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Third party asset damage per case

Protect yourself from paying more. Know how third-party asset damage will cover you in many different cases.

What is third-party asset damage?

Third-party asset damage is similar to accident coverage in that it only protects the other party’s vehicle.

This is the selling point of Type 3 motorbike insurance because you’ll just have to think about fixing your own car after an accident, rather than worrying about the other party.

Key Points

  • Third-party asset damage is similar to accident coverage in that it only protects the other party’s vehicle.
  • Third-party asset damage covers two different cases such as in the event of the death of a third party and in the event of a third person suffer from a permanent disability.
  • There are events that third party asset damage are not covered by Type 2 and Type 3 motorbike insurance such as the insured’s property, vibration-affected assets, baggage, and other personal belongings carried on the vehicle, and damage to property caused by a spill of chemicals or toxic materials in the car.

Costs of third-party asset damage in motorbike insurance

The cost of motorbike insurance varies depending on the level of coverage you select. Third-party asset damage is often the most affordable option, providing coverage in the event of an accident caused by you. Though Type 3 motorbike insurance is more costly, it covers all that third-party asset damage and accidental loss or damage.

The law requires liability if the insured driver of a car is at fault. The company’s liability will be limited to the amount insured as specified in the policy schedule, which is 600,000 baht per period. The company would be responsible for property damage incurred by third parties.

What’s covered under third-party asset damage?

Third-party asset damage provides a simple but essential level of protection by covering you for any damage you may do to another person’s vehicle or property. Here are what’s covered.

1. Property damage of 600,000 baht per event.

2. Death, bodily injury, or disability which covers 300,000 baht per person.

3. Third-party liability covers 10,000,000 baht with excess from the Act / Time.

“You don’t have to be worried with the liability for other people’s property damage or injuries caused during the accident. To protect it, insure your motorbike with third-party asset damage coverage.”

Third-party asset damage cover in two different cases

Any risk to a third party’s life, body, or well-being will be the insurance company’s liability. The insured is technically liable to third parties, depending on the severity of the injuries. Here are how third-party asset damage covers per case or event.

1. In the event of the death of a third party – The company would pay a minimum of 300,000 baht per person in compensation for the death of a third party. The insurance company would pay at least 100,000 baht per person in compensation, but only if the death is caused by someone who has not been legally supported by the law.

2. In the event of a third person suffers from a permanent disability – The insurer would pay a minimum of 300,000 baht per person, with the insurance company paying the same amount if the third party is entitled to compensation under more than one motorbike insurance policy. Third parties are forbidden from working in any profession, including potentially lifelong occupations.

Even if you try your best to stay safe on the lane, accidents happen, so protect yourself now from paying more.

Types of disability covered under third-party asset damage

In the event of an accident that requires hospitalization as a result of that injury, the organization may pay compensation in accordance with the amount stated in the insurance policy.

It can be divided into two cases in the event of disability:

1. Total permanent disability – The insurance company will compensate you based on the amount stated in the insurance policy you purchased within one year from the date of the accident or have been injured which leads to total permanent disability.

2. Temporary disability – Compensation is paid out in installments rather than in one single payment. The amount is specified in the insurance policy and the payment period is limited to 52 weeks Within 180 days of damage when the motorcycle was involved in an accident. Resulting in temporary disability where a third party must be handled as a patient each time in a consecutive hospital.

Third-party asset damage that are not covered by Type 2 and Type 3 motorbike insurance

Some various types of motorbike insurance are likely to cover third-party asset damage. There are some assets, however, that are not protected by this. They are as follows:

1. The insured’s property – the property that belongs to or in possession of the driver who is legally liable, the insured’s spouse, parent, mother, and child.

2. Vibration-affected assets – such as bridges, cars, bridges, railways, highways, driveways, sidewalks, and fields, or from the weight of a vehicle.

3. Baggage and other personal belongings carried on the vehicle – these may include the owner’s assets or anything being transported, such as items that cars transfer from one place to another.

4. Damage to property caused by a spill of chemicals or toxic materials in the car – this is not protected unless the leak was caused by a traffic accident or a gas or fuel leak for the car’s service.