NettetThird party insurance cover is mandatory under the Motor Vehicles Act, 1988. This cover cannot be used for personal damages. This is offered at low premiums and allows for third party claims under "no-fault liability". The premium is calculated through the rates provided by the Tariff Advisory Committee. NettetThird-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.
Why is third-party motor insurance cover mandatory? Mint
NettetCar insurance is a crucial document for all four wheeler owners in India. No matter the size of your car, you need to purchase a motor insurance policy with either third party or comprehensive insurance under the motor laws of the country. As per the Motor Vehicles Act, 1988, it is illegal to drive a car in India which does not have a valid third … Nettet13. okt. 2024 · Third party insurance is mandatory for vehicles plying on Indian roads under the Motor Vehicles Act, 1988. ... The third party motor insurance plan … borgwarner michigan
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Nettet22. aug. 2024 · Motor Vehicle Act, 1988 provides for mandatory insurance against third party risk under section 146. Compulsory Insurance is Third Party Insurance under … NettetThird-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 … Nettet22. sep. 2024 · In order to fulfill all those gaps, the Government of India came up with the “Motor Vehicle Act, 1988”, according to which it is mandatory that every rider should have the valid insurance policy covering third-party risk in order to ride their vehicle in the road. The purview of the Third-party risk contains coverage for several types of ... borgwarner méxico