What is Third Party Insurance ?

What is Third Party Insurance ?

DIFFERENT TYPES OF MOTOR VEHICLE POLICIES
According to risk covered by an insurance contract different policies are issued.
Generally following types of insurance policies are issued under motor insurance:
Act only Policies,
Third Party only,
Comprehensive Policy.

ACT ONLY POLICIES
The name explain the purpose and scope of the policy
It is compulsory in nature
All owners of vehicles who ply the motor vehicle must abide by the motor vehicle act.
Owner is bound to have this insurance.
The act compels the insured to cover risk to life & property of the employees engagement in vehicle as a driver or attendant.
These risks are covered under workmen’s compensation act, 1923.
The amount of coverage is mentioned in this act.
In India both the risk of bodily injury to third party and to employees can be covered under one policy.

THIRD PARTY POLICY
This policy covers all risk mentioned in Motor Vehicle Act.
If one takes the policy he will get compensation from insurer upto the value of insurance which may be higher than the minimum amount prescribed under the act.
The insurer will pay all sums of liability, the costs and expenses for which insured become liable.

Two different covers are available for private cars:
Fire/Theft
Third Party and Fire/Theft

COMPREHENSIVE POLICY
This policy covers all risks to be insured arising out of legal liability i.e. to the third parties under motor vehicle insurance Act, Total Accident and common law.
It covers loss and damage to the vehicle.
Comprehensive means all included in one.
But in practice all risks are not covered so it is known as STANDARD COMPREHENSIVE POLICY FORM.
Following risks are covered:
Damage to car and parts of body
Removal charges for repairs
Third party liabilities
Cost and expenses incurred with risk
Repair charges
Medical expenses.

MOTOR INSURANCE INTRODUCTION
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[ayushsharma]

In very short video you have put all the key words 🙂 thanks sir

[Kapilsharmashow]

Purana vehicle ka Third party policy long time k liye nahi le sakte kya

[mannymaster]

Sir maruti 800 ne Mercedes ko thoka to phir maruti ke 3 party insurance par Mercedes repair hogi kya sir

[Kareena]

Mere gadi ka third party insurance hai samne wali gadi ka bhi third party insurance hai.


Meri gadi uski gadi se accident mein damage Ho gai ka kharcha aaya kaun dega