Basic third party liability is a risk cover whereby in case of an unfortunate event, your insurer will compensate you to the extent of your legal liability in such a situation.

Is third party insurance good?

The level of cover offered by third-party insurance policies can be good for drivers who are more likely to claim for any damage they cause when driving – and for drivers who can afford to pay repair costs for their own car without needing to claim on their insurance.

Is third party insurance sufficient?

It is mandatory as per The Motor Vehicles Act, 1988 and driving without a Third-party Liability policy is a punishable offense. However, it is not the most ideal coverage with regards to the above-mentioned purpose of insurance. Read ahead to know 3 reasons why a Third-party Liability car insurance is just not enough.

How do I convert my third party insurance to comprehensive insurance?

How to switch from Third-party to comprehensive car insurance

1. Visit online car insurance provider in India.
2. Navigate to car insurance page.
3. Enter your car number.
4. Leave the previous policy number blank.
5. Proceed to buy a comprehensive policy.
6. Set the Insured Declared Value of your car.

What does it mean to have third party insurance?

A Third-Party Insurance basically covers for all expenses that arise in cases where you (of course, while driving!) happen to damage any third-party. Whether that’s a third-party property, person or even another vehicle itself.

Can a third party cover damage to your car?

As third party insurance only covers damage to a third party, but not your own vehicle, it tends to be the most affordable option when it comes to insurance. However, it’s also important to bear in mind that this policy will not cover any damage caused by fire or theft.

Do you need third party insurance in India?

According to the Motor Vehicles Act, every car in India at least needs a Third-Party Car Insurance to be able to drive on Indian roads legally. However, that’s not what should actually worry you. It’s only human to be selfish. Just a little bit, no?

Are there no fault laws for third party insurance?

Still, no-fault laws do not protect the insured from million-dollar injury lawsuits stemming from seriously injured third parties. Both types of third-party insurance are important, specifically for individuals, such as homeowners, with substantial assets to protect.