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Importance of Motor Third Party Insurance in India
Mar 20, 2022

Is Third Party Insurance Important and Useful?

Any motor vehicle plying on the Indian roads needs to have motor insurance. Third party insurance is extremely important and is a mandate. If you think that riding a vehicle without insurance cover is fine, then you are highly mistaken. Not having the right vehicle insurance coverage can lead to penalties or various other legal implications as per the existing laws. Motor insurance is important as it offers protection and gives peace of mind in case the vehicle meets with an accident or damage is incurred. A Third party car insurance ensures that you are financially safe in case of an unforeseen event. As per the Motor Vehicles Act, a third party insurance is a legal mandate. You have the option to buy it separately or include it in the comprehensive car insurance plan. Before you zero down car insurance online, ensure to read the terms and conditions carefully.

What is the Purpose of a Third Party Insurance?

For anyone who owns a motor vehicle, third party insurance cover is required. It protects you against any accidental or legal liability, property damage, or financial loss. It also shields you in case a third party gets injured or even when the person passes away because of your vehicle. There are chances that the insurer might include it in the car insurance plan mainly. Even if you have a separate third party insurance cover you have the option to club it with the comprehensive car insurance policy. Car insurance that offers both own damage cover and the personal accident cover for the driver-owner.

Importance of Third Party Insurance in India

We all are aware that driving on Indian roads is risky. India is at top in the number of road mishap deaths across 199 nations. It also accounts for 11% accident related demises across the globe. About 449,002 accidents took place in 2019 that lead to 151,113 demises and around 451,361 injuries. The figure is scary. Considering the scenario, having third party motor insurance is needed more than a choice. Hence, a third party insurance cover is important for all motor vehicles plying on the Indian roads. So, if you buy a third party liability cover you are complying with the legal obligations and can also drive worry-free on the Indian roads. Remember, third party insurance will support you financially in case of third-party loss, injury or demise, and property damage. In unfortunate circumstances, it will give you utmost peace of mind. Choose the right motor insurance policy cover and have complete financial protection against any insurance claims. * Standard T&C Apply

Advantages of Third Party Insurance in India

Now, let us have a look at the following key benefits of having a third party insurance cover in India:
  • Financial Assistance: A third party cover in case of adversity offers complete financial and legal assistance. With this cover, you need not worry or be under the stress of a third-party claim.
  • Cost-effective: In case you think that a third party insurance cover is heavy on the pocket then you are mistaken. The plan is available at cost-effective premium rates and does not leave you in financial distress.
  • Easily Accessible: As this insurance cover is a legal mandate hence it is easily available. You can buy or renew the insurance online. Buying a two-wheeler policy or car insurance online helps to save time and is more convenient when compared to offline mediums.
  • Peace of Mind: A third party insurance gives complete peace of mind in case any adversity takes place that can be financially exhausting. With the right motor insurance cover, do not worry about the expenses rather have immediate relief from the stress.

Wrapping it Up

As a responsible individual, it is recommended to invest in a comprehensive motor insurance plan. This will be helpful as it will cover not only a third party liability but also offers own damage and personal accident cover. You may include the add-on motor insurance riders that will enhance the security of the plan. Before making a final call, understand the features, benefits that are offered within a plan. Compare the insurance quotes online and make a final informed choice. You can consider buying two-wheeler or car insurance online. Third party insurance is that part of the law, which we cannot avoid.   Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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