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Must Know Facts About Third Party Insurance

According to the Motor Vehicles Act of 1988, every vehicle plying on Indian roads must have a valid third party insurance. It has a number of benefits as it covers the legal and financial liabilities apart from providing personal accident cover up till the prescribed limit of the policy. To avail an insurance, you can visit the insurer or purchase the third party insurance online which will also help save a lot of money. 



What is a Third Party Insurance?

It is an insurance policy which kicks in in case of any unfortunate event wherein the insurer pays you for the legal and financial liabilities incurred due to the damages caused by your vehicle to a third party.

What this entails is that if your car were to get involved in an accident with another vehicle and you are the one at fault, then any liabilities which you have to pay to the driver of the other car will be borne by your insurance company and paid on your behalf.

Inclusions of Third Party Insurance

If your car is insured under third party car insurance policy then it will be covered against any legal liabilities which will caused due to the negligence of the driver. These include death, bodily injury, and even property damage. There is no specific limit for death or injuries to the victim. however, in case of property damage the liability is capped at Rs. 7.5 lakhs. Additionally, 3rd party insurance also provides financial security in the event of any death or permanent disability of the driver or owner of the insured vehicle. 

Exclusions

This insurance policy does not cover the damages caused to the insured vehicle in case of an unfortunate event. This means that in case of any incident involving damage to your vehicle, you will have to pay out of your own pocket for repairs and replacements. As such, if you want to protect yourself too, then you must opt for a comprehensive insurance plan.

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  1. sagar yadav26 February 2019 at 19:29

    The great blog about facts of Third party insurance.Thanks for sharing the blog, seems to be interesting and informative too.You can visit my content if you want to know more about What Is Third Party Insurance

    ReplyDelete

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