MANAGEMENT

Detailed explanation-1: -Bodily injury liability insurance pays for injuries you cause to another driver if you are at fault in the accident. It includes medical bills as well as lost wages and even funeral costs if applicable. Bodily injury does not cover the medical costs of injuries you may get in the accident.

Detailed explanation-2: -Physical damage coverage is not an all-in-one car insurance. Typically, it only includes your collision insurance and comprehensive insurance policies. This means physical damage insurance can give you coverage for damages caused by fire and theft. So, if someone breaks into your car, it’ll help pay for the repairs.

Detailed explanation-3: -Liability Coverage: Covers the repair/replacement cost of the damaged property (or third-party) Covers the medical bills of the third party due to hospitalization or medical treatment. Vehicle owners should buy minimum liability insurance as per the legal obligation and the insurance policy will cover the same.

Detailed explanation-4: -Bodily injury typically refers to a type of liability insurance coverage that can protect you if you injure someone else in an accident, whereas personal injury refers to a type of civil action against the party responsible for your damages.

Detailed explanation-5: -Third-party insurance is compulsory for all vehicle-owners as per the Motor Vehicles Act. It covers only your legal liability for the damage you may cause to a third party – bodily injury, death and damage to third party property – while using your vehicle. TP cover does not pay for repair of damage to your vehicle.