We all dream of buying our personal car. It not only takes your hard earned money but also lots of patience, calculations and a sharp eye on the latest features of the car in comparison with the other models in the automobile market. A car makes it very easy for one and all near dear ones to commute from one place to another, be it long distance or for short distance. With the latest technology, it not only makes the journey easy and comfortable but also fast. Our car is lashed with the latest technology and hence the cost of repair and Maintenance of the car have also increased. Also, we cannot avoid any mishap like an accident on the road that leads to unwanted expense. Car insurance policy can save you all such unexpected expenses.
In India, every car which plies on Indian should have valid car insurance mandatory under the Motor Vehicle Act, 1988. Third party insurance is the most recommended and basic car insurance policy in India. One cannot drive a car in India without it. Third party insurance covers the damage and loss that occur to the third party property/liability. Motor Vehicle Law allows the victim to file a claim for the reimbursement from the owner of the vehicle if in case of loss or damage due to insured car.
Third Party Car Insurance –
Third party car Insurance is the most basic car insurance plan that covers the vehicle during unforeseen events. Under the third party car insurance, the insured and insurer are benefited. It covers any damage that is caused to the third party’s property or third-party liability against injury or unfortunate death if the insured vehicle is involved in the loss. In this situation, the car insurance company takes charge to bear the expense of the damage caused.
Consequences of not having third party Insurance –
- Fine – As per the Road Transport and Safety Bill 2014, passed by the Indian government. Under this act, the car owner is penalized heavily if he/she drives a car without any valid car insurance cover. For the light motor vehicle, one have to pay around Rs. 25, 000/- or Rs. 75,000 /- for another motor vehicle as a penalty.
- Money loss – In case of any unforeseen event that causes harm or loss to third person or property, the car owner has to pay for the loss from the personal pocket. If your car is covered under the Third Party insurance then all the expenses will be covered by the insurer including the death of the third party in such case liability would be very high.
- Legal Complications – Without third-party car insurance one also have to face legal complications apart from financial loss. Penalty, challenge, and imprisonment can be any of the consequence that you have to face if you are caught driving a vehicle without car insurance in India
- Loss of No Claim Bonus – No claim bonus is the benefit that you get a benefit in your next policy renewal of the car insurance policy. If you will not renew your car insurance policy online, you will even loss the benefit and discount.
- Documents in Danger – If anyone is caught driving without car insurance policy then it is also possible that it may lead to suspension of the vehicle’s registration or one has to surrender his/her driving license
Third party Insurance is a mandatory cover and one have to face various serious consequences as some of them are mentioned above. It is designed in a way that you can avail it even with your other various expenses as it is completely in the budget. To get the best compare car insurance through online insurance web aggregator such as PolicyX.com. It will help you with all required information.