Benefits of Third Party Insurance

Benefits of Third Party Insurance

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Benefits of Third Party Insurance: It has become mandatory to get third party insurance on engine-driven vehicles inside India, if you do not get third party insurance on your vehicle then it is considered legally wrong due to which you can also be fined But before getting third party insurance, you have to understand what is this third party insurance and what are its benefits? In today’s article, we are going to tell you about the benefits of third party insurance, so read this article very carefully –

First of all, let’s talk about what is third party insurance –

Under third party insurance, if there is any kind of financial loss to any third party or any other person from your means or your vehicle, then it is compensated by the insurance company, if under this insurance, In case of any kind of loss to the person or his death inside him and there is damage to any of his property, then his full compensation is done by the insurance company.

Now you must be thinking here that what is the first party and second party and third party here, then, first of all, know about them-

The first party includes those people who insure such as the owner of a vehicle –

Inside the second party that insures such as the insurance company –

Within the third party, the property of the person who is harmed is counted.

In this, neither the first party benefits nor the second party benefits, under this the third party benefits, so what are the benefits, let’s know –

Advantages of third party insurance-

According to the law, the owner of the vehicle has to pay a small amount to the insurance company for any damage and the responsibility of that amount lies entirely with the government.

1. Death and bodily harm of the third party –

If any third party dies due to your vehicle, there is any kind of loss to his property, then full payment is made by the insurance company, apart from this, if the third party suffers any bodily injury, then his entire hospital cost and medical expenses are completely covered by the insurance company.

2. Damage to the property of another person –

If your vehicle causes damage to the vehicle of any other person or damage to any of his property, this insurance works under him but if any of your property is stolen then it is not compensated by the insurance company.

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3. Medical Expenses and Hospital Payment –

If your vehicle causes any serious injury to any other person, due to which he is admitted to the hospital, then his entire cost is borne by the insurance company. Not a single rupee has to be paid from the insurance company, its entire responsibility lies with the insurance company.

What is third-party car insurance?

Today, in this article, we have known about the benefits of getting third-party insurance, hope that you must have liked something in this article, so please like and share this article, thank you.

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