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Third-party vehicle insurance is a mandatory requirement in Indonesia and each individual car and motorcycle must be insured or the vehicle will not be considered legal; this compulsory auto insurance is legally called the Road Traffic Accidents Compulsory Coverage Fund (Indonesian: Dana Pertanggungan Wajib Kecelakaan Lalu Lintas Jalan, DPWKLLJ ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
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.
Car insurance is more than just a legal requirement or another expense to account for in your budget. Car insurance is a contract between you and an insurer that offers financial protection if you ...
Key takeaways. Most states require drivers to carry liability coverage, including bodily injury liability and property damage liability. Collision and comprehensive coverage are optional, but if ...
AM Best is another example of a third-party company that further analyzes an insurance carrier’s performance. Specifically, AM Best reviews a carrier’s historical financial health and strength ...
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