What is Third Party Property Damage Insurance?
Keep Your Vehicles Insured with Third-Party Damage Cover
Having a third-party liability insurance cover means you get protection against any legal liability, because of the damage done to the third party or property. Having Third-party liability coverage is necessary for law and at the same time necessary under the insurance coverage policy for your vehicle. When we are going to choose the insurance cover, we get confused with third party insurance or to choose comprehensive car insurance. Getting comprehensive car insurance gives you coverage for the overall damage cover to the car from unrelated to accidents, but with third party insurance, you get the complete cover for any legal liability, which is there because of injury or damage thereby the insured to the third party
Key Benefits of having the Third Party Car Insurance
Sed congue nunc pharetra dignissim aliquet. Fusce elementum eros aliquam, sodales nisi quis, sodales magna. Integer congue convallis adipiscing. Aliquam erat volutpat. Sed sed erat quis ligula posuere luctus commodo luctus felis. Quisque non sem a enim iaculis venenatis vitae at lorem.
Phasellus eleifend sapien quam, ut euismod ante fringilla eget. Cras ut libero porttitor, dapibus ante non, lacinia odio. Curabitur id eros vitae elit feugiat commodo ut eu justo. Pellentesque sed porta libero, venenatis fermentum lacus.
- Offers the Legal Cover and Provides Financial Benefits– Having the third-party insurance cover means you have protection from legal liability in case of damage done to the property of the third party or in case of disability and demise of the third party. Having this insurance cover bears the burden and legal formalities. The fact is who will enjoy the direct benefits are neither the insurer nor the insurance company but enjoyed by the third party.
- Drive Legally- When you have a third-party insurance cover then you can save yourself from hefty fines.
- Seamless, Easy, And Fast Working Process- The best part of having third-party insurance is that the process of getting the claim is easy and easily accessible. It can also be renewed online.
- Not Burdens Your Pocket- Third party insurance cover is apparently a cost-effective idea to get coverage. Though, it is rewarding compared with its cost and premium rate. You can get this insurance cover as the complete insurance or can also take it as the add-on, but in both cases, this will offer you complete benefits.
Main Features Of Third Party Insurance
The Standard third party insurance gives covers in case the damage done from your vehicle results in
- Death or physical injuries to the third party
- Property damage of the third party
- The policyholder, insured party, or the insurer is the beneficiary of the third party insurance. They all are the nominal beneficiary if the third party car insurance. When the claim is asked, then the money is directly transferred to the third party or to the solicitor by the insurance company.
- With this insurance cover, you can get the lawyer’s help.
- If you get injured, you will not get covered under third party car insurance.
How Does the Third- Party Car Insurance Work?
The concept of third party car insurance is simple and easily understandable. To understand it better you should look at some terminologies:
- First Party- The policyholder or the insured person
- Second Party– The insurance Company
- Third-Party– The person who claims for the damage done by the first party
In the event where the first party is held legally liable for injuries or any damage to the third party, then the second party indemnifies the first party. When there is any damage or loss by the insurer to the third party or his property, then coverage is offered by the insurance company for the speedy resolution of the issue, it is better to intimate the insurance company about the accident claim at the earliest. This is how third party insurance works.
Integrity Insurance Solutions Pty Ltd is your insurance expert, partnering with you every step of the way to ensure you and your business are protected.Integrity Insurance Solutions