Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance, is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury. The policy does not provide any coverage to the insurer. If a policyholder meets with an accident, then the insurer offers financial assistance to pay for the cost of repairs to the third-party property. Thus, it reduces the financial burden for the policyholder. In the event of an accident, the insured must inform the insurance company about it immediately before filing for a claim. When the claim is filed, the insurer appoints a surveyor to assess the damages and verify the estimated cost of repairs. Once the verification is completed, the insurer settles the claim.
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What is Third Party Insurance?
What does Third Party Insurance cover?
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Benefits of Third Party Insurance:
- Third-party insurance offers a basic level of protection to all policyholders.
- It is also referred to as liability-only or act-only policy
- It offers protection against the legal liability to a third party that may arise due to policyholder’s involvement in the accident. It compensates for the personal injury, loss of life, and property damage to the third-party
- A significant feature of this type of policy is that it has an affordable premium
- Third-party insurance does not offer protection to the insured car itself
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Why is Third Party Insurance important?
Third-party insurance is a mandatory requirement by law. So, having third-party cover allows the policyholder to comply with the legal obligation. Although it is a basic coverage option, it gives the policyholders peace of mind knowing that they have sufficient financial protection against the damage they may cause to other people in an accident. Third-party motor insurance secures the policy holder’s finance against accidental risks.
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