Third Party Insurance

2007-05-02 10:04:19

( Legal )



Most countries require you to purchase a car insurance policy before you can drive your car in public. Otherwise, you will be charged a fine and your license will be suspended. Thus, it is important to know how to get a good car insurance policy.

When buying car insurance, the first thing you have to do is to know your options. There are various types of car insurance available.

• Compulsory Third Party Insurance, also known as CTP, covers you against compensation claims if you get into a vehicular accident and unintentionally injure or kill someone.
• Third Party Property Insurance covers the damage might cause to the other car if you get into an accident. It may also provide additional cover for your car if the other driver is not insured.
• Third Party Property, Fire and Theft Insurance also provides coverage if your car is burnt or stolen. It also provides coverage if your car is damaged while somebody is attempting to burn or to steal it.
• Comprehensive Car Insurance provides coverage for all repairs and even replacing your car, eve if the accident is your fault. This is the most expensive car insurance option.

Compulsory third party insurance is the most basic insurance and is the minimum kind of insurance that the law requires. The first party refers to the driver of the car, while the second party refers to the insurance company. Compulsory third party insurance is also the cheapest kind of insurance available.

If you want to save up on third party payments, you can avail of a no claim bonus. For a few years, you will not be allowed to claim anything from the insurance company. This can help you save a considerable amount of money.

If you find yourself in a car accident, let your insurance company know as soon as possible.


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