Definition of Third Party Insurance Definition.

What 3rd party insurance covers. Just like car or renters insurance third-party liability can help cover the medical bills of. 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. Third party compulsory insurance is meant to cover any other road user that you might injure while driving.

Here is a quick rundown of the various benefits offered by homeowners third-party coverage. Repair costs to any property youve damaged. Motor third-party insurance or third-party liability cover which is sometimes also referred to as the act only cover is.

Under a third-party policy the insurer covers the liabilities in case the policyholder is responsible for any injury or loss to a third party. A third party car insurance policy ensures that if you cause an accident any damage to the other persons vehicle or property will. This comprises the Third-party Liability policy Own Damage Insurance cover and a Personal Accident cover.

First Party insurance is a policy that is beneficial for you the car owner. In the US this type of coverage is more commonly referred to as liability insurance. It is also known as a Comprehensive car insurance policy.

The insured person is termed as first party the insurer or the insurance provider is termed as second party and the person who is. So this is usually the other driver involved in an accident. Third-party insurance provides coverage when you are responsible or at fault resulting in property damage or personal injury.

Medical costs for anyone youve injured. While your Basic Autoplan gives you 200000 in Third Party Liability. Just like renters insurance homeowners coverage offers third-party protection against liability claims and covers medical costs lawsuits pain and suffering lost wages and even death benefits.