Motor Third Party
As per the Motor Vehicles Act, 1988, it is mandatory to buy Third Party Insurance for anybody who owns, buys or drive a motor vehicle. Motor Third Party, which is also known as liability cover is a policy which protects the car owner or driver of the vehicle against any legal liability, accidental liability, financial loss or property damage, medical expense cover in the event of an injury to or even death of any third party arising out of their vehicle.
What is covered under Motor Third Party?
- Death or bodily injury to a third party
- Accidental death of a third-party
- Damage to third party property
- Permanent total disabilities of a third-person
Benefits of Motor Third Party
- Easy and Fast Process: Third party car insurance policies are easy to buy or renew along with being easily accessible. They can also be bought or renewed online, which is a fairly quick and simple process to fulfill when opting for the third party car insurance. Hence, it can easily be availed by anyone as per their time and convenience.
- Cost-Effective and Beneficial: The inclusion of third party vehicle liability insurance component is extremely cost-effective and beneficial in terms of financial costs and premiums. Also, when calculating the compensation, the evaluation is done on the income of the insurer.
- Easy Round the Clock Availability: Unlike other policies that are limited to only the traditional offline method of renewal or application, Third party car insurance policies or renewal of the policy is easily available online round-the-clock, that is, 24x7, 365 days a year from any location.