Should i get third party insurance

It is great to have a car and travel from one place to another at our convenience. You need not depend on the crowded public transport systems. You can travel in comfort, but it can well be ruined within no time if you do not have the requisite documents with you such as the RC book and most importantly, AT LEAST a third-party car insurance.

The solution is very simple. You get an insurance policy for your car. According to the Motor Vehicles Act, it is mandatory to have at least a third-party car insurance.

Now the question arises as to which insurance policy to have, a comprehensive insurance or a third-party insurance policy. However, we shall list out the differences in brief. Ironically, this insurance does not cover damages to your car. You need to take a comprehensive car insurance policy to cater to such exigencies. When you buy a new car, usually the auto dealers arrange for the comprehensive car insurance. Still, no-fault laws do not protect the insured from million-dollar injury lawsuits stemming from seriously injured third parties.

Both types of third-party insurance are essential, specifically for individuals, such as homeowners, with substantial assets to protect. The more money and assets an insured has, the higher the limit should be for each type of liability coverage.

Often legislation mandates product liability insurance, although these laws vary by country and usually vary by industry, too. In most countries, third-party or liability insurance is compulsory for any party sued by a third party.

Public liability insurance involves industries or businesses that take part in processes or other activities that may affect third parties, such as subcontractors, architects, and engineers. Here, the third party can be visitors, guests, or users of a facility.

Most companies include public liability insurance in their insurance portfolio to protect against damage to property or personal injury. Product liability insurance is typically mandated by legislation, which varies by country and often varies by industry. This insurance covers all major product classes and types, including chemicals, agricultural products, and recreational equipment.

It protects companies against lawsuits over products or components that cause damage or injury. A third-party insurance policy is purchased by the insured first party from the insurance company second party for protection against the claims of another third party. The significance of third-party insurance is that it offers the insured coverage for injury or damage they have caused.

There are two types of automobile third-party liability coverage: bodily injury liability and property damage liability. Bodily injury liability covers costs resulting from injuries to a person. These injuries' costs could include expenses like lost wages, pain and suffering, and hospital care bills due to the accident. Property damage liability covers costs resulting from damages to or loss of property, like putting in new landscaping materials or fences.

If someone destroys your mailbox, it might be covered, as well as compensation for loss of use of your home. This insurance covers all major product classes and types, from recreational equipment to chemicals and agricultural products. The insurance is to shield companies against lawsuits due to products or components that cause damage or injury.

Each has different levels of cover, but how do you know which is best for your situation? Comprehensive car insurance generally lives up to its name. CTP covers your liability, and the liability of anyone else who drives your vehicle, for injuries caused to others in a motor accident. When you drive in Australia, you need to have CTP insurance before you can register your car.

Wide range of cover for:. To do this, you might like to consider:. My Partner and I have a current policy and recently had a policy paid out after an accident and everything was easy and GIO were great with help. Explore Car Insurance Options. Though comprehensive car insurance may cost you more than third party property damage, it offers an extensive range of features and benefits. These include cover for:. Share this blog Facebook.

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