Important Facts About Third-Party Car Insurance You Should Be Aware Of 

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After shelling out a significant amount of money to purchase the vehicle of your dreams, a new car owner naturally wants to avoid incurring additional costs that aren’t necessary. Accidents on the roads are unpredictable.  

As a result, you should practise caution because they can result in personal injuries, damage to property, financial loss, legal liability, and other adverse outcomes. Several reputable car insurance companies in India offer comprehensive plans for third-party car insurance coverage to address this issue. 

The meaning of the expression “third-party insurance policy” – 

A third-party liability policy is a type of car insurance policy that protects the policyholder from any legal liabilities arising from an accident with a third party. Suppose you are found to be at fault for an accident in which the person or property of another was damaged due to your insured vehicle’s actions. 

In that case, your insurance company will compensate you for the liabilities that the incident has caused. 

Legally obligated to do so: 

It is required by the Motor Vehicles Act of 1988 that any vehicle that is driven on Indian roads must have at the very least, a policy that covers third-party liability in the event of an accident. You will be subject to severe legal consequences if you choose to disobey the law and continue driving without a current insurance policy.  

It is the same as operating a vehicle without a licence that is valid at the time. 

Coverage: 

You must know everything covered by your automobile’s third-party liability insurance policy. Coverage is the compensation the insurance provider will offer for the liabilities arising from an accident if you are responsible for any loss or injury to a third party. 

Advice: It is wise to have a quick car insurance check online, to identify different premiums and services provided by several companies. 

Take a close look at the specifics of the coverage that is offered by this policy: 

  1. Injuries of a physical nature: 

The insurance company is aware that accidents are only sometimes predictable. Consequently, they offer medical coverage for bodily injuries that a third party may sustain. 

  1. Property that was harmed in some way: 

Accidents can result in significant damage being done to the property of a third party, and the costs resulting from this can cause you a high deal of stress. However, if you purchase third-party insurance, the insurance provider will pay for any damages caused to the third party. 

  1. Any forms of impairment: 

Accidents can result in severe injuries to a third party, including permanent or temporary disabilities, and even lead to demise in some cases. Some impairments, such as fractures, are treatable, and a person can fully recover after some time. When something like this happens, the insurance company provides coverage for the affected person’s medical bills.  

  1. Demise: 

Unfortunately, there is nothing that can ever make up for the loss of life that was caused by the accident. However, your car insurance provider will still compensate you for your losses in situations like this. When this occurs, the claim is brought before a court tribunal to be evaluated.  

In a manner analogous to that of permanent disability, the compensation is determined by the court after considering the repercussions of the incident and the earning capacity of the victim. 

It is not only against the law but also precarious to operate a vehicle without the legally required third-party liability insurance coverage. Even the car insurance policy renewal is now possible online, and the whole thing will take up to fifteen minutes to complete. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. 

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