The importance of LIFT insurance &(Third Party Liability coverage&)
LIFT insurance (Third Party Liability coverage) insurance policy protects the policyholder against legal liabilities related to damages, injuries, and death in the event of an accident. According to the motor vehicles act, LIFT Insurance (Third Party Liability Coverage) is usually mandatory. Car owners can additionally have a separate comprehensive car insurance policy to cover themselves and their cars if an accident occurs. Primarily, most insurance companies also provide a personal accident cover with their third-party car insurance plans.
Suppose an individual gets involved in an accident that damages property, injury to the passenger, or the driver. The Insurer contracts to cover the insured's expenses against an accident that occurs on third parties. The LIFT Insurance (Third Party Liability Coverage) covers the policyholders from the financial liability towards the third parties even if the policyholder was the cause of the fault or not.
What is the Significance of Third Party Liability coverage?
1. Providing Financial Assistance and Legal Cover
Typically, the policy covers the policyholders from legal liabilities in case of any damages, death, or disability following an accident to the third party. When such a scenario happens, the Insurer usually takes care of the financial and legal burden of the policyholder. However, the direct beneficially is usually the third party than the policyholder or the insurance company.
2. Fast and Easy Process to Procure a Third Party Car Insurance Cover
Typically, buying, acquiring, and renewing Third Party Car Insurance Policies is easy compared to other policies. The covers can be purchased online, which is usually a straightforward process when someone decides to switch to third-party car insurance. As such, it is convenient and readily available to anyone.
3. Creates Peace of Mind
When someone encounters traumatic instances, third-party insurance coverage plays a significant role in creating peace of mind since the Insurer usually takes up the matter. As a result, the policyholder has sufficient time to focus on their peace and relief from stress than on the matters related to the traumatic situation.
4. Easy Round the Clock Availability of Third Party Car Insurance Coverage
Most of the other insurance policies are limited to offline renewal and application methods. On the contrary, third-party insurance covers can be easily applied and renewed. They are available on a 24/7, 365 days basis from any location. They are therefore easily accessible.
5. Cost-Effective and Beneficial to the Insurer When an Unforeseen Event Occurs
Third-party insurance coverage is highly beneficial in terms of premiums and financial costs. In addition, evaluation is usually done on the Insurer's income when calculating the compensation following an accident.
The Bottom Line
Third-party insurance coverage may vary from an insurance company to another. They can also vary from one motor vehicle to another, make or model the car. However, it is a fact that the policy is highly beneficial to motor owners since it relieves them from the legal, financial, and emotional burdens related to accidents. , the policyholder is covered from all the hassles associated with unforeseen circumstances relating to their motor vehicles.