Most of us end up buying it only because it is mandatory under the Motor Vehicles Act 1988 but we need to understand that these insurance policies are for our benefit. It offers less cover than Third Party Fire and Theft because there is no Fire and Theft part and nowhere near as much as fully Comprehensive policies.
It covers your legal liability for the damage you may cause to a third party only bodily injury death and damage to third party property while using your vehicle.
Is only third party insurance enough. Get Free Quotation Buy Online Now. The term third party refers to a person involved with a car insurance claim who is not you the holder of the policy or the driver. It is referred to as a third-party cover since the beneficiary of the policy is someone other than the two parties involved in the contract the car owner and the insurance company.
As a result it is the UKs minimum legal requirement for car insurance and often the cheapest form of car insurance. Ad Find Home Insurance Compare Quotes and Informative Content. Although a third party car insurance policy helps one fulfill the legal requirement of having a car insurance policy it is not enough due to the following reasons.
Third Party Only car insurance is the most basic form of cover in the UK. But thats because it significantly lacks in what it covers compared to comprehensive insurance. Among the two types of car insurance in India the third-party TP car cover serves to protect the insured from claims arising from a third party when the insured persons vehicle is at fault.
Your third party insurance does not cover you and your motor vehicle. However whether or not it is enough for your needs depends on what kind of protection you expect from the insurance policy. As per the rules no vehicle can run on the road without TP insurance.
Motor third-party insurance or third-party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act. Third party car insurance is the minimum level of cover you can take out – it is a legal requirement. Ad Find Home Insurance Compare Quotes and Informative Content.
The purpose of third party insurance is to ensure that you have some sort of cover in the event of an accident or claim. Any damage that may have been caused to the vehicle of the insured due to theft or accident is not covered under this Act. The policy provides coverage only for third party liabilities including property damage bodily injury and death of a third party.
Third-party insurance only covers the damage done by ones insured vehicle to other vehicle or property and people and does not cover accidents theft or damage to ones own vehicle. So this is usually the other driver involved in an accident. Ad Extensive Motor Insurance Policy.
As per the law yes third party insurance is enough. The Pros And Cons Of Having Only Third Party Insurance There is no doubt that buying a vehicle comes with an undisclosed rule of purchasing a vehicle insurance policy as well. This cover will pay for any fiscal liability that arises out of the accident.
Whilst it also protects your pocket from any losses that could arise if your car were to damage any third-party vehicle person or property. A third party policy does not provide coverage for damages incurred by the insureds car. With a valid policy you can legally ridedrive your vehicle on Indian roads.
However having a third party insurance cover only is not enough. The insurance company is liable to pay for damages caused by the vehicle of the insured to any vehicle or property belonging to some other person. No Coverage for Damages Sustained By Insureds Car.
Get Free Quotation Buy Online Now. A Third-Party Car Insurance is mandatory by the Motor Vehicles Act in India without which you will be liable for a heavy fine. It provides coverage for bodily injurydeath of a third party as decided by a court of law as well as third party property damage up to Rs.
A third party car insurance policy ensures that if. Third-party insurance is a car insurance coverage which insures you against all the 3rd party legal liabilities which may arise due to any mishap such as a road accident involving your car. Yes but only to others.
Third party cover is designed to cover ONLY the third parties involved in an accident and not your own car. Ad Extensive Motor Insurance Policy.