But in case of third party property damage IRDA have already imposed an upper cap of Rs750000.
Is third-party insurance enough in india. Is third-party insurance enough in india. In the Indian context automobile dealers arrange for a comprehensive insurance cover along with vehicle registration. A third party car insurance policy provides the most basic coverage and is more affordable as compared to a comprehensive plan.
Any financial obligation sustained by valid policyholders due to death and disability of third party are covered in the policy. In India third party insurance is a mandatory cover without which one cant drive hisher vehicle on the roads. 1 lakh third-party property damages should be covered under the.
However whether or not it is enough for your needs depends on what kind of protection you expect from the insurance policy. With a valid policy you can legally ridedrive your vehicle on Indian roads. Third-party liability which is unlimited is decided and awarded by the judiciary taking.
In India Third Party Insurance is more than just a precautionary safe-guard. Among the two types of car insurance in India the third-party TP car cover serves to protect the insured from claims arising from a third party when the insured persons vehicle is at fault. A third-party car insurance covers a vehicle owner against any legal liability due to damages caused to third-party.
Third-party insurance is a type of insurance cover that shields you from any type of financial loss if you damage any third party property in an accident. This policy does not provide any benefit to the policyholder. As per the motor vehicles act every motor vehicle owner must buy third party insurance coverage in India.
Waives off unwanted penalty. Having a third-party liability cover is mandatory as per the Motor Vehicles Act 1988 and needs to be renewed periodically. NoThird party two wheeler insurance is mandatory for all bike owners in India.