Meaning of third party insurance

Meaning of third party insurance

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Meaning of third-party insurance. If any person buys his new vehicle, then it is very important for him to get third-party insurance for that vehicle. From 1st September 2018, Supreme Court is mandatory for all to get 5 years third party insurance on the purchase of all new vehicles. But there are many people who do not know what is third-party insurance is ordered by the Supreme Court on every new vehicle purchase.

There are many people who do not even insure their vehicles, but the Supreme Court made third party insurance mandatory for 5 years, so it is very important for you to know about third party insurance if you want to know about it. If so, in today’s article, we are going to tell you what is third party insurance and what are its main benefits, so let’s know-

What is Third Party Insurance?

Third-party insurance is also known by the name of liability cover, this insurance is related to a third party, if a vehicle gets into an accident with another vehicle and any kind of accident takes place then that third party will be covered. The insurance company gives the claim if we talk about the first party is the one who is driving the vehicle and the third party is the one who comes in the collision of that vehicle and whatever damage is caused to the third party in that accident. Mainly the insurance company gives the claim and this insurance has been made mandatory for all vehicles by the Supreme Court.

Third-party insurance mainly comes under vehicle insurance, so now we talk about what is vehicle insurance –

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Under auto insurance, if you suffer any financial loss, then it is compensated under this insurance, in which a kind of contract is made between the insurance company and you, which is completely legal, within which you have to pay a premium. After which the insurance company compensates you for the financial loss in case of an accident, how the company compensates for the financial loss, for this you have to know the vehicle insurance, then, first of all, know what are the types of vehicle insurance, there are two types of vehicle insurance. of –

There are two types of vehicle insurance –

1. Full-Time Insurance –

Under this insurance, if an incident happens with any vehicle, then all the damages are compensated by the company, under the people sitting in the vehicle and the driver, apart from the other vehicle which causes the accident, the people sitting inside it and the driver are all Financial loss is compensated under this insurance.

2. Third Party Insurance –

Third-party insurance comes under vehicle insurance, the financial loss of the third party is compensated for inside the accident and even if he dies, it is paid by the insurance company by now you must have known What is third party insurance and what are its types, now we know the benefits of taking third-party insurance – (Meaning of third party insurance )

Benefits of third party insurance

1. Many people think that there is no benefit of taking third-party insurance, but if someone takes insurance, then he does not suffer any loss because, in this, the insured will get financial loss due to any type of vehicle accident. Under this, all hospital expenses and legal expenses are also included. Very often it happens that the person with whom your sister’s incident is many times more than you, then you will not compensate him for that loss. If you can, then that loss is compensated by the insurance company.

2. Under this insurance, if there is any damage to the property, then the insurance company pays it, if a vehicle is involved in the crime, then its insurance company does not help.

3. Under this insurance, if there is any physical loss to the damaged person, then it is also paid by the insurance company itself, in which the cost of the hospital, its loss, and any other trouble are done by the connection insurance company itself.

Today we have known “Meaning of third party insurance” hope that you must have got to learn something new through this article, if you liked this article, then definitely share it. Thank you

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