Third-Party Benefits Legal Definition
“What is are Third-Party Benefits?”
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Third-Party Benefits
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Third-Party Benefits legal definition: The purpose of third-party benefits is to insure liability for bodily injury and property damage claims made against them in the event they are responsible for a car accident.
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If you are liable for an accident that causes bodily injury, your third-party benefits could cover the other driver’s:
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Medical expenses
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Lost wages
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Legal expenses
Each state dictates how much third-party benefit coverage a driver must carry. Pennsylvania requires motorists to carry third-party liability coverage of at least $15,000 per person, and $30,000 total per accident. However, motorists may opt to purchase coverage over and above that amount.
Sources:
https://www.valuepenguin.com/bodily-injury-car-insurance-coverage
https://www.investopedia.com/terms/t/third-party-insurance.asp
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