If you are the owner of a car, then you are certainly aware of the importance of car insurance policy. As per the Motor Vehicles Act 1988, you can’t drive your car in the street without the compulsory third party car insurance policy. There are mainly two types of motor insurance: third party liability cover and comprehensive or package policy. First one is mandatory and the second one is optional. When it comes to the benefits and importance of a third party car insurance policy in India, it’s quite evident from the fact that without third-party policy you can’t even drive your new vehicle home after purchasing it from the showroom.
It’s important to know the coverage areas of a third party car insurance policy. As one can very easily guess from the name, the third party motor insurance policy is specifically designed in the favor of a third party person. This mean, this type of motor insurance plan will not cover any damage to yourself or your own vehicle. Third party car insurance compensates against the damages or losses done to a third party person or their property in the event of an accident involving your vehicle.
Third party car insurance policy covers:
- Legal liability of the insured in case of a third party death or injury of a third party
- Compensation against third party property damage or the surrounding area
- Third party policy may also include personal accident
The prime purpose of a third party car insurance may seem very little but it certainly does play the main part. Third party vehicle insurance keeps you from any legal procedures in case of an accident. Now imagine, you are driving your car and you meet an accident which results in the death of a third party person or injures the person badly. Compensation comes second, but you would have to face legal cases against the death. But when you have a third-party policy, you can be sure of being in the safe side from any legal liabilities arising out of such circumstances.
By taking your legal liabilities on a shoulder, third-party vehicle insurance makes sure you are stress-free and drive your vehicle on road with more confidence. Third party motor insurance costs lesser than the comprehensive policy. You can easily and instantly buy or renew your third party car insurance plan directly from your insurer by simply visiting the official website of the company.
You can also make use of various online insurance broking portals such as GIBL.IN, India’s fastest growing online insurance marketplace to renew your third party car insurance. It’s however, advisable to go for the comprehensive motor insurance plan for a total coverage since comprehensive plan covers third-party liabilities as well as the loss or damages to your own vehicle. To avail the best car insurance policy at the lowest premium, do make sure that you compare motor insurance policies from different insures online.
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