Is it really necessary to get third-party car insurance?

Is it really necessary to get third-party car insurance?

What is the best way to get a third-party vehicle insurance policy? What you should know about it is as follows.

Table of contents
What is a third-party car insurance policy?
The importance of third-party car insurance
Third-party car insurance benefits
Third-party coverage in case of death or disability
Third-party treatment costs
Legal responsibilities of the owner of the car
Individual accident insurance
Take away

Buying a basic vehicle insurance policy, such as third-party responsibility, ensures that you obey the law. It is also less expensive because it prevents you from having to pay fines. Is it enough, on the other hand, to choose a plan with limited coverage? Do you have to buy comprehensive vehicle insurance, regardless of its cost? The aim of the following article is to provide solutions to such questions. Is it really useful to get a third-party vehicle insurance policy, especially the most important? Let’s take a look at the options and come up with a firm decision. Let’s take a look at what you get if you choose third-party policy only.

What is a third-party car insurance policy?

The third party is someone who is not you (the first party is the owner of the car) or your car insurance company (the second party). For example, a cyclist, pedestrians, other drivers, street vendors, etc. It can cause harm to these people by accident. You can also cause damage to their property (vehicles, houses, farms, etc.). If this happens and you are responsible, you will have to pay for their rehabilitation or compensation for their loss. The Motor Accident Claims Court will assess the amount of compensation, which may be in millions of rupees. The third-party car insurance policy is implemented here.

The importance of third-party car insurance

Why do you need third-party car insurance? Every car owner in India is required under the Car Tariff Act 2002 to have at least third-party car insurance. A third-party vehicle insurance policy, unlike the comprehensive plan, provides basic and less expensive coverage. Securing your car/car through at least a third-party policy ensures that you have minimum basic insurance coverage for your vehicle, as well as a legal requirement.

Third-party car insurance benefits

Here’s a list of coverages provided by a third-party car insurance policy:

Third-party coverage in case of death or disability

It is a devastating event when a family member dies as a result of an accident. While nothing will fully compensate for the loss, as the owner of the car, you can at least pay fair compensation. This plan covers third-party death or disability coverage.

Third-party treatment costs

Accidents can cause significant injuries that require medical attention and expensive treatments. These costs will be covered by a third-party car insurance policy.

Legal responsibilities of the owner of the car

Accidents can lead to legal problems. Dealing with such disputes will require legal professional assistance. Your insurance company will cover expenses if they are specified in the terms of the policy.

Individual accident insurance

You must obtain personal accident coverage in addition to third-party basic insurance. This is accident insurance coverage for the person who owns the car, which is you. It offers death and disability benefits of up to Rs. 15.

Take away

The law requires third-party vehicle insurance coverage for anyone who owns a car. However, it is also true that relying entirely on this basic plan will leave you at risk in the event of a car accident. As a result, the comprehensive policy plan is launched, covering both third-party coverage and special damage (damage to your vehicle). You can also customize a complete plan and take advantage of unique discounts and price discounts. Choose a full car insurance plan if you want comprehensive coverage.