The importance of LIFT insurance &(third party liability insurance&)
LIFT insurance (third-party liability insurance) policies protect policyholders from legal liabilities related to damage, injury and death in the event of an accident. According to the Motor Vehicle Law, LIFT insurance (third party liability insurance) is usually mandatory. In the event of an accident, car owners can also have a separate comprehensive car insurance policy to protect themselves and their cars. First, most insurance companies also provide personal accident insurance for their third-party auto insurance plans.
Suppose a person is involved in an accident that causes property damage or injury to passengers or drivers. The insurer signs a contract to cover the expenses incurred by the insured due to the accident of a third party. LIFT insurance (third-party liability insurance) covers the financial liability of the insured to a third party, even if the insured is at fault.
What is the meaning of third-party liability insurance?
1. Provide financial assistance and legal protection
Generally, the policy covers the legal liability of the policyholder in the event of any damage, death or disability caused by a third-party accident. When this happens, the insurance company is usually responsible for the financial and legal burdens of the policyholder. However, the direct beneficiary is usually a third party, not the policyholder or insurance company.
2. Buy third-party auto insurance quickly and easily
Generally, compared with other insurance policies, it is easy to buy, obtain and update third-party auto insurance policies. These insurances can be purchased online, and when someone decides to switch to third-party car insurance, this is usually a simple process. Therefore, anyone can use it conveniently.
3. Create peace of mind
When someone encounters a traumatic event, because insurance companies usually handle the matter, third-party insurance plays an important role in giving you peace of mind. Therefore, policyholders have enough time to focus on their calm and stress relief, rather than things related to the traumatic situation.
4. Easily provide third-party auto insurance around the clock
Most other insurance policies are limited to offline renewal and application methods. On the contrary, third-party insurance can be easily applied for and renewed. They can be used anywhere, 24/7, 365 days. Therefore, they are easy to access.
5. When an unforeseen event occurs, it is cost-effective and beneficial to insurance companies
Third-party insurance is very advantageous in terms of premiums and financial costs. In addition, when calculating the compensation after an accident, the income of the insurance company is usually evaluated.
Bottom line
The coverage of third-party insurance may vary from insurance company to insurance company. They can also make or model cars from one car to another. However, in fact, this policy is very beneficial to car owners because it reduces the legal, economic and emotional burdens associated with accidents. , Policyholders are free from all the troubles associated with unforeseen circumstances related to their motor vehicles.