In this 3rd Party Claims the award has been passed against the owner driver of the vehicle who caused the accident and as per Motor Vehicle Act the Insurance Co. of that vehicle has to pay the compensation amount determined by the Motor Accident Claims Tribunals on account of injuries, death and property damages.

In India, there are two types of insurance: Statutory and Contractual

• Statutory insurance is mandatory and is governed by the Motor Vehicle Act where every vehicle registered in India must be Insured for 3rd (Third) Party. Without this 3rd Party Insurance, no vehicle is allowed in a public place. Insurance is essentially a contract between two parties to cover the risk of the insured by the insurer by charging a premium as the consideration. Hence, in the contract of Insurance, the promiser and the promisee are the two parties, namely the Insured and the Insurer. With reference to the Contract of Insurance, the person or entity against the risk of whose possible claim; the Insurer insures the Insured is the ‘Third Party’. Seen in terms of the provisions of the New Motor Vehicle Act it is clear that whosoever is entitled to raise a claim against the owner/Insured or the insurer is the third party. Motor Accident Act is a piece of beneficial and welfare legislation.
  
  
• Contractual Insurance which is comprehensive insurance for Vehicles, Health Insurance, Business/Industry/Shop Insurance, Life Insurance, Marine Insurance, Fire Insurance, etc. In India, IRDA has permitted 23 companies to provide Life Insurance and 32 Companies to provide Non-Life Insurance which is governed by THE INSURANCE ACT-1938.
  OSS Claims will help you to get the claim for roadside accident victims.