WHAT DOES THIRD PARTY INSURANCE REALLY MEAN

April 07, 2019

 THIRD PARTY INSURANCE | METHOD TO SAVE A THIRD PARTY


THIRD PARTY INSURANCEThird party insurance is a term used in insurance world and it is usually a third person involved in an insurance contract, yea that is the simplest form of third party insurance definition you can ever think of. In broader term we can say third party insurance is where an “Insured” which is the first party purchases a “liability insurance” from a second party which is the insurer (Insurance Company) for protection of another party called the third party for claims whether the insured (First party) is liable for its own damages or losses, whether it was caused by him/herself or the third party.
Third party insurance is a type of insurance that insures you for any death or injury on another person either it was caused by you or any person as long as your property was used on causing this damage.

This is how the third party insurance works:
1.     If you damage someone else’s car the insurance company covers the cost of repair or replacement of that car and not your car unless you take up a comprehensive cover for it.
2.    Third party liability coverage comes with a policy that covers you for claims by other car owners against you after the incident that i,s the insurance company takes up the cost by fixing or repairing the other car rather than fixing yours.
3.    The insurance company uses the money you paid for in your premiums to cover your cost and definitely if your premium is yet to be paid for a third party car insurance then there won’t be any compensation for it in case an accident occurs so you are left to cover out of your own pocket.
4.     An insurance company will save the stress of cost associated with accident assuring your car crashes on another person’s car or you injure a pedestrian; the insurance company will cover for damage or medical bills whatever is the case and more also if in the case of injuring a pedestrian then the insurance company will save you off being apart by the family members of the injured pedestrian.
      
THIRD PARTY INSURANCE

5.    An insurance company comes up when you think everything is crashing on you. The greatest thing that can happen to anyone is when you find yourself in trouble and someone just came to rescue and take off the burden. And that is what an insurance company does, they serve as a quick recovery of any accident or bad event you find yourself.
      Having an idea of how insurance company works is not only what is necessary. You also need to know how the third party insurance cover works which have been explained above.
      But most people do not have an idea on how to make a claim after an accident and they allow the injured person or victim to take advantage of them. Am gonna quickly give a rundown of information you must put together after an accident:
      First of all, you need to contact your insurance company and give them a brief information/summary of the incident and they should include:

1) The exact date and time in which the accident occurred and if there was any unfavorable weather conditions.

2)  Source out for information of the affected person or car (Know if the person was registered in an insurance company or not)

3) There should be a detailed information of the driver or passengers, if there was any injury or damages to the car or property in the time of the accident.

4) You should be able to take exact photos of the injured or affected person is trying to add up the cost

5)  Check if there was any witness at the event and get every details about the witness.

NOTE: be intelligent enough to know when you are at fault in an accident event, it perhaps you weren't at fault you could make a claim for damages and person’s insurance company will cover up for your cost like injury compensation or repairs.

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