Third Party Liability Insurance for Car / Bike
Third Party Liability Insurance for Car / Bike: We are not saying that you are a reckless driver or you are not good in driving, but if you are on the road, accidents may happen. You may hit someone’s car or bike. The situation can get worse if the victim is a litigious person. But you don’t need to worry much if you have the safeguard of Third party Liability insurance for the vehicle. In this case, the cost of damages will be paid by your insurance company.
It is named as Third party Liability because the beneficiary of this insurance plan is not the insured nor is it the insurance company but the third party who was affected by an accident caused by the insured. The insured is the first party, the insurance company is the second party, and the person the insured injury or who claims damages is the third party.
Key Benefitsv style="text-align: justify;">The policy is not only limited to cover the expenses of the property damage occurred to the third-party but also the death or serious injury of the third-party.
If you purchase Third Party Liability insurance policy and mishap happens while driving a car or a motor, which damages the property of another person, seriously injure or kills him, then your insurance company will bear all the expenses on your behalf.
The amount that insurance companies pay to vary according to the insurance companies, for example, ICIC Lombard pays up to 7.5 lakh in case of property damage of third-party, while in the case of injury or death of the third party the sum insured is unlimited.