Here are 3 tHings you need to know about tHird party insurance
• If motor insurance was available in flavours, third party insurance would be vanilla. This is because it is the most basic type of insurance one can purchase for their car or bike. Most people think of it as the minimum level of protection needed to legally drive or ride a vehicle on Indian roads. However, there is a lot more to these plans than meets the eye. This article will highlight 3 such rather unknown things about TP covers. Read on to know more.
• It protects you. Third party does not provide cover to the policy holder. It only covers damages & injuries that occur to third parties (motorist, pedestrians, etc.) who are involved in the same accident as you. Well, this is one way of looking at it, but it’s not the most accurate description of the coverage these plans provide. In reality, third party insurance plans actually cover YOU from the legal liability to pay for these damages & injuries. Say for instance, you are driving your car to work and get distracted for some reason, the next thing you know, you have rear-ended the car in front of you, causing significant damages.
• In this case, you are legally liable to pay for the damage of the other motorist. This is because the accident is your fault. However, with third party insurance, you are protected from this legal liability – the insurance provide will pay for the damages on your behalf. This is why these plans are also known as liability only insurance.
• They provide you compensation. Most people assume that third party insurance does not provide the policyholder any sort of compensation. However, these plans can actually provide up to 15 lakhs of compensation. This is when an accident leads to total & permanent disability or result in the policyholder’s death. In this case, the plan will provide compensation to the policyholder or policyholder’s family. This compensation can help tide cover difficult times and ensure the loss of income doesn’t complicate an already difficult situation. Long-term plans are also available. Did you know you could buy long-term third party bike and car insurance for 5 and 3 years respectively? These long-term plans safeguard you from yearly price hikes levied by the IRDAI. They can also be bundled with single-year own-damage cover to provide all-round cover from perils of the road. Not to mention, you can forget about renewing them for years and years!
These were 3 things you should know about third party insurance. These plans provide really amazing value for money and are the perfect option for anyone looking for affordable protection. However, if you are looking for complete protection against the financial impact of accidents, floods, theft and other natural & man-made calamities, it is best you opt for a comprehensive car or bike insurance policy. We hope this article has been helpful for you. Good luck, all the best and remember to always ride/drive safely!
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tHird party insurance Or You Can Visit https://www.cocogeneralinsurance.com/third-party-liability-insurance/
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