Vehicle Insurance: What is 1st and 3rd party insurance, in whom you benefit? Understand complete mathematics

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Vehicle Insurance: What is 1st and 3rd party insurance, in whom you benefit? Understand complete mathematics
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1:47 PM August 9, 2022
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1st party vs 3rd party insurance: Many people get confused when buying vehicle insurance whether to buy 1st party insurance or 3rd party. Some people do not even know the meaning of these two insurance. In such a situation, we are telling you what is the difference between these two insurance and which insurance will be better.

which is Best Vehicle Insurance Policy: Whether you drive a car or bike, it is very important to be insurance. Insurance is not only necessary for the safety of your vehicle, but it also protects you from invoices. In the event of an accident or theft, vehicle insurance can prove to be very useful. Many people get confused when buying vehicle insurance whether to buy 1st party insurance or 3rd party. Some people do not even know the meaning of these two insurance. In such a situation, we are telling you what is the difference between these two insurance and which insurance will be better.

What is first, second and third party In the language of insurance policy, the owner of the vehicle, or the person is called the first party, in whose name insurance has been taken. To vehicle insurance company The second party is called. Whereas in the event of an accident, the third party is called a person or vehicle owner who has been damaged by your vehicle.

First Party Insurance This insurance policy is made for the protection of the holder's vehicle. In case of any natural disaster, accident or vehicle theft, the vehicle owner can file a claim to the insurance company. In this, the insurance company also covers the third party claim. For example, if another person or their vehicle has been damaged by your vehicle, the company will settle the claim on your side.

Third-party insurance In this insurance, only the damage to the vehicle of third party or thed party is covered. It is cheaper than first party insurance at price. According to the law, it is necessary to have at least third-party insurance of all vehicles.

Who is better to buy First party insurance is expensive in terms of price. But it protects your vehicle in the event of theft and accident. It depends on your budget what insurance you are taking. However, both first and third party is advised to take the first party insurance for optimal coverage and security.

Read more: Glimpses of tribal culture seen in Chhindwara: World Tribal Day celebrated with enthusiasm, Mayor Vikra performed tribal dance, vehicle rally and submitted memorandum
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