Table of Contents
What is disadvantage of third party insurance?
A major disadvantage to having third party car insurance is that you are not covered for any damage to your vehicle in an accident where you are to blame. This means that you will have to pay for any repairs to your vehicle out of your own pocket.
What is the benefit of third party insurance?
What is third party insurance? It protects you against any legal liability, accidental liability, or property damage in case of an unfortunate event. This policy also covers medical expenses in case a third party is injured in an accident or dies.
Is third party insurance safe?
Remember, a third-party insurance policy defends you securely in case of accidents. You will not be subjected to any of those court tribunals if you have got a valid third-party car insurance policy. Apart from that, this policy covers you for expenses associated with the recovery of the loss of a third party.
What does a third party car insurance cover?
Third party property car insurance, sometimes called Third Party Property Damage, covers damage to other people’s vehicles and property. If your car is damaged in the same event, and the accident is your fault, it won’t be covered for repairs.
What is the difference between comprehensive and third party?
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.
How do 3rd party insurance claims work?
Also referred to as a liability claim, a third-party claim holds the at-fault driver responsible for paying for any damage they’ve caused you. A third-party clam is essentially using the other driver’s liability insurance to cover the damage or injury they caused you.
Is 3rd year 3rd party insurance mandatory?
Third party insurance is mandatory under the motor insurance law for covering liability of third party. Insurers believe the 3 year tenure will subsequently decreases the cost like issuing policies, administering them and follow-ups for renewals.
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.
Do you pay excess on third party claims?
No, the excess – both voluntary and compulsory – is the amount you pay towards your own claim or repairs, so you won’t have to pay the excess if a third party is claiming against you. See our guide on how car insurance excess works for more information.
Can you drive someone else’s car with third party insurance?
Driving other cars cover is usually only available on a comprehensive car insurance policy, so if you have third party (or third party, fire & theft) cover, you won’t be covered to drive any other cars.