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Is it really necessary to get third-party car insurance?


 Is it really necessary to get third-party car insurance?

Purchasing a basic vehicle insurance policy, such as third-party liability, ensures that you comply with the law. It is also less expensive because it prevents you from having to pay fines.

Purchasing a basic vehicle insurance policy, such as third-party liability, ensures that you comply with the law. It is also less expensive because it prevents you from having to pay fines. Is it enough, on the other hand, to choose a plan with limited coverage? Do you have to buy comprehensive vehicle insurance, regardless of the cost of insurance? The aim of the following article is to provide solutions to such questions. Is it really useful to get a third-party vehicle insurance policy, especially the most important? Let's take a look at the options and come up with a firm decision. Let's take a look at what you get if you choose third-party policy only.

What is a third-party car insurance policy?

The third party is someone who is not you (the first party is the owner of the car) or your car insurance company (the second party). For example, a cyclist, pedestrians, other drivers, street vendors, etc. It can cause harm to these people by accident. You can also cause damage to their property (vehicles, houses, farms, etc.). If this happens and you are responsible, you will have to pay for their rehabilitation or compensation for their loss. The Car Accident Claims Tribunal will estimate the amount of compensation, which may be in millions of rupees. Your third-party car insurance policy comes into effect here.

The importance of car insurance against third parties

Why do you need third-party car insurance? Every car owner in India is required under the Engine Tariff Act 2002 to have at least third-party car insurance. A third-party vehicle insurance policy, unlike the comprehensive plan, provides basic and less expensive coverage. Insurance for your car/car by a third-party insurance policy guarantees at least that you have a minimum basic insurance coverage for your vehicle, in addition to being a legal requirement.

Third-party car insurance benefits

Here's a list of coverage provided by a third-party car insurance policy:

1. Third-party coverage in case of death or disability

It is a devastating event when a family member dies as a result of an accident. While nothing will replace the loss in full, as a car owner, you can at least pay fair compensation. This plan covers the death or disability of a third party.

2. Third-party treatment costs

Accidents can cause major injuries that require medical attention and expensive treatments. These costs will be covered by your third-party car insurance policy.

3. Legal responsibilities of the owner of the car

Accidents can lead to legal problems. Dealing with such disputes will require legal professional assistance. Your insurance company will cover expenses if they are specified in the terms of the policy.

4. Individual accident insurance

You must get personal accident coverage in addition to your primary third party insurance. This is accident insurance coverage for the person who owns the car, which is you. It provides death and disability benefits of up to Rs. 15 lakh.

Take away

The law requires third-party vehicle insurance coverage for anyone who owns a car. However, it is also true that relying entirely on this basic plan would leave you at risk in the event of a car accident. As a result, the comprehensive policy plan is launched, covering both third-party damage coverage and special damage (damage to your vehicle). You can also customize a complete plan and take advantage of unique discounts and price discounts. Choose a full car insurance plan if you want comprehensive coverage.

Read also: How do I get an online car pollution certificate?

Disclaimer: This article is issued in the public interest and is intended for public information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should conduct further research or consult an expert in this regard.