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Owning a vehicle has become rather easy now. You can walk into a showroom, register the vehicle and pay the sum or take out a loan for the vehicle and pay in EMIs. No matter what vehicle you purchase, you must remember to buy insurance to safeguard yourself and your vehicle in case of unforeseen circumstances. Typically, there are two types of insurance covers available for vehicles – comprehensive insurance cover and third party insurance cover. While the former is optional, the latter is mandatory for all vehicle owners. Let’s find out what is third party insurance cover and what its advantages are?
According to the Motor Vehicle Act of 1988, Third party insurance, also known as third party liability cover is a mandatory cover that all vehicle owners must have. One is not permitted to ride on Indian roads in the absence of this insurance. This is an insurance policy that protects the owner of the vehicle or its driver (who may or may not be the owner) against legal and accidental liabilities. It also offers the owner or driver protection against property damages, financial losses, and medical expenses in the event of injuries or worse, death of a third party individual caused due to the accident.
Third Party vehicle insurance offers all-round coverage to the third party individual involved in the accident. The general idea of this insurance policy is to offer coverage against
While the third party insurance cover is mandatory, vehicle owners can also purchase a comprehensive insurance policy that protects them from other expenses and damages related to their vehicle. These include vehicle theft, damages due to natural and man-made conditions, and so on.
Let’s take a look at some of the main advantages of third party insurance.
Legal cover: Any roadside accident is just cause for a legal matter. The third party insurance policy offers legal liability coverage to the insured party in case of the death or disabilities caused to the third party individual owing to an accident. The legal cover is also extended to any damages or losses to third party property.
Financial assistance: Any damages can result in several expenses; whether it is hospitalisation of the injured third party member or his treatment. Costs related to the damages caused to the third party’s property are also covered under the policy. The third party individual is essentially the beneficiary of this insurance policy.
Easy to procure: One can easily purchase and renew third party insurance cover policies. You can purchase these policies online or through your insurance agent. The policies can also be renewed online in a matter of minutes, simply by visiting the website of the insurance provider. The policy can be purchased by anyone, at any time, as per their convenience.
Inexpensive: A third party insurance policy is often the most inexpensive of all vehicle insurances. It does not cost a lot to purchase this policy and the annual premium is quite low too. It proves beneficial for insurers in case of any unforeseen circumstances. When the compensation amount is calculated, it is typically evaluated based on the insurer’s income.
Sense of security: Another advantage of third party insurance is that it provides both, the party causing the accident and the injured party with a sense of security and peace of mind while dealing with the distressing situation that relies completely on financial payments. Instead of worrying about unforeseen financial expenses, both parties can focus on coping with managing the incident.
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