Is third party insurance safe?

Is third party insurance safe?

Under a third-party policy, the insurer covers the liabilities, in case the policyholder is responsible for any injury or loss to a third party. Third-party insurance ensures that the insurer will pay for the damages to the third-party. Thus, the insured can safely step out of the complicated situations of accidents.

Is first party insurance better than third party?

In first-party insurance, the benefits are for the insured car and its owner as well as the third party if needed. Third-party insurance policies only take care of damages or injuries/death of third-party property or person. 3. Third-party insurance is mandatory by law if you want to drive your vehicle on the roads.

Is third party better than comprehensive?

However, if the car is brand new and expensive, comprehensive cover is the better option. Coverage: Third-party insurance covers damages to third-party vehicle, injuries caused to other people in an accident, as well as damage to third-party property. Some companies charge extra for third-party property coverage.

Is Theft covered in third party car insurance?

Car insurance companies cover third-party damages up to a certain amount. In case of a comprehensive policy, car theft and personal accident damages are also covered. Your policy could also provide for courtesy/hire car within 24 hours of the theft of your vehicle.

What is the difference between own damage and third party insurance?

While a Third-Party insurance only covers you against third-party damages and losses, a comprehensive car insurance will cover for your own damages as well. After all, having at least a basic insurance that covers for third party is part of the law.

What is the difference between third party and comprehensive insurance?

What is the difference between comprehensive and third party fire and theft car insurance? Comprehensive cover protects your vehicle against accidental damage claims while third party fire and theft doesn’t.

What does a third party insurance mean?

Third-party insurance covers an individual or firm against a loss caused by some third party. An example is automobile insurance that will indemnify the insured if another driver causes damage to the insured’s car. The two main categories of third-party insurance are liability coverage and property damage coverage.

Is it mandatory to have third party insurance?

As per the Motor Vehicles Act of 1988, a third-party insurance cover is mandatory for anyone who owns or drives a motor vehicle in India. The cover also protects you in case of a third-party injury or even death of the person because of your vehicle.