Third-Party Liability Insurance is the most basic and mandatory type of car insurance policy in India. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. In this article, we will go over some of the important aspects of third-party liability insurance in India.
Third-Party Liability Insurance is a type of car insurance policy that provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. It is mandatory by law for all vehicles on Indian roads to have at least third-party liability insurance.
Third-Party Liability Insurance provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. It also covers legal liabilities arising due to the accident. However, it does not cover damages caused to the insured vehicle or injuries to the driver and passengers.
The premium for third-party liability insurance is usually lower than comprehensive insurance as it provides limited coverage. The premium is calculated based on the Insured Declared Value (IDV) of the vehicle and the type of vehicle.
In case of an accident, the insured needs to file a claim with the insurance company. The process includes submitting the claim form, a copy of the policy, and other required documents. The insurance company will then assess the damages and settle the claim as per the policy terms and conditions.
Third-Party Liability Insurance is a cost-effective way to comply with the legal requirement of car insurance. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle, thereby protecting the insured from legal liabilities.
Third-Party Liability Insurance is a mandatory requirement for all vehicles on Indian roads. It provides coverage for damages caused to third-party property or injuries in an accident caused by the insured vehicle. While it is a cost-effective option, it is important to note that it does not cover damages caused to the insured vehicle or injuries to the driver and passengers. Therefore, it is always advisable to evaluate the coverage required and consider comprehensive insurance as well.
This post was last modified on May 3, 2023 8:40 am
Co-operative Banks vs. Credit Co-operative Societies In the world of banking and finance, institutions like co-operative banks and credit co-operative…
The Securities and Exchange Board of India (SEBI) regulates the investment advisory sector in India through the SEBI (Investment Advisers)…
Following the introduction of AePS in India, mPOS devices began to proliferate across the country. These palm-sized handheld mPOS devices…
If you're looking for a dependable and affordable mobile point-of-sale (mPOS) solution, the PAX D180 is an excellent choice. This…
Paynearby and Spice Money stand out as two prominent companies offering similar services but with subtle distinctions. Let's delve into…
As a seasoned AEPS (Aadhaar Enabled Payment System) service distributor with 6 years of experience, I can attest to the…