Monday, September 3, 2018

Everything to Know About Third Party Car Insurance & Its Benefits


Are you planning to buy a car of your dreams? Congratulations that you will be able to cherish and fulfil your one of the dreams! However, while most of the car buyers go in the details of car size, facilities and beyond, many few care about car insurance.

Yes, if you plan to purchase a car in India, you need to know that there are two types of car insurance plans such as third party and comprehensive car insurance. One is legally bound to at least avail a third party car insurance if not the comprehensive car insurance.

Let’s talk about the concept and benefits of the third party car insurance in this short post.

What is third party car insurance?

A third party car insurance is a mandatory car insurance policy that one needs to avail as it’s a must as per the Motor Vehicles Act of 1988. A third party car insurance is a scheme which shields the driver or the car. It protects against any legal liability, property, and financial loss, medical expense cover due to an injury or death of any third party due to the impact of your vehicle.

Thus, if your car hits any third party, property, or injures someone even leading to his/her death, the third party car insurance company offers compensation to them. In short, you need not provide anything out of your pocket and hit loss.

The beneficiary of the policy is none other than the third party and not you

What are the benefits of the third party car insurance?

Offers financial assistance and legal cover – As discussed earlier , since a third party car insurance offers legal cover and financial assistance to any damage to self or property of a third party, it helps you take care of the burden.

Provides you peace of mind – When you are aware that the legal and financial burden of anything happening to the third party is taken care of by the insurance company, you can take a sigh of relief. 

Thus, you can just focus on relief from stress due to an accident rather than worrying about the unexpected expenses.

The dead easy process to avail a third party car insurance – You can easily procure or renew a third party car insurance as you can also do that online without issues. You can also compare many policies online and then decide one matching your needs and affordability.

Comes affordable – The third party car insurance comes affordable and does not pinch your pockets. What’s more, the benefits that it offers in the term of the legal and financial coverage is nothing in comparison to what you pay for it.

Round the clock availability – Compared to some conventional policies that are available only offline, the third party car insurance is accessible online and 24/7 on all days of the year from any location. Hence, the glitch-free mobility and accessibility of this scheme make it quite popular among car buyers.

The Bottom Line

There is no denying the fact that the kind of legal and financial assistance that it offers laced with the peace of mind makes it a must-have in today’s time.
With the number of vehicles on the road increasing and accidents too, it’s smart to avail a third party car insurance. 

If you are not sure which third party car insurance will be good for you, you can compare all plans or take help from a known financial expert to help you!

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