what is third party insurance only?
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Third-party only insurance (TPO) offers you the legal minimum level of car insurance cover, and is the most basic you're able to get. This kind of policy helps protect other people, vehicles and property in the event of an accident that was deemed to be your fault.
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If you have an accident while driving the car that's listed on your policy, third-party insurance covers you for: Third-party injury to a passenger or a person in another car. Damage to another person's car. Damage to another person's property, including driving into their wall.
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Third Party Cover (TP): The third party insurance covers damages triggered by your vehicle in the event of an accident. It is mandatory, as per the Motor Vehicles Act (1988). The basic premium for TP cover depends on the Engine capacity or cubic capacity of the car.
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While a third-party bike insurance only covers for third-party related liabilities, a comprehensive bike insurance covers for your bike's own damages as well and, also gives you the option to extend your coverage beyond just basic benefits, with a range of add-ons and covers.
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Definition: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act. ... However, it covers the insured's legal liability for death/disability of third-party loss or damage to the third-party property.
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Third party liability coverage protects you in the event your vehicle causes harm to another person or their property. If you cause injury, death, or property damage, third part liability coverage is applicable and will cover these insurance claims up to your policy limit.
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Motor Insurance covers legal liability to Third Party for injury or death or damage arising out of an accident to the insured vehicle. Third Party would mean anyone other than the Insurer and the vehicle owner.
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Third-Party Insurance. Third-party insurance is purchased to protect the insured against liability for losses or damages the insured causes to another individual or their property.
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Third party insurance is the legal minimum. This means you're covered if you have an accident causing damage or injury to any other person, vehicle, animal or property. It does not cover any other costs like repair to your own vehicle. You may want to use an insurance broker.
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What is the Difference Between Comprehensive and Third Party Insurance? ... While a Third-Party insurance only covers you against third-party damages and losses, a comprehensive car insurance will cover for your own damages as well. Choosing the right kind of insurance for your vehicle is crucial in India.
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Third party, fire and theft insurance (TPFT) has the same basic features as third party only, but your losses will be covered in the case of a fire or theft. Comprehensive insurance includes all of these features as well as paying out for damage to your car in the case of a claim, whether or not you are at fault.
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What is Third Party Car Insurance? Third Party Car Insurance offers a basic and more affordable form of cover that covers the damages that you may cause to another vehicle in the event of an accident. ... Third Party Car Insurance covers the costs if your car causes damage to another vehicle.
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A Third Party Cover insures you against any injuries or deaths caused to another person, as well as loss or damage to a third party property caused by your vehicle. ... Third Party Insurance is the minimum level of coverage a driver needs in order to renew his or her road tax and legally drive on the road.
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The term 'third party' refers to a person involved with a car insurance claim who is not you – (the holder of the policy or the driver). So this is usually the other driver involved in an accident. ... Third party only insurance also covers any passengers in your car with you, if they are injured in an accident.
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Third-party liability covers you against death or bodily injury to any third party/person and damages to third party property arising out of the use of your motor vehicle. More importantly, this policy does not cover any damage or loss to your own vehicle.
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The first party is the insured individual. The second party is the insurance company. The third party is another individual. Therefore, a third-party insurance claim is made by someone who is not the policyholder or the insurance company.
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Third party, fire and theft insurance covers you for any damage caused to a third party or their property if you are involved in an incident, while also covering your own car if it's damaged by fire or stolen.