ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Personal injury protection will cover all the costs associated with the accident. The medical bills of the driver and other passengers will be covered by the personal injury protection.

Detailed explanation-2: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Detailed explanation-3: -Property damage liability-It covers property damages to third parties such as another person’s car. Medical payments-This payment is done to the policy owner and other passengers in the policy owner’s car.

Detailed explanation-4: -Comprehensive Car Insurance Policy With comprehensive car insurance, you get the benefits of Third Party Liability cover along with Own Damage coverage.

Detailed explanation-5: -What is umbrella insurance? Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations.