Benefits of Third Party Insurance, How to Claim in 2024

Benefits of Third Party Insurance – It has become mandatory to get third party insurance done on all vehicles running inside India, if you do not get third party insurance done on your vehicle, then according to the Vehicle Act, it is a legal offense, due to which you are fined. You may also be fined or you may be punished. Many people g20et it done but there is not much information about it. In today’s article, we are telling you in detail about Third Party Insurance.

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What is Third Party Insurance?Benefits of third party insurance FAQ – Thirst Party Insurance

Before getting third party insurance, you have to understand what is this third party insurance and what can be its benefits? How to get this done? That’s why definitely read this article till the end. With which you can easily take advantage of insurance.

What is Third Party Insurance?

There are many types of insurance, but you should take it according to your need. If you have any kind of vehicle then insurance is very important. If your car collides with someone, then the owner does not have to pay for the loss. Which saves money.

If your vehicle causes any kind of financial loss to any third party or any other person, then it is compensated by the insurance company under third party insurance. If the accident is major and the person in front suffers any kind of damage or dies inside it, then the full compensation is done by the insurance company. This saves you from paying compensation legally.

Now you must be thinking here that what is first party, second party and third party, then first of all we know about them.

Those people who get insurance like the owner of a vehicle come inside the first party –

Within the second party that insures such as an insurance company –

Under the third party, the property of the person who is harmed is counted.

In this, neither the first party nor the second party is benefited, under this the third party is benefited.

By now you must have understood what is Third Party Insurance, how to buy it and from where you can buy it. Now we are telling you about its benefits. Let’s know –

Benefits of third party insurance

As per the law, the owner of the vehicle has to pay a fixed amount for any B insurance. After this, if there is any loss then the insurance company has to pay a small amount and the rest of the amount is the responsibility of the company. All the companies give refund as per their rules. Although they follow all the government rules.

Death and Bodily Injury of Third Party

If any third party dies due to your vehicle or its property is damaged, then it is fully paid by the insurance company, in addition to this, if the third party suffers any physical injury, then the full cost of his hospital And the medical expenses are completely borne by the insurance company.

Damage to another person’s property

If any other person’s vehicle is damaged by your vehicle, this insurance works under it, but if the vehicle gets damaged or it gets damaged because of you, then it is not compensated by the insurance company.

Medical expenses and hospital payments

If someone gets seriously injured by your vehicle or is admitted to the hospital due to any reason, then the entire cost is paid by the insurance company. For this, you have to get treatment done in the insurance company itself. All types of expenses are covered under this insurance, you do not have to pay a single rupee from your pocket.