Can 1 Million Third-Party Liability Cover the Other Party's Car Repairs?
1 Answers
1 million third-party liability can cover the other party's car repairs. Here are the details: 1. Third-Party Liability Insurance: This refers to accidental incidents caused by qualified drivers permitted by the insured while using the insured vehicle, resulting in direct personal injury, death, or property damage to a third party. The insurer will provide compensation according to the relevant provisions in the insurance contract for the amount the insured is legally obligated to pay. 2. The four basic types of auto insurance: Compulsory Traffic Accident Liability Insurance, Vehicle Damage Insurance, Third-Party Liability Insurance, and Passenger Liability Insurance. Among these, Compulsory Traffic Accident Liability Insurance is a mandatory coverage required by the state for all motor vehicles. Vehicle Damage Insurance can compensate for vehicle losses caused by traffic accidents within reasonable limits. Third-Party Liability Insurance serves as a supplement to Compulsory Traffic Accident Liability Insurance, covering third-party property damage and personal injury or death caused by the insured vehicle. Passenger Liability Insurance primarily compensates for injuries or deaths of passengers in the insured vehicle caused by traffic accidents, including the driver and passengers.
