New Delhi: You must drive a two-wheeler or the four-wheeler cart must have full paper. In which you have to insure the vehicle every year. The Union Minister of Roads and Transport has made changes in the rules, after which, driving on the road now without insurance can cost you dearly. But insurance policies also vary. Often we hear about First Party and Third Party Insurance. However, most people are not aware of 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 to you through this article.
What Happens Third Party Insurance: Third party insurance is one in which you do not get a claim for an accident that happened by you, but the one in front. Suppose your bike or car collides with another bike or car, then your insurance company pays for the loss due to the accident. In third party insurance, even if your bike or car is stolen, you do not get its claim. Because theft is not covered in this and under third party insurance only the front party gets the benefit from your vehicle which has been an accident. For the sake of value, this insurance can be done under the process of keeping the papers of the vehicle.
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First Party Insurance: First party insurance can be done with zero depth. In which everything is covered. Like your car damage, your physical damage, the front of which your car collides, everything from the damage of his car to his injury, in this insurance policy you get from the company. Even if the vehicle is stolen or badly damaged under this insurance, you get a claim from the company. In insurance with zero depth, you can take a claim twice a year. Explain that according to the new rules, driving without insurance can be punishable by a fine of Rs 2,000 or imprisonment for 3 months or both.
First Party Insurance 50% Claim: This is also first party insurance, but it has term and conditions. Under which the insurance company compensates 50 percent of the damage in case of an accident and the vehicle owner has to make 50 percent compensation. Compulsory insurance is for the owner and driver of the vehicle. Road accident cover can be increased by more than Rs 15 lakh on taking Comprehensive Insurance, whereas compulsory accident insurance in third party insurance is available up to 15 lakh only.
