WHAT IS LIABILITY ONLY INSURANCE COVER IN MOTOR INSURANCE?
Purchased a new car? Well, congratulations for that! With the purchase of a new car, a number of additional expenses come; like operating and maintenance cost of your vehicle, and many other things. Also, at times, some unfortunate instances can take place and can leave you, and other person’s vehicle damaged.
So, why you need car insurance policy? According to the Indian Motor Vehicles Act, 1988, it is mandatory for all vehicle owners to have a valid insurance policy. . In addition to this, liability motor insurance covers the safety of someone else’s property too, i.e. usually their car.
What is liability insurance cover? Liability only insurance basically covers the damage caused by you to other people or property, or in other words, liability coverage pays for other person damages but not yours. And, in the meanwhile, you will be responsible for paying the costs of your own vehicle’s repair.
Bodily Injury: If someone is injured in an accident caused by you, in that case your auto insurance policy kicks in to help their medical expenses. Property Damage: If in an accident, a person’s property is damaged by your car, then liability coverage takes care of vehicle repair.
What does liability insurance policy does not cover? A liability insurance policy covers all third party liabilities. As stated above, the policy does not provide any benefit to the policyholder. So, while opting for this liability car insurance policy, you should be aware of what it covers and what not.
Does endorsement affect car insurance premium? Depends on the alterations - if it is a simple name change or correction of policy-related details such as an address, contact details, registration or chassis number, there shouldn’t be any change in premium. However, if you are changing the cubic capacity of your car, adding a CNG kit, including riders, increasing/decreasing voluntary deductible, etc.
How many times can I make an endorsement? There is no capping as such; one is free to make as many endorsements to their motor insurance as they please. However, too many alterations are never advisable. Over the years, your coverage needs are bound to change – it’s important you make use of endorsements to keep the coverage of your motor insurance policy apt and optimum. We hope this has been helpful, good luck and all the best, drive safe!
So let’s take a look at what this liability insurance do not coverLoss or damage to your own vehicle in case of an accident You cannot purchase an add-on with TP i.e. third party insurance cover. Hence, according to us, it would be wiser to opt for liability only vehicle insurance if you own an old inexpensive car model, which is cheaper to repair.
HOPE THIS ARTICLE HAS HELPED YOU UNDERSTAND THE FUNCTIONING OF LIABILITY INSURANCE COVER! GOOD LUCK AND ALL THE BEST! HAPPY DRIVING!
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