Third party insurance compulsory under the Indian Motor Vehicles Act is important as it protects you from basic third party liability When we drive a car there is a very real risk that due to an accident there can be a bodily injury or even death of a person either in the car or outside the car. With a third party car insurance policy your insurance company will pay the third party on your behalf.
Having a third-party liability cover is mandatory as per the Motor Vehicles Act 1988 and needs to be renewed periodically.
What is third party car insurance in india. This insurance is related to the third party. With any highly populated country maintaining some semblance of order and financial restitution is. In India it is mandatory for every car to have at least third party cover to legally ply on public roads as per the Motor Vehicle Act 1988.
What Is Covered Under Third Party Car Insurance Policy. In addition it is mandatory to have a third party insurance coverage policy in India as per the Indian Motor Vehicles Act 1988. In India third party insurance is a mandatory cover without which one cant drive hisher vehicle on the roads.
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. It provides coverage against any property damages physical injuries. New India Third Party Car Insurance A third-party car insurance covers a vehicle owner against any legal liability due to damages caused to third-party.
But very few remember to claim this insurance when it is required or the vehicle is damaged by others. 700 Up to Rs. 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.
This policy safeguards the interests of those who might be injured or whose property might be damaged because of an accident involving the insured vehicle. Third Party Car Insurance India. Third party insurance for car is also known as Liability Cover.
Even if they want they drop it at the thought of. If someone has insured the third party insurance of the vehicle and there is an accident then the insurance company gives the claim to the third party. In India motor third-party insurance or motor third party liability is a mandatory requirement as per the Motor Vehicles Act 1988.
In India under the provisions of the Motor Vehicles Act 1988 it is mandatory that every vehicle should have a valid Insurance to drive on the road. A third-party car insurance plan covers a vehicles owner against any legal liability including death or bodily injury to a third party or damage to their property with the involvement of the insured vehicle. India has over 25 car insurance companies public and private general insurers that provide third party car insurance.
Any vehicle used for social domestic and pleasure purpose and for the insurers business motor purpose should be insure. Often involving cars buses trucks and motorcycles these are but a fraction of the total accidents that occur on the roadways of India. 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.
21 rows United India Limited Third-Party Plan. This policy does not provide any benefit to the policyholder. Every hour more than 14 people die due to traffic fatalities in India.
Third party car insurance is a type of motor insurance policy that financially protects the car owner against third party legal liabilities resulting out of an accident involving the car. It is also known as third-party cover since the beneficiary of the plan is someone other than the two parties that are involved in the agreement. Every car owner must buy a third party car insurance policy to ensure proper protection against unnecessary expenses arising from the medical treatment property damage or a financial loss accidental or legal liability from the end of.
Here the first party driver and third-party car are coming in the grip. A 3 rd party car insurance policy is a legal requirement for driving a car in India on public roads.