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Is Third Party Insurance compulsory for a Vehicle?

A third party vehicle insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to settle the bodily injury or property damage claim of third parties involved in an accident with the insured customer in exchange for a considerable amount known as “Premium”. The third party vehicle insurance covers the death or bodily injury of the third parties involved in an accident with the insured’s vehicle and also the property damage of third parties due to an accident.

What is Third Party Insurance?

Third party insurance is a compulsory motor insurance policy to be taken by the motor vehicle owner/driver before driving the vehicle in public places. Third party insurance covers the bodily injury or third party property damage caused due to the involvement of the insured vehicle. Third party motor insurance is mandatory as per the Motor vehicles Act without which the owner/driver of the vehicle would be punished with up to a Rs.5000 fine or up to 3 months of imprisonment or both.

What is Third Party Car Insurance in India?

A third party car insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to settle the bodily injury or property damage claim of third parties involved in an accident with the insured customer in exchange for a considerable amount known as “Premium”. The third-party car insurance covers the death or bodily injury of the third parties involved in an accident with the insured’s car and also the property damage of third parties due to an accident.

What is First Party Insurance?

The first party insurance is an agreement between the insured customer and the insurance company whereby the insurance company agrees to settle the damages incurred by the insured in return for a considerable amount known as a premium. Under the first party car insurance, the damage to the car due to an insured peril is settled by the insurance company.

How to Claim Third Party Car Insurance in India?

A third party car insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to settle the bodily injury or property damage claim of third parties involved in an accident with the insured customer in exchange for a considerable amount known as “Premium”. The third party car insurance covers the death or bodily injury of the third parties involved in an accident with the insured’s car and also the property damage of third parties due to an accident.

Which is Best Comprehensive Insurance or Third Party Insurance?

Comprehensive Insurance policies not only cover you from third party liabilities and theft cases, but also provide coverage for myriad situations, some of which are Loss or damage due to Man-made calamities, Natural disasters, Personal Accident cover, and Third-Party Liabilities in terms of death, bodily injury and third party property damage.

A third party car insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to settle the bodily injury or property damage claim of third parties involved in an accident with the insured customer in exchange for a considerable amount known as “Premium”.The third-party car insurance covers the death or bodily injury of the third parties involved in an accident with the insured’s car and also the property damage of third parties due to an accident.

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