MANAGEMENT

Detailed explanation-1: -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-2: -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-3: -Own damage car insurance provides compensation against any own damages sustained by the insured car due to an unforeseen event like an accident, earthquake, theft, riot, fire, etc. This policy can only be purchased if you have an existing third party liability car policy.

Detailed explanation-4: -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. Uninsured and under insured motorist coverage.