GENERAL KNOWLEDGE

Detailed explanation-1: -No-fault insurance is designed to cover your medical expenses and/or loss of income when you’re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional.

Detailed explanation-2: -So let’s start with a basic definition: no-fault insurance, sometimes referred to as personal injury protection insurance (PIP), can help cover you and your passengers’ medical expenses and loss of income in the event of a covered accident, regardless of who is found at fault.

Detailed explanation-3: -Personal injury protection (PIP), also known as no-fault insurance, helps cover expenses like medical bills, lost wages or funeral costs after a car accident, no matter who is at fault. Requirements for this coverage vary from state to state.

Detailed explanation-4: -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.