Saturday, March 2, 2024

Why Third Party Insurance Is So Important, Know Where It Is Beneficial

If you drive any vehicle, then you must have heard about Third Party Insurance many times. After buying any new vehicle, it is mandatory to get third-party insurance done. This insured vehicle does not insure the owner of the vehicle i.e. does not provide any kind of cover. Now the question comes that why is this insurance so important. What are the benefits of this insurance?

Made Mandatory Since 2018

From the year 2018, it is mandatory for every vehicle to have third-party insurance. Insurance is given for 5 years on the purchase of a new bike and 3 years on the purchase of a car. In this insurance, the owner of the vehicle is not given any kind of cover. But in this insurance, if there is a road accident with your vehicle, then the person who gets injured during that accident is covered. This insurance is also known as liability cover. This insurance is related to the third party only.

Benefits Of This Insurance

Third-party insurance does not insure the vehicle owner. But this insurance proves to be very helpful in another way. In this insurance, financial loss due to a vehicle accident can be avoided. Along with this, the expenses incurred in the hospital after the accident are also covered. It also covers the cost of legal work.

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All these claims are given by the insurance company. This insurance has been made mandatory because there are many people in the country who do not get their vehicle insured again after one year. For this reason, the Supreme Court ordered to make third-party insurance mandatory.

Who Are Insured

Third-party insurance covers the damages caused to the person injured in an accident involving a vehicle. This gap is filled by the insurance company.

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The insurance company only compensates for any damage caused to the vehicle. Keep in mind that only financial loss is compensated by this insurance.

The insurance company covers only the third party. The owner of the vehicle is the first party and the person hit by the vehicle is the third party.

To Whom The Insurance Company Gives The Claim

In third-party insurance, the insurance company claims the damage caused by your vehicle to another person’s vehicle, damage to the property of another person, compensation for grievous bodily harm or death of a person, legal action related to the accident Gives The company does not compensate if your vehicle is damaged or stolen. Along with this, if there is physical damage to the owner of the vehicle, then it is also not covered.

If There Is No Third Party Insurance Then How Much Fine Will Have To Be Paid

Third-party insurance helps you to compensate for the damages caused by an accident. If you are caught driving without third-party insurance then you can be fined up to Rs 2000 or imprisoned for up to 3 months. If you do this kind of negligence, again and again, you can be punished for both.

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