Look at the 5 benefits of third-party motor insurance

 

As we all know, a motor insurance policy is mandatory in order to be driving/riding on Indian roads. Now, many motor vehicle owners go for comprehensive insurance policies, but the law states that you only need to have a third-party car insurance policy. The same goes for your bike insurance policy. We will tell you the benefits of having third party motor insurance by your side.

1.      Legal protection

In case you get in an unfortunate accident and there are certain damages caused to the your third-party four wheelers insurance policy will cover your liability towards the third party’s legal battle at the motor claims tribunal to claim redressal of the damage they faced.This insurance policy insulates you from the financial needsof the affected third-party’s legal battle.

2.      Financial assistance

In case your bike causes an unfortunate accident, a third-party bike insurance policy will cover your financial liability towards the damages done to the third-party and its property as decided by the motor claims tribunal.This insurance policy protects you from the financial reimbursement to the affected party for damages done to them.

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1.      Easily available

As mandated by the Indian government in the Motor Vehicles Act, 1988, this kind of motor insurance policy should be brought before you drive your vehicle on Indian streets. This is why third-party motor insurance policies are easily available in India. You can buy them from the websites of insurance companies or insurance plan aggregator platforms.All you have to do is just follow few easy steps on those websites, pay money and the insurance policy documents will land in your inbox or will be delivered to your doorstep by mail. This is very convenient than completing this process at an insurance company’s office.


2.      Cost-effective

When you buy, say, a third party car insurance policy, you take a very effective step of saving a lot of money from leaving your pocket as its premiums are cost-effective and affordable compared to the coverage the plan provides. The reason for such low policy premiums is that you are only investing in a basic insurance policy that only covers the costs of the damage your bike does to the third-party and its property. The damages caused to your bike in the same accident are not covered, which is why a third-party plan is always cheaper than a comprehensive insurance plan.


3.      Brings peace of mind

Getting in an accident is anyway an incidence that brings worry and trouble. This would only elevate if you find out that you have to pay for all the recurring damages caused by the accident. In this situation, your motor insurance policy will provide financial coverage for the damages, which will bring you peace of mind knowing that your savings are not taking a hit.

So, these are the 5 benefits of a third party bike insurance policy. The same is the case of a third-party car insurance policy. We hope that you have learnt about a third-party motor insurance policy. Have a nice day!

 


Comments

  1. inflation hedge funds19 August 2021 at 06:50

    Thanks for the informative article! waiting for your next post unicorn private equity

    ReplyDelete
  2. Priya More24 November 2021 at 04:38

    Thank you for sharing such a nice blog. Well, I didn’t know a thing before this. I would also want to know more about education loan, Read More

    ReplyDelete

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