Insurance policies vary. Often we hear about first party and third party insurance. However, most people do not know about the advantages and disadvantages of these policies. If you also do not know then read this article.
Whether you drive a two-wheeler or a four-wheeler, the documents for the vehicle should be complete. In which you have to get the vehicle insured every year. The Union Road and Transport Minister has made changes in the rules, after which driving without insurance on the road can now cost you dearly.
But insurance policies also differ. Often we hear about first party and third party insurance. However, most people do not know about the advantages and disadvantages of these policies. If you also want to know what is the difference between first party and third party insurance, then we try to explain it to you through this article.
What is Third Party Insurance: Third Party Insurance is that in which you do not get the claim for any accident caused by you but the other person gets it. Suppose your bike or car collides with another bike or car, then your insurance company compensates the loss caused in the accident.
Even if your bike or car is stolen under third party insurance, you do not get a claim for it. Because theft is not covered under this and under third party insurance, only the front party who is involved in an accident with your vehicle gets the benefit. Hopefully, this insurance can be done as part of the process of keeping the vehicle’s papers complete.
First Party Insurance: First party insurance can be done with zero depth. In which everything is covered. Like the wear and tear of your car, your physical damage, the wear and tear of the car of the person in front with whom your car collides and the injury, you get everything from the company in this insurance policy.
Under this insurance, even if the vehicle is stolen or badly damaged, you get a claim from the company. In zero depth insurance, you can take claims twice a year. Let us tell you that according to the new rules, driving without insurance can result in a fine of Rs 2,000 or 3 months jail or both together.
First Party Insurance 50% Claim: This is also first party insurance, but it has terms and conditions. Under which, if your car meets with an accident, the insurance company compensates 50 percent of the loss and the vehicle owner has to compensate the other 50 percent.
Let us tell you that compulsory insurance is for the owner and driver of the vehicle. By taking Comprehensive Insurance, road accident cover can be increased to more than Rs 15 lakh, whereas in third party insurance, compulsory accident cover is available only up to Rs 15 lakh.
Government scheme : Benefit of Rs 2 lakh in Rs 20, this scheme of Modi government is very useful
