Let’s look at some major benefits of buying third-party car insurance Through The Motor Vehicles Act, 1988, the government has made thirdparty car insurance mandatory for every car owner. This insurance covers any damage or legal liabilities that the insured first-party owes the third-party in case of a mishap. The following article will take you through a closer look at the many benefits of buying a third-party car insurance. 1. Legal cover This is perhaps one of the most crucial benefits of having third-party car insurance. This type of car insurance policy takes care of any legal liability owed towards the third party if the policyholder meets with an accident. So, if you need legal assistance after an accident, your car insurance policy will save you from all the ensuing legal costs. Many car insurance policies also provide access to a helpline that allows you to get legal advice before you take any action. This service is particularly helpful when you need to defend yourself with regards to an accident that was not your fault.
2. Financial help After an accident, you may have to pay a certain amount of money to the third party for damage caused by your vehicle. This amount could be anything – if the third-party drives a luxury vehicle, it could run into lakhs. You may face even more financial liabilities if the third-party sustains bodily injuries and requires medical assistance. During such times, your third-party car insurance policy will truly help you. It will provide the necessary finances for you to cover all the expenses incurred due to accidental damage to a third-party’s person or property. 3. Legal compliance Third-party car insurance has been made compulsory as per The Motor Vehicles Act, 1988. So, it is a legal offence if you drive your car without this basic insurance policy. If you are caught in violation of this ruling, you will be charged a heavy fine. So, it makes sense to purchase third-party motor insurance and stay legally compliant.
4. Affordable premiums
If you are looking for affordable insurance options that provide just enough coverage, a third-party car insurance policy is perhaps the right choice for you. These insurance policies financially protect the policyholder at low premiums that almost anyone can afford. So, affordability can never be an excuse for not buying third party car insurance. 5. Minimizes stress In essence, your third-party car insurance puts away your worries of financial obligation during an accident. Your insurance policy also legally protects you in case of any damage, injury or fatality suffered by the third party. This kind of peace of mind is truly worth its weight in gold.
Third-party car insurance truly holds many advantages for a vehicle owner. As a final word of advice, never let your insurance policy lapse. Always ensure that you renew it much before the expiry date. In doing so, you keep yourself financially secured against any possible mishap. We hope this article has proved helpful for you. Drive safely and take care!