What is Third Party Insurance? What are the types of third-party insurance? What is the definition of insurance? How is the insurance, then we will give you complete information about all these?
So let’s start
What is Third Party Insurance?
According to the Motor Vehicles Act 1988, it becomes mandatory to have third-party insurance. This insurance is designed for a third party.
Third-party insurance becomes necessary to cover third-party vehicle, property, death, or bodily injury or damage. Be it a two-wheeler or four-wheeler, and this insurance has been made for everyone. If you drive a vehicle and there is any damage, injury, or death that occurs to another person, the insurance companies complete the insurance coverage.
If your car collides with a vehicle, third-party people benefit. That is, you can say that third-party liabilities have been included.
Who Can Make Third Party Insurance Claim?
Before taking third-party insurance, we all want to know in what situation there is a benefit to getting third-party insurance; then, let me tell you that the government also emphasizes getting third-party insurance today. If you do not have such insurance, then let me tell you that you can also be caught in vehicle checking.
At the same time, the claim of Third Party Insurance can be taken in the following situations, which are as follows.
- If there is damage to your property, they can make a third-party insurance claim.
- If your vehicle collides due for any reason, then, in that case, there is bound to be damage. If there is any damage to your car, you can claim insurance.
- Death Of The Third Party(3.) Bodily Injuries This insurance is beneficial in case of physical injury. If any damage is caused to you or your vehicles, you can claim third-party insurance.
- In the event of the death of the third party, his family gets some help from the insurance companies. That is, if another person gets hurt, then you can claim insurance.
Features of third-party insurance
Before taking third-party insurance, it is necessary to know about its features.
This insurance will prove beneficial for you and the third person as well. When the third party is injured, the third party does not get the benefit of insurance from the insurance companies.
Personal accident cover is not opted for if your car is involved in an accident somewhere. Covers injuries caused by its car accident.
If the car or bike owner gets injured, third-party insurance is not covered. It does not fulfill the requirement of a third person.
Why is third-party insurance necessary?
In today’s time, insurance for third parties is critical. Third-party insurance is required when the insured vehicle collides with another car. It does not cover similar damages but helps the aggrieved person claim compensation. Apart from this, it also covers the damage caused to the vehicle.
If we talk about the car, the insurance claims up to Rs 7.5 lakh. But it depends on their condition.