What does TPI mean in CONTRACTORS

Third-party insurance is a type of insurance that provides cover for the insured against any claims made by a third party, in the event of an accident or injury. The third party would be someone other than the insured or their immediate family members. In the event of an accident or injury, any damages caused to the third party may be covered by this type of insurance policy.

Third-party insurance covers any legal liabilities that may arise from an unfortunate incident involving bodily injury, death or damage to property resulting from an accident in which the insured is responsible. This includes compensation for medical expenses incurred by the victim, and any costs associated with repair or replacement of damaged property.

Yes, in most countries, including India, it is mandatory to have at least a basic third-party car insurance policy in place before driving a vehicle on public roads. This ensures that if you’re found to be at fault in an accident, you will not have to bear all expenses related to damage caused to another person's vehicle or property out of your own pocket.

A comprehensive third-party car insurance policy may offer additional coverage such as accidental cash reimbursement for injury/death and personal belongings coverage in case these items are stolen from your vehicle during an accident. It may also provide coverage for medical expenses incurred due to an accident.

Yes, generally each vehicle needs its own separate policy since two wheelers and four wheelers have different risk profiles and require different levels of coverage accordingly. You may opt for combined policies if both vehicles belong to the same policyholder but are operated independently by multiple drivers.

Yes, motor vehicle policies can either be short term (e.g., valid up to six months) or long term (valid over one year). Generally speaking, long term policies typically provide more comprehensive coverage and come with lower premiums compared to short term policies, which are usually more costly due to their shorter duration.

If you’re using your vehicle for business purposes then you may need additional protection through specialized commercial motor liability policies which protect against liabilities related to commercial usage such as passenger liability etc., instead of traditional motor liability plans which only provide protection against public liability risks such as Bodily Injury & Property Damage risks etc., arising out of regular use/driving on roads.

Generally no, when transferring ownership it is necessary for both parties involved (old owner & new owner) to get new separate motor vehicle policies based on their individual requirements - otherwise they would remain liable solely under the existing old policy held by original owner even after transfer has been completed.