Third-party insurance is a mandatory policy for all vehicle owners, covering damages to third parties in case of an accident. Here are the key benefits:
- Legal Compliance: Third-party insurance fulfills the legal requirement under the Motor Vehicles Act, protecting the policyholder from fines or legal penalties.
- Financial Protection: It covers the costs associated with damage or injury to third-party property, vehicles, or individuals, reducing the financial burden on the policyholder.
- Accident Liability Coverage: In case of an accident, third-party insurance takes care of the liability towards the affected third party, including medical expenses and compensation for personal injuries.
- Affordable Premiums: Compared to comprehensive policies, third-party insurance has a lower premium, making it a cost-effective option for basic legal coverage.
- Peace of Mind: Third-party insurance provides assurance that in case of an unfortunate event, the policyholder is protected from the financial and legal implications of third-party damages.
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