If the owner of the vehicle paid premium for insurance for third party on 30.01.2011 at 3.30. PM. Insurance company issued a policy mentioning the coverage starts from 00.00 hrs (midnight 12 A.M) of 31.01.2011 12 A.M.

The vehicle met with an accident on 23.01.2008 at about 08.00 P.M. Please tell me whether the Insurance company is liable to pay compensation to the third parties.