Which of the following risk is covered under vehicle insurance?

The damages to the vehicle due to the following perils are usually covered under OD section of the Motor Insurance policy: Fire, Explosion, Self- Ignition, Lightning. Burglary/Housebreaking / Theft. Riot & Strike.

What are the factors covered under third party insurance?

Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death. Third-party insurance does not provide any compensation, if: The accident was caused due to drunken driving.

What happens if you crash with third party insurance?

A third party car insurance policy ensures that if you cause an accident, any damage to the other person’s vehicle or property will be paid for by your insurer. However, damage to your vehicle will not be covered, and you will need to pay the bill yourself to get things fixed.

What is 3rd party vehicle insurance?

Third Party Insurance. Third-party insurance safeguards the policyholder against damages caused to the third party by the insured vehicle. It covers financial and legal liabilities arising due to physical injuries, vehicle damages, property damage, & accidental death.

What is the difference between third party and limited third party insurance?

While a comprehensive plan provides multiple protection covers for you and your vehicle, a third-party cover is limited to offering protection against the claims of a third party. The strengths and weaknesses of these two types of car insurance depends on several underlying factors.

Why insurance against third party is necessary?

Third-party insurance is important because it is mandated by the law for all vehicles driving on the road to have a third-party insurance policy. Moreover, third-party insurance financially protects you against any third-party damage, loss of property, death or bodily injury caused to the third party.

How does a third party insurance claim work?

The third party in an insurance claim is the person who has suffered a loss because of your actions and who lodges a claim against you; the first party is you, the person insured; and the second party is your insurance company, which is responsible for settling the claim.

Can you drive someone else’s car with third party insurance?

Driving other cars cover is usually only available on a comprehensive car insurance policy, so if you have third party (or third party, fire & theft) cover, you won’t be covered to drive any other cars.

What is third party working risk?

Third Party Working Risk – Damage to other people’s property arising from operation. • Can include other vehicles such as Service Vehicles and Traffic Management Vehicles.