What is a Third Party Motor Insurance?
Did you ever have a careful look at your motor insurance policy document? There are two parts in which the premium is divided. One being the Own Damage Premium and the other being the Third-Party Premium. With this post today we will learn more about third party insurance. A third party insurance policy as the name suggests is one that covers the third party which has suffered damages due to your vehicle. So, if you accidentally hit someone on the road and the person or his vehicle suffers damage then he can claim damages from you which will be payable by your insurance provider. The third-party insurance covers you of the legal liability for damages that you owe to a third person because you caused an accident. Legal requirement Third-party insurance is the bare minimum insurance that your vehicle should have. It is a legal requirement to have third party insurance for your vehicle. Not having one is considered a violation of the law and can lead to a fine if the vehicle gets checked ...