Mr Braie said the Third Party Plus variants as budget-friendly plans may not offer extensive coverage options, however, they provide essential coverage needed to comply with legal requirements and protect against third-party liability and own damage.
“The Third Party Plus fulfils these legal requirements, allowing individuals to drive with confidence while meeting their obligations This can be particularly beneficial for those who primarily want coverage for potential damages or injuries caused to others in accidents,” the CEO said. Speaking on the cost management, he said, for individuals on a tight budget, a budget-friendly insurance plan can help manage the costs associated with vehicle ownership, adding that, “it provides a level of financial protection against unforeseen accidents without requiring a substantial financial commitment.”
These plans, he said, can be suitable for first-time vehicle owners or young drivers who are starting to build their driving experience, stressing that, “,they provide a way to enter the insurance market and gain basic coverage without a significant financial outlay.” The Third Party Plus and its variants will also contribute to insurance penetration, especially, in the retail and personal line spaces because it’s associated with No Excess Buy Back, No Depreciation on claims, as well as reinstatement of cover upon erosion due to multiple claims.
Source: Car News Wire (carnewswire.net)