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What is Knock for Knock Agreement in Motor Insurance?

What is Knock for Knock Agreement in Motor Insurance?

What Are the Examples of Knock for Knock Agreement?

Why Knock for Knock Agreement Is Required?

What is the Impact of the Knock-For-Knock Agreement?

What Are the Benefits of Knock for Knock Agreement?

This agreement is advantageous for both parties. The table below highlights the benefits of knock for knock agreement for a policyholder and its insurer.

Parameters

Benefits for a Policyholder

Benefits for an Insurer

Service

Quicker recovery of expenses incurred to repair damages

No delay while dragging a third-party claim to the court

Convenience

The knock-for-knock agreement provides more convenience

Saves time and effort

Ease of Processing

The process becomes swifter and easier to handle

It is cheaper for the insurers

What Are the Exceptions of Knock-for-Knock Agreement?

FAQs About Knock for Knock Agreement