Monday, July 22, 2024
HomeBike Insurance1st party vs 3rd party Insurance: What is the difference between 1st...

1st party vs 3rd party Insurance: What is the difference between 1st and 3rd party insurance? which one is better for you

1st party vs 3rd party Insurance: Often you must have heard terms like 1st party and 3rd party while buying insurance. Most of the people do not know the difference between them. Let us know what is the meaning of these two insurances.

Best Car and Bike insurance: Whether it is a car or a bike, vehicle insurance is very important. Not only does your vehicle get protection through insurance, but if it is not there, your challan can also be deducted. In addition, insurance can protect you from financial loss in case of a vehicle accident or theft. Often you must have heard terms like 1st party and 3rd party while buying insurance. Most of the people do not know the difference between them. Let us know what is the meaning of these two insurances.

What is 1st, 2nd and 3rd party

Actually, the vehicle owner is considered as the first party in the insurance policy. Insurance is taken in the name of this. The insurance company is called the second party and the person who gets damaged in the event of an accident is called the third party.

What is First Party Insurance?

First party insurance is costlier than third party insurance, although the protection of the vehicle is available in it. In case of any kind of disaster, accident or vehicle theft, the vehicle owner gets the amount of the vehicle. The special thing is that third-party insurance is already included in it.

Third-party insurance

This insurance is cheap, but only covers the damage caused to the third party. That is, the damage caused to you or your vehicle is not covered. All vehicles are required by law to have at least third-party insurance. It depends on you which insurance you would like to take. In our advice, first party insurance would be better for coverage and protection.

Read More : LIC Dhan Varsha Plan: An investment of Rs 1597 will make a fund of 93 lakhs, this is the plan

Bhupendra Pratap
Bhupendra Pratap
Bhupendra Pratap has over 3 years of experience in writing finance content, entertainment news, cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @insuranceindiaain@gmail.com
RELATED ARTICLES

1 COMMENT

Comments are closed.

- Advertisment -

Most Popular

Recent Comments