What is mean by third party Insurance and Comprehensive Insurance of vehicle.

What is mean by third party Insurance and Comprehensive Insurance of vehicle.
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1 Answer

Answer :

Motor vehicle Insurance is an agreement between the insurer and the insured wherein the insurer provides financial cover for the vehicle and the insured in return pays specific premium annually. It provides protection for your vehicle against the financial loss and liability that could result as a part of accident or theft. Following are the two types of vehicle insurance

1) Comprehensive insurance - - It covers the risk of vehicle and its owner or driver as well as third party which involves in accident. Fire and theft cover is also provided against damage to the insured’s vehicle. It does not include mechanical breakdown. The extent of comprehensive insurance may vary in detail from company to company. It is required to renew the policy annually, and it can be renewed two months in advance. 

2) Third Party insurance – It means the person or property other than the vehicle and vehicle owner are safeguarded under this insurance. It is compulsory to all vehicles to safeguard the interest of pedestrians. Personal injuries and personal vehicle damages will not be covered by this policy. For two wheelers, we can take this policy for life time. For other vehicles this policy has to be renewed annually. 
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