INSURANCE (Motor)
Cover against some damage. For this one has to pay little amount which is called a premium. If something damage happens then against that one get determined amount as a compensation. THIRD PARTY INSURANCE First Party : Related to owner. Second Party : Related to the driver. Third Party : Related to the which is hurt during an accident. IMPORTANCE OF INSURANCE At the the time of an accident, it is the responsibility of the driver and owner of the vehicle to compensate the the injured person. There is no limit of such compensation. So some time it become difficult to owner and driver to pay the full amount to the affected person. This third party insurance cover is beneficial in that time. COURT DECISION As per the decision of the hon’ble Supreme court .3 (Three) Years for car & 5 (Five) Years for two wheeler insurance (Third Party) insurance is mandatory since September 18. EXPANSION OF INSURANCE Now a day’s Insurance is making its place ev...