What Is The Difference Between First Party And Third Party Insurance, Know Before Insuring The Vehicle 17 July 2023

When It Comes To Insurance, Two Types Of Insurance Come To Mind, First Party And Third Party.

Both First Party And Third Party Insurance Cover The Loss, Third Party Insurance Is Essential.

The First Party In Insurance Is The One Who Buys The Policy I.E. The Vehicle Owner

The Company Issuing The Insurance Is Called The Second Party. The Third Party In Insurance Is The One To Whom The Loss Is Indemnified.

Third Party Insurance Is The One Whose Benefit Is Received By A Third Party Instead Of The Owner Of The Vehicle And The Insurance Company.

In This, The Insurance Company Bears The Cost Of Damage To The Third Party Or Its Property In An Accident.

First Party Insurance Is Optional And Its Scope Is Also Large, Under Which The Insurance Company Compensates For The Loss Of Both The Parties.

Insurance Is Very Important To Deal With The Possibility Of Any Loss Or Accident In Future.

According To The Law, Third Party Insurance Is Necessary For Every Vehicle, Without Third Party Insurance You Cannot Drive Your Vehicle.

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