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Reasons Why Expats Should Know More about Third Party Insurance

 
The most basic mode of transportation may be the public buses, taxis, or trains, but some expats still opt to go get a personal car to use to and from their workplace and back home. Cars are accessible, affordable, and easy to maneuver especially if you have previous experiences of driving in your home country. As expats get a new car abroad, they are required to get an automobile insurance that ideally provides the essential coverage that is uniform to almost all countries. Click here to get automobile insurance quotes. However, there is a more concrete and perfect type of insurance for expat car owners especially when unforeseen vehicular accidents happen.
 
Before learning more about Third Party Insurance, expats must be aware of the global statistics when it comes to road or vehicular accidents.
 
The Association for Safe International Road Travel revealed that nearly 1.3 million people are killed in road crashes annually. That data means that at least 3000 people die in traffic accidents every single day. In young people aged 15-29, road crashes are still the leading cause of death. The top 10 countries with the highest car accident fatality rates include Venezuela, Malawi, Thailand, Iran, Sudan, Swaziland, Congo, Malawi, Namibia, Dominican Republic, and Iraq.
 
So how do you prevent vehicular accidents? As an expat driver, you can follow simple steps. These tips include avoiding the "fast lane", keeping your eyes forward, looking out for blind spots, knowing your car’s limits, and keeping your car in a good shape. Respecting traffic lights and street rules is also a must. If you are an expat, it is your responsibility to get familiar with the road regulations and driving laws in your new country as it may differ from your home country.
 
Like any other thing in this world, no one can ever prepare for a vehicular accident if it is bound to happen. This sad reality is the reason you need to learn more about Third Party Insurance especially when you are driving abroad.
 
What is a Third Party Insurance?
 
A Third Party Insurance is a type of automobile or vehicular insurance that people get to cover any damages to life and property when accidents happen. This is usually in combination with an automobile insurance you get when you purchase a car or any vehicle. In cases of street accidents, an investigation will transpire, and if you (the driver) are being declared as the cause of the crash, you will not get a single cent from the insurance company. Only the people affected in the disaster will get the necessary compensation and insurance coverage.
 
What is covered by a Third Party Insurance?
 
Third Party Insurance will cover any injury or death to another person involved in the accident. These people involved may include the other car driver, any pedestrian, the people inside the other vehicle, and other outsiders. The insurance will cover both the personal injury and damages to any property. This type of insurance will also cover any medical procedures and treatments resulting from the accident. Also, having a third party insurance allows drivers to manage any legal cost claims filed against them.
 
Who can get a Third Party Insurance?
 
Any person who owns a vehicle or has a driver’s license must get a Third Party Insurance. Although not required by all countries, expats must avail of this kind of insurance so that unforeseen accidents and future vehicular damages can be covered. In 1930, countries in North America legalized Third Party Insurance as the minimum type of insurance for car owners.
 
Expats who are new to a country, new drivers, and young drivers must avail of the affordability of third party insurance.
 
What type of Third Party Insurance should you choose?
 
Like any other insurance services, third party insurance can be general or specific in terms of coverage. One particular type of insurance will only cover your vehicle if it gets stolen or burned. On the other hand, comprehensive third party insurance will cover all the benefits mentioned above and also include covering any valuable possession present in the car during the accident.
 
How much does Third Party Insurance usually cost?
 
The minimum required third party insurance cost is at least 200-300 thousand dollars. While the premium third party insurance can go as high as $2-3 million.
 
How can you get a Third Party Insurance abroad?
 
There are many international insurance companies that are being trusted and guaranteed to give quality and affordable third party insurance aside from the usual automobile insurance coverage. One of the most trusted international third party insurance is the Federal Phoenix Compulsory Third Party Liability Cover.
 
August 6, 2015 00:00:00

  


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