Advantages of a Third-Party Car Insurance
There are several advantages of third-party car insurance. Let’s look at the advantages that you will be eligible for in case you buy third-party car insurance:
Enables You To Drive Legally
Under the Motor Vehicles Amendment Act, 2019, it is necessary to insure your car if you want to drive on Indian roads. Getting basic third-party car insurance will protect you from hefty fines.
It Will Save You Time
You can buy third-party car insurance online with just a few clicks. This will save you time and money as you can buy this plan from the comfort of your home.
Coverage for Third-Party Person in case of Personal Damages
In case of an unfortunate event like an accident where you hurt someone physically or in severe cases, cause the death of the third person. Your third-party car insurance will provide coverage for the losses up to unlimited liability**.
In Note (** Compensation amount is decided/suggested by the court of law.)
Coverage for Third-Party Property or Vehicle Damages
In case of an accident where it causes damage to one’s vehicle or property, your third-party car insurance will provide coverage for the loss up to Rs 7,50,000/-.
Protects you in case of any physical injuries
In case you don’t have a personal accident cover, you can opt for it with your third-party car insurance. This way you can protect yourself and your family financially in the case of permanent disability or death due to an accident.
Protects you from Unexpected Losses
Indian roads are congested, and you can see several cars on the roads. So, an unfortunate event like an accident that is bound to happen. If you opt for a third-party car insurance policy, you don’t have to worry about the expenses that might incur in case of an unexpected accident loss.
Disadvantages of a Third-Party Car Insurance
Nothing is perfect, not even your third-party car insurance as it comes with several disadvantages as well. Here is the look at the disadvantages that you might face if you buy third-party car insurance:
Doesn't cover your own damages
Your third-party car insurance will not provide coverage against the damages and losses to your own car. To protect your car financially, you need to opt for a separate comprehensive car insurance
policy from reputable insurers.
Doesn't cover damages due to natural calamities
No one can predict the future. Natural calamities such as floods, earthquakes, tsunami, etc. are some of the unfortunate events that no one has control on. In case your car is damaged due to a natural calamity, your third-party car insurance will not cover it. However, opting for comprehensive car insurance will surely protect you financially against the damage caused to your car due to both natural and man-made calamities.
You can’t opt for add-ons
There are several add-ons that enhance the coverage of your plan, but you can only opt for them in case you buy a comprehensive car insurance plan and not with third-party car insurance.