Kathmandu. The Motor Vehicles and Transport Management Act, 2075 BS has made third party liability insurance mandatory for motor vehicles. Third-party insurance covers financial liability arising out of damages, injuries or death of third parties as a result of a motor vehicle accident. <\/p>\n
Third-party insurance does not cover the risk of damage to the owner of the vehicle itself or the insured vehicle. Comprehensive insurance is another option under motor insurance. It’s a comprehensive insurance. This includes not only third party liability but also all damages to the insured self or own vehicle due to theft, natural disaster and personal accident. <\/p>\n
Benefits of Third Party Insurance<\/strong><\/span><\/p>\n Compliance with the Law: Third-party insurance is mandatory under the mandatory provision of TAG_CLOSE_span_59 the Transportation Management Act. <\/p>\n Cost-effective: <\/span> Third-party insurance policies are less expensive than comprehensive insurance. <\/p>\n Coverage for Third Party Liabilities: <\/span> This ensures financial liability for another person to damage his or her property due to injury, death, or damage to their vehicle. <\/p>\n Disadvantages of third party insurance<\/strong><\/span><\/p>\n }<\/p>\n No compensation for personal damages: <\/span> This insurance does not cover any repairs for damage to yourself or to your own vehicle. <\/p>\n No additional features: You may not include additional features in third-party insurance, TAG_CLOSE_span_54 as in a comprehensive insurance policy. <\/p>\n {{TAG_OPEN_span_53} Limited Protection: <\/span> does not cover damages for natural disasters, theft or personal accidents. <\/p>\n Benefits of Comprehensive Insurance<\/strong><\/span><\/p>\n }<\/p>\n Personal Accident Insurance: <\/span> This auto insurance provides compensation for injuries to the driver in an accident or the death of the car owner. <\/p>\n Vehicle Damage: <\/span> comprehensive insurance covers damage to your vehicle in the event of an accident, theft, fire, flood, and natural or man-made disaster. <\/p>\n Third Party Liability Insurance: <\/span> This helps to complete the legal formalities for bearing third party risk. <\/p>\n Additional Features: <\/span> This policy offers the option of zero deductible deductible, compensation for the period stored in the garage, daily driver’s allowance, new vehicle reimbursement, engine protection, etc. <\/p>\n disadvantages of comprehensive insurance<\/strong><\/span><\/p>\n }<\/p>\n Expensive premiums: <\/span> is more than twice as expensive as third party insurance. <\/p>\n Not Legally Mandatory: <\/span> This insurance is not legally mandatory. The vehicle is up to the owner’s discretion. <\/p>\n Which one to choose? <\/strong><\/span><\/p>\n The decision to choose between third party and comprehensive insurance depends on your needs and the size of the budget you can afford for insurance. Third-party insurance only indemnifies third-party losses or damages, avoiding legal hassles. However, it does not compensate the owner or driver of the vehicle for injury or damage to the motor itself. Comprehensive insurance covers a number of risks, including theft or natural disaster, third party liability and damage to your motor. <\/p>\n Even if you drive in high-risk places or ride in an expensive car or park in a public place, comprehensive insurance provides peace of mind. Third-party insurance is suitable for older cars or those with limited income to cover the risk of theft or self-harm. Consider your driving pattern, car price, and financial situation to make an informed choice that balances between cost and coverage. <\/p>\n Driving without valid third party insurance is illegal and can result in fines or even jail. Comprehensive insurance is optional. Mandatory third party insurance only benefits the third party and does not cover any risk for your vehicle or personal injury. <\/p>\n The Insurance Authority of Nepal (IBA) determines the premium rates for third party insurance. Determines the rate that is appropriate for all vehicle owners.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. The Motor Vehicles and Transport Management Act, 2075 BS has made third party liability insurance mandatory for motor vehicles. Third-party insurance covers financial liability arising out of damages, injuries or death of third parties as a result of a motor vehicle accident. Third-party insurance does not cover the risk of damage to the owner […]<\/p>\n","protected":false},"author":16,"featured_media":215181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45043,45031,45067,45159,45096],"tags":[],"class_list":["post-287822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-en","category-banner-news-en","category-important-en","category-news-en","category-non-lifeinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/287822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=287822"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/287822\/revisions"}],"predecessor-version":[{"id":287823,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/287822\/revisions\/287823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/215181"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=287822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=287822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=287822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}