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Besides the legal clause, Third Party Insurance comes in handy when your vehicle hits another vehicle. You can’t measure the level of damage as a result of an accident - it might lead to death as well. In such instances, the victim is allowed to register a case claiming for compensation. Here your third party motor insurance comes into the picture. It covers the insured vehicles in case any liability claim arises out of bodily injury, property damage, or death of a person. As per the guidelines of IRDA third-party property damage cover is limited up to 7 lakhs. Moreover, sticking to third party liability insurance is a wise idea if you own an old car and don’t want to spend your hard-earned money on it.
Actual cash value equals the purchase price of your car minus depreciation and your deductible. So comprehensive coverage will pay an amount up to the actual cash value of your car to either repair or (in the case of a total loss) replace it. If the cost of repairs exceeds your car's ACV, your car insurance company will declare it a total loss and pay the sum of the car's ACV to help you replace it — unless you opt to retain salvage (i.e., keep the totaled car), in which case the salvage value will also be deducted from your payout.
To determine how much auto insurance is best for you comes down to understanding your current economic circumstances and how the different types of coverage work together. If you own a car, buying car insurance is inevitable, so it is really important you are getting the right amount for the right price. The following table gives a quick summary of what types of insurance you should have.
The price of car insurance can vary greatly between states. One company may be expensive in Utah, but inexpensive in New York. In some states, a small, local company could even offer the best price. Below, click through to your state to see which company and cities have the least expensive car insurance based on the numerous studies we've conducted.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply. Discounts may not be applied to all policy coverages.
Once you’ve decided on the plan, the next step is to compare third party motor insurance online. Online comparison helps you get the best deals that meet your requirements. You can compare the plans on the parameters like benefits, features, coverage, claim settlement process, premium etc. We, at Policybazaar.com, help you compare these plans in the blink of an eye. You just need to visit our official website, fill in the relevant information and compare third party car insurance plans from a relatively large number of insurers. Once you find a plan that suits your budget and requirements, then you can proceed to purchase it directly from our site. With an adequate Third Party Insurance, ride your passion into the sunset with gusto!
Description: Since the third-party insurance cover is mandatory, all non-life insurance companies have an obligation to provide this cover. In the Indian context, automobile dealers arrange for a comprehensive insurance cover along with vehicle registration. This comprehensive cover is an add-on to the mandatory third party cover and protects the car owner from financial losses, caused by damage or theft of the vehicle.
Collision and comprehensive insurance are two optional types of auto insurance where your insurer pays for repairs to your vehicle. While there are other optional auto insurance coverages, liability, comprehensive, and collision are three of the most common. These coverages work hand-in-hand to repair or replace most of the damages to your car. It's important to know the difference, and make sure you're adequately covered.