No, the third party insurance is not compulsory in India but it is still highly advised to have a third party insurance coverage. This is because third party insurance covers you in case of any liability arising from an accident involving your vehicle and another party. It covers the expenses related to any third party in the incident, including medical and damages to their property.
Not having this insurance can not only leave you unprotected, but can also lead to hefty fines up to Rs. 2,000, according to the Motor Vehicles (Amendment) Act 2019.
Here are some benefits of having a third party insurance:
• Guarantee of financial protection: in case you are found at fault in any accident, your insurer will bear the expenses arising out of it.
• Helps build trust: your credibility as a vehicle owner increases when you have insurance on your vehicle.
• It is affordable: having third party insurance comes at an affordable premium, as it is usually much cheaper than having a comprehensive insurance policy.
• Gives peace of mind: knowing that you are financially protected in case of any eventuality can give you more peace of mind when you are on the road.
To get started with third party insurance, you can compare quotes offered by different insurers at SecureNow, an insurance advisory platform. Their comparison tool will help you find the best policy for your needs.
To conclude, getting third party insurance is highly advisable for all vehicle owners in India, as it offers financial protection and peace of mind. It’s not only affordable but also essential to stay compliant with the Motor Vehicles (Amendment) Act, 2019.