Insurances.net
insurances.net » Others » Understanding the Third Party Insurance
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others
]

Understanding the Third Party Insurance

Understanding the Third Party Insurance

Third Party insurance is the legal responsibility cover bought by a first party. This first party is also known as the insured. This cover is bought from a second party who is the insurer and insures against claims made by another individual or entity otherwise known as the third party.

Third party insurance stipulates that the first party is responsible for any damage caused to themselves or their own property. The same applies for damages caused to the first party by the third party. In essence, only protects the first party from claims of damages made by others (third party) against them. Claims made by the third party against the first party generally take the form of lawsuits where the first party or insured is being sued for damages against another individual or third party.

It is good to realize that this protection only falls within the coverage of the insurance policy. It is therefore very important to be informed on this policy and to know what is and is not covered within the same. Claims that do not fall within the coverage policy are not settled and ignorance is not a valid justification when filing a claim. Insurance companies will usually include the exceptions and inclusions of coverage in what is deemed the "small print" or word it in complex, difficult English. It is for this reason that is advisable to evaluate the insurance policy with some legal aid that can better interpret and explain the policy to you.

Third party insurance type of cover is often confused with comprehensive insurance, which is full risk protection for the insured against any claims made. These include claims made by both the first and third party under any circumstances except those exceptions included within the insurance policy.

Third Party Insurance typically covers ones car. In this respect it protects the first party against claims made by third parties for damage to their property i.e. automobile, physical injury or even death. It will also cover one for the legal fees incurred if the case goes to litigation but ordinarily will not cover for any fines incurred. This type of car insurance will not typically cover for losses incurred for theft and fire. It is therefore important to opt for a more specific and focused auto insurance sometimes denoted as Third Party Insurance; Fire and Theft. Find out about the MetLife Insurance. Also make sure to visit Buy Zurich Life Insurance.

It is not economically viable to take out a Third Party Insurance policy for an automobile that is brand new, expensive or has a lot of personal value. This is because damages made to it by you will not be covered by the insurance and will leave you with hefty repair bills.

Thorough research should be conducted before settling to take out an insurance policy with a company. This is because it is a legally binding contract that involved shielding one from liability. An insurance policy that coincides with your present economic status, the nature of your work and income and also your lifestyle will go further in protecting you from any type of claims or liability that may face you in the future.
Business Insurance Quotes - Why They are Important Evaluating The Insurance You Need Fathoming the Commercial Insurance Understanding the Landlord's Insurance Reasons Why One Needs Insurance All About the Courier Insurance All About the Funeral Insurance Understand the Renters Insurance Policy Understand the Scooter Insurance Policy Understand the Seniors Insurance Policy Insurance Adjusters- Who is an Insurance Adjuster? Insurance Fronting Might Risk Your Cover What is a Tractor Insurance Grace Period ? 1-800-513-3135
Write post print
www.insurances.net guest:  register | login | search IP(3.95.39.127) / Processed in 0.012831 second(s), 6 queries , Gzip enabled debug code: 14 , 3240, 975,
Understanding the Third Party Insurance