A bike owner is required to have third-party liability insurance on their bike. This article explains what third-party liability insurance means. It will also demonstrate how having such a policy can be Third Party only Motorbike Insruance in Thailand advantageous. Accidents can happen anywhere and anytime. Any bike accident can lead to the death of someone or the destruction of the property of another. A third-party insurance policy can cover such liabilities.
This policy aims to pay for the financial losses you suffer when you are injured by another person, vehicle, or property. Having a third-party liability policy is mandatory for all vehicle owners according to Third Party only Motorbike Insurance in Thailand the Motor Vehicles Act 1988. Our other blog can find more on this topic and two-wheeler insurance in India.
The comprehensive insurance policy differs from the third-party liability policy in many ways, but many people confuse them. Comprehensive insurance covers both third-party damages as well as your damages. Hence, it covers the third party’s liability and the damages to your vehicle. Third-party liability insurance only covers the liability of the third party.
Purchasing third-party insurance is very easy because there is not much paperwork required. The policy protects against death or injury to a third party if your bike is involved in an accident. However, this policy does not cover losses to your insured vehicle. An exclusive third-party liability policy is very inexpensive compared to comprehensive insurance.
The liability for injuries or death to third parties is uncertain and unlimited when you purchase a third-party liability policy. In a nutshell, liability insurance covers third-party claims for you since the insurance company assumes this responsibility. In the event of an injury to a third party, the insurance company reimburses the medical expenses and disability of the injured person, according to the MACT.
Additionally, comprehensive insurance covers damages to your vehicle and all these liabilities. A comprehensive insurance policy covers damages to your vehicle caused by fire or theft. As a result, comprehensive insurance is a better option than third-party liability insurance. Although third-party liability insurance has a low premium, you should consider paying a little more to cover your vehicle’s damages.
A third-party insurance policy is mandatory, so you should purchase either one. In the case of a new car, you should always purchase a comprehensive policy rather than a third-party liability policy. It is always advisable to purchase a comprehensive insurance policy if you own an old car and don’t want to pay for repairs out of pocket.
