Car insurance policies can be so confusing especially if you are a first-time car insurer. How many parties are there? First, second and third-party but do not forget the comprehensive insurance also known as the comp-cover. Question is how is it different from the comprehensive insurance or even car air conditioner smells.
Most of us instinctively think of damage to our own vehicles when we think of insuring our cars. It is probably the primary reason we want to cover in the first place. Should anything happen to our cars in the event of an accident, theft, fire, damage or heaven forbid - come hail or hijackings - we had like to know that is not the sum total of our loss, as some financial ground can be recovered.
Despite of being expensive and having excesses, comprehensive insurance is a better option. Other insurance policy options like the third-party or third-party only, theft and fire don not cover your vehicle if deemed your fault. A comprehensive cover, on the other hand, covers everything regardless of who is at fault. This can be an advantage if your car was also damaged during the accident or if you were at fault.
If you do not usually drive your car, the chances of being in an accident are slim. Causing damage to another car (third party) costs a fortune, it becomes worse if there is an event of bodily harm during the incident. In cases like these, you are the first party; the insurer is the second party and the third party if the victim.
Even though a third party can be anyone who has endured damage from the driver of the car, some individuals are excluded from the initial definition of it in the policy. The excluded individuals referred to here are family members. Therefore, this means that no claim can be issued out if you happen to damage a family members car. However, those considered it can be anyone; the driver of the damaged car or the homeowner should you have crashed into someones garage or gate.
This kind of insurance definitely does not cover you and the damage sustained to your car in an accident. You would consequently have to pay to fix your car out of your own pocket. But all too often in life, things are not black and white? What happens if the fault is mostly yours but not entirely so? For example, what happens if you reverse out of your driveway into a neighbor is car who is parked in such a way that it violates parking space codes?
In this incident, the neighbor is wrong by not parking correctly and the driver is at fault because he bumped the car. Both parties are at fault thus a distribution of damages claim is assessed in such scenarios.
The assessment will determine how much worth of damage was caused to the car and how much fine is the parking offense. The final evaluation will determine how much each has to compensate the other. In a case like this, if the third party files charges against you, you also have the right to lay a counter claim.
Most of us instinctively think of damage to our own vehicles when we think of insuring our cars. It is probably the primary reason we want to cover in the first place. Should anything happen to our cars in the event of an accident, theft, fire, damage or heaven forbid - come hail or hijackings - we had like to know that is not the sum total of our loss, as some financial ground can be recovered.
Despite of being expensive and having excesses, comprehensive insurance is a better option. Other insurance policy options like the third-party or third-party only, theft and fire don not cover your vehicle if deemed your fault. A comprehensive cover, on the other hand, covers everything regardless of who is at fault. This can be an advantage if your car was also damaged during the accident or if you were at fault.
If you do not usually drive your car, the chances of being in an accident are slim. Causing damage to another car (third party) costs a fortune, it becomes worse if there is an event of bodily harm during the incident. In cases like these, you are the first party; the insurer is the second party and the third party if the victim.
Even though a third party can be anyone who has endured damage from the driver of the car, some individuals are excluded from the initial definition of it in the policy. The excluded individuals referred to here are family members. Therefore, this means that no claim can be issued out if you happen to damage a family members car. However, those considered it can be anyone; the driver of the damaged car or the homeowner should you have crashed into someones garage or gate.
This kind of insurance definitely does not cover you and the damage sustained to your car in an accident. You would consequently have to pay to fix your car out of your own pocket. But all too often in life, things are not black and white? What happens if the fault is mostly yours but not entirely so? For example, what happens if you reverse out of your driveway into a neighbor is car who is parked in such a way that it violates parking space codes?
In this incident, the neighbor is wrong by not parking correctly and the driver is at fault because he bumped the car. Both parties are at fault thus a distribution of damages claim is assessed in such scenarios.
The assessment will determine how much worth of damage was caused to the car and how much fine is the parking offense. The final evaluation will determine how much each has to compensate the other. In a case like this, if the third party files charges against you, you also have the right to lay a counter claim.
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