In India, buying a car adds to the luxuries of life. Owning a car makes it mandatory to own car insurance as per the law. Car insurance proves to be very helpful as it pays for the damages, reduces the liability, pays for medical and hospital costs, and compensates the family in case of death.
Third Party liability insurance is also known as ‘Act Only Cover’. It is the cheapest form of car insurance available in the market. The beneficiary in this policy cover is the third party, i.e., someone other than the insured and the insurer. This particular policy covers the liability of disability/ death, loss or damage to the third party or their property. This does not cover the expenses and damage caused to the policy holder.
Third party liability insurance covers the legal liability of the insured person in case of loss or damage to the third-party or his property. This policy takes the legal and financial burden off the policy holder.
With all the legal and financial matters taken care of, the insured person feels much at relief. They do not have to worry about the further procedure and can cope with the effects of accident by relaxing. It also proves to be a stress-free experience for someone who has fortunately not faced such a situation yet. Already having an insurance policy makes them feel covered, assured, and protected.
The procedure of buying a third-party liability insurance is very simple. They are easily accessible online and it is also possible to get them renewed online. This makes it a fairly quick and easy process that can be done as and when one finds convenience.
The third party insurance cover offers cost-effective options like add-ons. Add-ons are discounts or extra coverage options that help in adverse conditions.
Third party liability insurance is the cheapest insurance available in the market. It is extremely cost effective and beneficial in terms of premiums and financial costs.
Due to the fact that third party liability insurance policies are available online, one can access them anytime. The whole procedure can be completed according to one’s convenience regardless of day or night, time, weather, or location.