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Third party insurance, is also called liability insurance. This type of insurance does not cover you per say, but it covers others. When you are involved in an auto accident for which you are at fault, your liability or third party insurance will cover injuries and damages you cause to others, up to your liability limit. For example if you run a stop sign and hit another car, your third party insurance would cover the injuries, medical expenses, and property damage of the car you hit. You have a limit of third party insurance which is outlined by your policy and determines how much you pay for insurance. Each state and province has their own laws, but most require that you have a minimum amount of liability insurance. This is to protect all drivers because if the damages of an accident exceed your liability amount, you will be required to pay the difference, which can end up being several thousand dollars. Therefore it is recommended that you increase your third party liability above the state minimums. If you want your vehicle covered, you need to get comprehensive or collision coverage.
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Why would one need third party insurance coverage?
One needs a 3rd party insurance coverage to cover for damage for vehicle or property. This kind of insurance covers injury of others, including passengers in the car.
Is car insurance on the car or on the driver?
The basic insurance/third-party liability covers third-party persons. But if you have comprehensive car insurance, it not only covers you, third-party persons but also your car.
What is the minimum insurance cover in the uk?
Minimum insurance for cars is 'third party' insurance, for housing it's 'contents'. Third party insurance for vehicles does not cover damage to the owner's vehicle, only fire, theft and damage caused to other vehicles in an accident. Contents insurance for housing insurance, only covers damage to the internal furnishings against natural disasters (flood for example) It does not cover the cost of repairing the building itself.
I have insurance and hit a car from behind they have no insurance?
The element of the third party comes in the picture in scenarios where the other vehicle is damaged due to our vehicle which is under the insurance plan. The third part insurance helps to cover these losses and secure the damage for both the vehicles. Turtle mint provides a complete range of plans which provides comprehensive and third party coverage along with other coverages like zero depreciation, passenger insurance, etc.
What is the difference between comprehensive and third party insurance?
Comprehensive coverage is covers the interests of the named insured. A third party insurance policy will not cover you. It only covers the interests of that named third party insured.
Does van insurance differ from car insurance?
Like other vehicle insurance, van insurance can be broken down into three general categories. These are Fully Comprehensive Insurance; Third Party, Fire, and Theft Insurance; and third party insurance.
Why is car insurance mandatory?
Driving a vehicle raises the risk of an accident. An accident may damage one's own vehicle or may damage a third party. This may cause financial or legal penalties to the owner of the vehicle. To avoid all or to compensate for the consequences we should opt for insurance. There are 2 types of vehicle insurance. Third-Party Insurance: - Comprehensive Insurance
What is third party in car insurance?
Third party insurance basically protecting yourself from the actions of another persons. It covers the damage you caused to a third party only - injury, death, and/or property damage caused to a third party in the event of an accident caused by the use of the vehicle.
What is meant by insurance and types of insurance?
Third party car insurance or third party liability is also referred to as the 'act only' cover. It is a mandatory cover under the Motor Vehicles Act to ensure that the driver has adequate insurance coverage to pay for the damages resulting from an accident. The first party over here is the driver of the car, the second party is the insurance company and the third party is any person (injured or who claims damage) involved in the accident. For More
Can you get third party insurance to cover your ipod?
Personal possessions are usually covered on your homeowners or renters insurance policies.
What type of insurance pays to fix damages that you cause but does not cover your own car?
It is called "Third Party Insurance Cover" and in most countries it is a legal REQUIREMENT to have this cover on ALL cars being driven on public roiads. It is normally sold to you as "Third Party, Fire and Theft" and covers for those 3 eventualities. The insurance that covers injury to YOU and YOUR car if you are at fault is called "Comprehensive Cover" - (this includes "Third Party, Fire and Theft" cover too).
What kind of car insurance is required?
There are various types of car insurance, the one you choose depends absolutely on you. By law you are required to have a minimum kind of insurance meaning it is criminal to drive without an insurance cover. Be that as it may, the available cover vary with the cover they offer. Private Car Insurance policy cover is divided into three, from the highest to the least here they are:COMPREHENSIVE : this in is an all risk cover and it covers your vehicle and third party's vehicles against accident, theft, fire and other road risks also covers Third party injury, medical expenses etc.THIRD PARTY FIRE & THEFT: this a restricted cover, which covers injury to and damage to Third Party's car and covers own car against Fire and Theft alone.THIRD PARTY: this is the least kind of cover and by far the cheapest. It cover injury to and damage to Third Party car only.Therefore, take any of the above with respect to your budget and your car (my advise - expensive cars should be insured on Comprehensive basis).
