The third party is someone who doesnt have any involvement with creating this contract but could be affected by it.

What does no third-party insurance mean. As third party insurance only covers damage to a third party but not your own vehicle it tends to be the most affordable option when it comes to insurance. It covers the victims property and any medical costs due to injury. It is also known as a Comprehensive car insurance policy.

This means even the best car insurance providers will not cover damages to the policyholders car under the third party insurance cover. Most insurance contracts only involved the insured the first party the insurance company and the second party. A third party car insurance policy ensures that if you cause an accident any damage to the other persons vehicle or property will.

Unlike comprehensive insurance no insurance benefit is provided to the policyholders car under third party insurance. Even if you do everything you can to prevent damage or injury they still happen. Third party liability coverage.

Most insurance contracts only involved the insured the first party the insurance company and the second party. Unfortunately accidents often result in legal proceedings and lawsuits. Since the third-party insurance.

Without third party liability coverage you would be directly personally responsible for compensating the third party for their loss. Also referred to as legal liability coverage this section of your home or car insurance policy is set up to cover things like legal fees the. The second party is the insurance company.

This comprises the Third-party Liability policy Own Damage Insurance cover and a Personal Accident cover. The first party is the insured individual. Third party insurance is an insurance policy that covers property damage caused by someone who isnt the insured.