Car insurance protects the owner of the vehicle from unforeseen risks in case of a road accident. Such policies protect the owner from unforeseen financial liabilities when a third party is involved.
Third-Party insurance policy covers the cost of repair and any damages incurred by the vehicle owner.
Third-Party insurance coverage is available for three years when we purchase a new car. Before the expiration of the insurance policy, the same must be renewed by the owner of the car.
Benefits of Third-Party Insurance Policy:
A third-party car insurance policy is mandatory by law for all vehicle owners in India. This policy protects the owner from financial liabilities that can arise due to road accidents. Road accidents can result in injury or death of the victim. It may even result in third-party property damages. All these may give rise to some unforeseen financial liabilities. Third-party car insurance protects the owner of the car from such eventualities. The owner of a car that is on the road without a third-party insurance coverage could be punished with steep fines.
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