Cover against some damage. For this one has to pay little
amount which is called a premium. If something damage happens then against that
one get determined amount as a compensation.
THIRD PARTY
INSURANCE
First Party:
Related to owner.
Second
Party: Related to the driver.
Third Party:
Related to the which is hurt during an accident.
IMPORTANCE
OF INSURANCE
At the the time of an accident, it is the responsibility of
the driver and owner of the vehicle to compensate the the injured person. There
is no limit of such compensation. So some time it become difficult to owner and
driver to pay the full amount to the affected person. This third party
insurance cover is beneficial in that time.
COURT
DECISION
As per the decision of the hon’ble Supreme court .3 (Three)
Years for car & 5 (Five) Years for two wheeler insurance (Third Party)
insurance is mandatory since September 18.
EXPANSION
OF INSURANCE
Now a day’s Insurance is making its place everywhere. Life
insurance is very popular and almost all know about Life insurance less or more.
But now new types of insurance are also popular.Such as
General Insurance
Mediclaim and many more.
TODAYS NEED
Now a day’s everyone
should understand the importance of insurance. This insurance can be very
helpful as financial support. Therefore it is good to purchase an insurance
policy against unexpected expenditure.
EXPERT
OPINION
There is no harm to pay an amount as a premium against insurance policy. At the time of need this
little premium may be as a life saver.
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