In other words when you purchase this coverage its designed to protect you financially if someone files a claim against you.

What does third party insurance covers. Third party car insurance is the minimum level of cover you can take out - it is a legal requirement. Medical costs for anyone youve injured. Your third-party insurance would cover the cost of the other persons car and medical expenses.

This includes both their own passengers people in another car and pedestrians. Third party compulsory insurance is meant to cover any other road user that you might injure while driving. That means the CTP insurance you select when you register your car would pay for another.

Third-party liability insurance will pay for any of the following. Third-party insurance which is also sometimes referred to as act-only insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. What Does 3rd Party Motor Insurance Cover in Nigeria.

Legal fees and lawsuits as a result of the accident. A third party car insurance policy ensures that if you cause an accident any damage to the other persons vehicle or property will. So this is usually the other driver involved in an accident.

Jumat 13 Agustus 2021. If you are involved in an accident third party car insurance will typically cover you for. It is referred to as a third-party cover since the beneficiary of the policy is someone other than the two parties involved in the contract the car owner and the insurance company.

The insured person is termed as first party the insurer or the insurance provider is termed as second party and the person who is. Third party insurance covers policyholders if they damage someone elses property or cause them injury. Basically third-party insurance is liability coverage thats purchased by a consumer first party from an insurance company second party to protect against claims from other people third party for injuries or damage the first party causes.