What does this mean in a car insurance policy ?

Is this the other parties car or is this property like in real estate ?

Property damage is not confined to only other vehicles (or real estate) but any property not owned by the insured.

Damage to other people's possessions (as opposed to bodily injury).

I'm getting even more confused by the answers.

If my policy has a coverage of 1 million for property damage, and a 2 million car is total loss, I will be held responsible for 1 million right ?

With your example, if you cause 1m Baht of damage to a Third Party's property (remember it does not just mean bricks and mortar) plus your vehicle is a loss (with an insured value of 2m Baht) then the claim would be for 3m Baht - you would not have to pay 1m Baht.

With your example, if you cause 1m Baht of damage to a Third Party's property (remember it does not just mean bricks and mortar) plus your vehicle is a loss (with an insured value of 2m Baht) then the claim would be for 3m Baht - you would not have to pay 1m Baht.

Why is it so difficult to give a straight answer, no need to talk in circles ?

Third party insurance, the value of my vehicle doesn't come in play as it isn't insured.

Third party policy with a coverage of property damage to a limit of 1 million.

I have an accident and I'm in the wrong. The car of the other party has a value of 2 million and is total loss.

Do I have to pay anything and if so how much ?

Now let me add some questions. In a third party policy what are the recommended coverage limits for liability property damage, liability bodily injury/death each person ?

Reason I ask is that I don't want to overpay on a policy, but I also don't want to be under insured.

With your example, if you cause 1m Baht of damage to a Third Party's property (remember it does not just mean bricks and mortar) plus your vehicle is a loss (with an insured value of 2m Baht) then the claim would be for 3m Baht - you would not have to pay 1m Baht.

Why is it so difficult to give a straight answer, no need to talk in circles ?

Third party insurance, the value of my vehicle doesn't come in play as it isn't insured.

Third party policy with a coverage of property damage to a limit of 1 million.

I have an accident and I'm in the wrong. The car of the other party has a value of 2 million and is total loss.

Do I have to pay anything and if so how much ?

Now let me add some questions. In a third party policy what are the recommended coverage limits for liability property damage, liability bodily injury/death each person ?

Reason I ask is that I don't want to overpay on a policy, but I also don't want to be under insured.

He gave a straight answer, but your question was not completely clear.

3rd party: coverage 1 mio, damage to other's property 2 mio by your fault: yes, you're liable for 2 mio, of which your insurance will pay half. No worries though, people driving a 2 mio car will have their own insurance, you will not have to cough up that missing 1 mio.

With your example, if you cause 1m Baht of damage to a Third Party's property (remember it does not just mean bricks and mortar) plus your vehicle is a loss (with an insured value of 2m Baht) then the claim would be for 3m Baht - you would not have to pay 1m Baht.

Why is it so difficult to give a straight answer, no need to talk in circles ?

Third party insurance, the value of my vehicle doesn't come in play as it isn't insured.

Third party policy with a coverage of property damage to a limit of 1 million.

I have an accident and I'm in the wrong. The car of the other party has a value of 2 million and is total loss.

Do I have to pay anything and if so how much ?

Now let me add some questions. In a third party policy what are the recommended coverage limits for liability property damage, liability bodily injury/death each person ?

Reason I ask is that I don't want to overpay on a policy, but I also don't want to be under insured.

He gave a straight answer, but your question was not completely clear.

3rd party: coverage 1 mio, damage to other's property 2 mio by your fault: yes, you're liable for 2 mio, of which your insurance will pay half. No worries though, people driving a 2 mio car will have their own insurance, you will not have to cough up that missing 1 mio.

Now, that's what I call a straight answer.

You have also some recommendations as to what would be correct ( advisable) coverage limits for a third party policy ?

In the example you mention, will the insurance of the other party not come after me to recover their losses ?

I have never heard of the insurance company going after the liable person. But it could happen, and I would presume it sometimes will happen.

My coverage for property damage is 5 mio btw.

I have never heard of the insurance company going after the liable person. But it could happen, and I would presume it sometimes will happen.

My coverage for property damage is 5 mio btw.

That is interesting, so my question is, why one needs 3rd party insurance at all if that's the case ?

I have never heard of the insurance company going after the liable person. But it could happen, and I would presume it sometimes will happen.

My coverage for property damage is 5 mio btw.

That is interesting, so my question is, why one needs 3rd party insurance at all if that's the case ?

Sorry, should quantify my statement: if it is over the insured amount. As I said: I would presume it sometimes will happen, plus I really would not know all cases where they were to try and recoup their losses from the un/under insured person.