Why is car insurance necessary why car insurance is important
Hello friends and welcome to you in today’s post we are going to talk about third party insurance.
What is Third Party Insurance? Why is it done? And when and how can it come? How does this benefit the owner of the vehicle?
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Friends, first of all, what is third party insurance in motor insurance and why it is called third party insurance, in motor insurance there is 1st party, the owner of the car ie the person who has a car or bike is the 1st party and the second party is insurance Company that has insured that tax or bike and third party means third person other than the owner and insurance company whose damage has been caused to your vehicle
Means when your vehicle is accidental and there is damage to the person in front of it or his property, then the person who has suffered the damage is called third party and third party insurance covers such accidental third party damages. That’s why it is called third party insurance, so in third party insurance, if the vehicle is accidental, then the damage caused to the vehicle is not reimbursed, only the person in front is covered due to your vehicle. Then why third party insurance is necessary
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Friends, under the Motor Vehicle Act 1988, third party insurance is mandatory, you can take comprehensive insurance meaning that you take insurance of your tax or not, but you have to take third party insurance according to the Motor Vehicle Act, the government has made a new rule that whatever Whether you buy a new vehicle or buy an old one, which needs to be insured, on the new vehicle, now the third party insurance is mandatory for 3 years in the car and third party insurance has to be done in the bike for 5 years in the same old vehicles. No name transfer can be done without insurance, when you insure your car, then comprehensive or zerodef, which is also called re-insurance, also has third party insurance attached to it, which should be taken into account if your vehicle collides with the vehicle. If there is a loss to a third person, it can also be covered, but when the vehicle becomes 8 to 10 years old, then the full insurance company does not give it, in such a situation, it is advised to take third party insurance because without third party insurance vehicle Driving is an offense as per Motor Vehicle Act
Driving an uninsured vehicle can lead to a penalty of 1000 or even jail for 3 months because the government has foregone third party insurance, the government says that you may not insure the vehicle, but if due to your vehicle, if any third party If the party suffers a loss, you will have to compensate for it, for this it is mandatory to take insurance, so that the third person can get compensation for the loss due to you
Now let’s talk about what will be the benefit of it to the vehicle owner, if someone suffers damage from your vehicle, then the insurance company will compensate for it, which will not be the burden of paying money on you if a person dies in the road accidently or If a person becomes crippled, then his family has to be saved, in such a situation, the insurance company pays that amount on taking insurance, apart from this, third party insurance also includes accidental insurance of 15,00,000 to the owner of the vehicle, in which the vehicle owner’s in the same vehicle. In case of death, 15 lakh rupees are given to his family by the insurance company.
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