this in time and following some cumbersome procedures for some of the clauses is feasible.
Some points I find intriguing:
"India’s car insurance is based on just the vehicle and not on the driving record or the age of drivers." It's not so in e.g. US.
"Even if the road victim has no life, health or personal accident (PA) insurance, they can get defrayal from the insurance company of the vehicle."
In case the vehicle has fled the victim can claim compensation from the district collector.
Even if a car driver is drunk, as far as third party damage made by his driving is concerned, his insurance company has to pay it to the victim.
"If a person crossing a road is at fault, he can still get some compensation from MACT which will be paid by the insurance company of the vehicle involved"
There is no concept of "insurance against ‘uninsured’ vehicles" in India (like in US).
If an accident wasn't your fault and that can be proved, you should claim TP damages from the other person's insurer. You save your no claim bonus this way.