Why You Should Have A Third Party Insurance Policy?

Posted on: Feb 20, 2019 | | Written by:

Why You Should Have A Third Party Insurance Policy?

Publication date: Febuary 20, 2019. EST READ TIME: 3 MIN

In India, it is mandatory to have a motor insurance for every vehicle running on the road, especially a third-party insurance cover. Driving a vehicle without a proper insurance cover can lead to a severe punishment under the prevailing laws. Additionally, motor insurance is not only important because it is legally compulsory, but it gives you the protection and peace of mind that you have financial aid in case your vehicle meets an accident or suffers any kind of damages. Motor insurance, especially a third party car insurance, is necessary to ensure you are driving without any risk in India. That is the reason third-party insurance was made mandatory by the Motor Vehicles Act. You can buy third-party insurance separately or include it in the comprehensive insurance for your car.

What is a Third Party Car Insurance

According to the Motor Vehicles Act of 1988, a third-party insurance cover is mandatory for anyone who owns or drives a motor vehicle in India. A third-party insurance cover is a particular policy that protects you against legal or accidental liability, financial loss or damage to property. The cover also protects you in case of a third-party injury or even death of the person because of your vehicle.

Third-party insurance is mandatory in India and most insurance companies usually include it in the main car insurance plan. But, if you buy a separate third-party insurance plan, you can merge it with a comprehensive car insurance policy that offers own-damage cover, along with personal accident cover for the owner-driver. Importance of third-party insurance in India

While comprehensive insurance provides complete protection to your vehicle, a third party car insurance means it covers you only for the liability caused due to your vehicle’s participation in an accident that caused damage, injury or death to the third party.

How to Get a Third Party Insurance

Comprehensive policies in India also include a third party cover to deliver both benefits to the insured; HDFC ERGO has options available to purchase standalone third party insurance. However, it is always recommended to buy a comprehensivepolicy which has an inbuilt third party insurance policy. Do your research before you choose a plan. Make sure that you choose a plan which gives you maximum benefit. You can buy policies online as well, visit www.hdfcergo.com

Why Should You Take a Third Party Insurance?

It is a mandatory to buy a third party insurance policy and without which one cannot drive the vehicle on road.

What You Should Know about Third Party Insurance

It is important that you read the policy documents carefully for specific terms and various policies available. The features of third party insurance are cited below:

• Death or body injury to third party

• Damage to a property owned by third party

• Personal accident cover for passengers travelling inside the car

Importance of Third Party Insurance

⦁ Legal and financial safety:

Third-party insurance cover will financially sheild you in case of death or disability of the third party and in case of damage to the third-party property or vehicle. The legal and financial liabilities are taken care of in case of a third-party claim.

⦁ Mental peace:

A third-party car insurance policy keeps you stress free in case of a shocking or unfortunate event that is financially tough. Hence, instead of stressing about these expenses, you will get immediate help in dealing with the incident.

⦁ Easily available:

Because of their legal mandate, third-party insurance is easily accessible and easy to buy or renew online. You can avail of it at your time and convenience.

⦁ Value-for-money and beneficial:

A third-party insurance plan has highly affordable premiums that is pocket-friendly and puts less pressure, financially.

Conclusion

Hence it is important that you buy third party insurance carefully in order to keep your drives stress free. The good news is that now you need not take the pains to visit the office of an insurance company or look out for agents. You can buy your HDFC ERGO'S THIRD PARTY CAR INSURANCE online by simply logging on to the company website and filling up the form. It is not only easier, faster and hence more convenient but also comes at a cheaper premium. So, what are you waiting for? Get your insurance now and secure yourself and your car from any unexpected expenses!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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