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Third party insurance protects the policyholder against liability of death or bodily injury to third party up to HK$ 100 million (US$12.87 million) and/or damage to third party property up to HK$ 2 million (US$257,400.26) as a result of crash arising out of the use of the insured vehicle. [18]
Penalties for not purchasing insurance vary by state, but often include a substantial fine, license and/or registration suspension or revocation, and possible jail time. Usually, the minimum required by law is third party insurance to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle.
Generally, a vehicle insurance policy is valid for one year. However, long-term third-party vehicle insurance has been made mandatory for two-wheelers and four-wheelers as per the Supreme Court order. While the long-term insurance policy is 3 years for four-wheelers, it is 5 years for two-wheelers.
Your car insurance typically covers family members and friends who infrequently borrow your car, but understanding the coverage limits helps protect you from unexpected costs.
The motor insurance policy is generally categorized into ‘act only’ and ‘comprehensive’ policies. [2] The former covers the death, physical injuries, or any damage to the property of the third party, the latter includes the coverage for the damage caused due to the external forces in addition to the third party damages.
A loving father of two, a former college football player, and a student from the University of Alabama were among the 14 people killed when a rented pickup truck plowed into a crowd celebrating ...
The U.S. Commerce Department on Thursday finalized an award to SK Hynix of up to $458 million in government grants to help fund an advanced chip packaging plant and research and development ...
Acko General Insurance was founded by Varun Dua, is the Chief Executive Officer. [7] As of 2018, Acko has raised ₹274 crore ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures.
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