Whether you drive a two-wheeler or a four-wheeler vehicle, the papers should be complete. In which you have to get vehicle insurance every year. The Union Road and Transport Minister has made changes in the rules, after which driving without insurance on the road can cost you dearly. But insurance policies also differ.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 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 gives compensation for the damage caused in the accident. In third party insurance, even if your bike or car is stolen, you do not get the claim for it.Because theft is not covered in this and under third party insurance, only the opposite party gets the benefit who has suffered an accident with your vehicle. Let us assume that this insurance can be done under the process of keeping the papers of the vehicle 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, from the damage of the vehicle to the damage of the person with whom your vehicle has hit, you get everything from the company in this insurance policy.Even if the vehicle is stolen or badly damaged under this insurance, you get a claim from the company. In zero depth insurance, you can claim twice a year. Explain that according to the new rules, driving without insurance can be fined up to Rs 2,000 or jail for 3 months or both.