Why is third party insurance cheaper than regular insurance?
A third-party motor insurance policy is basically signed between two parties, the insured and the insurer. So, third party refers to the people who are neither the insured nor the insurer. They can be occupants of a different vehicle, co-passengers of another car, pedestrians, etc. Third-Party Insurance includes liability for bodily injuries or death of the third party in an event of an accident. However, you must remember the fact that this insurance policy will not offer coverage for any injury to you, death or damage to your own vehicle. It also does not offer coverage for your co-passengers.
If you are looking for an insurance cover that will protect you, your loved ones in the car and your vehicle too, then you must go for Comprehensive Insurance.
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