What is TP in period of insurance?
Among the two types of car insurance in India, the third-party (TP) car cover serves to protect the insured from claims arising from a third party, when the insured person's vehicle is at fault. This cover will pay for any fiscal liability that arises out of the accident.
Is TP compulsory?
If you own a motor vehicle, you must be aware that it is compulsory to have third-party (TP) insurance—Section 146 of the Motor Vehicles Act, 1988, mandates the TP cover. It is also known as 'act only' or 'liability only' cover.
Which is mandatory OD or TP?
Third Party Cover (TP) The third party insurance covers damages triggered by your vehicle in the event of an accident. It is mandatory, as per the Motor Vehicles Act (1988). The basic premium for TP cover depends on the Engine capacity or cubic capacity of the car.
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