What is a Liability Only Policy and how can it benefit you? It’s a mandatory cover in India and has quite a few advantages to offer. It only covers any person or third-party who has actually been involved in your automobile accident. If you were to claim on your own insurance, the claim would only be covered to the amount you had in your hand at the time of the accident. This means if your vehicle was written-off, you’d only receive a payout if you could prove that somebody else was partially to blame for the accident.

Under the law there’s a statutory requirement that you must have liability cover. If you don’t, you’ll be fined heavily and/or held liable for costs incurred by other drivers involved in an accident. If you’re not covered for liability, you’ll have to pay all your out-of-pocket expenses out of your own pocket. This can be a huge problem, particularly if you work in an industrial sector that relies on public safety and the police tend to visit in large numbers during busy periods.

Under the law, there’s a specific type of policy that covers only for liability. Liability only policies do NOT offer any sort of third party cover. They don’t even cover any damage to your own vehicle. In addition, a liability only policy covers you for any legal liability arising from your own negligence. The legal liabilities will vary between companies and they’ll have their own terms and conditions.

What sort of liability does a policy offers cover for? You’ll have to check the terms of the policy very carefully to see what it provides for in the event of an accident involving the insured vehicle. In certain circumstances, you might need to have more coverage than what is offered under the policy. For instance, if your vehicle is undertaking a major repair, the policy offers cover for up to a certain amount for repairing your car.

When it comes to third party liability insurance, the amount you’re required to pay will depend on the type of vehicle you drive, as well as where you live. It’s worth checking with the motor insurance company to find out exactly what your limit is. Usually, the higher your annual mileage, the higher your premium.

Third party liability covers the other driver if you caused an accidental death. Causing an accidental death can mean you caused serious injury to someone else or even killed them. Your policy can provide for up to so much temporary total disability as well as compensation for pain and suffering. You must also know that it doesn’t cover damages to the insured vehicle or medical bills incurred as a result of the accident.

The third party liability policy provides for legal liability, which covers your expenses in case you get sued after the accident. It does not cover the vehicle or any personal property that was damaged. Your auto insurance must cover all your legal costs, regardless of who is at fault. This covers you in any situation, whether the other person is guilty or not. In some cases, you may be covered if the other person is driving under the influence of alcohol or drugs.

Collision policies are more expensive than third party liability and legal liability. It covers the repairs and replacement of your vehicle, and it does not cover any medical bills or damages to your own vehicle. However, it covers the other driver’s legal liabilities if you cause an accident.

Bodily injury liability coverage pays for medical and rehabilitation expenses related to an on-the-job accident. It does not include expenses related to the insured’s dependents, if any. It does not pay for damages to personal property. The term Bodily Injury is usually used instead of Total Bodily Injury, which covers the same thing. It is important to read the fine print of a policy carefully before purchasing it. If you are looking to purchase a Bodily Injury Only policy, you should ask the agent or broker to explain the difference between the two coverage options.

Property damage liability coverage pays for property damage resulting from an on-the-job accident. It does not cover the physical injuries inflicted on an employee or any other persons. It does not, however, cover repair costs for vehicles or for the insured’s personal property in the event of an accident. Bodily Injury and property damage coverage does not typically cover business-related injuries. Usually, this type of policy covers only personal injury claims.

The final type of policy is the Indemnity/Reimbursement Policy. This form of coverage pays the full amount insured in the Indemnity/Reimbursement Policy, less any deductible. In case of vehicle accidents, the reimbursement/indemnity policy will pay all or most of the claim, depending on the extent of the vehicle damage.