Hello Friends,I am getting a lot of comments asking what is ‘apparent party’, ‘second party’, ‘third party’ insurance? In today’s video, I am going to discuss this. I have prepared this guide based on a comment from a friend.
Question 1: What is the difference between ‘First Party’, ‘Second Party’, and ‘Third Party’ insurance?
First Party Insurance:
- It covers your vehicle and the damage caused by you.
If the damage is caused by someone else, you are not at risk for a claim.
Second Party and Third Party Insurance:
– Second and third party insurance covers damages caused by other persons.
- If your vehicle causes damage to someone else, it is covered by second or third party insurance.
Second question: If our claim is not being processed, then why?
- If your claim is not being processed, there could be many reasons.
One reason could be that you have not taken third party insurance. - Even if you do not have LMB or other permission, the claim cannot be made.
Third question: How to take insurance?
- In India, it is mandatory to have at least third party insurance to drive a car.
- You can consider front, second, and third party insurance, depending on your needs and budget.
-Comprehensive insurance is the most expensive, but provides the most complete coverage.
From this video, you have gained some important information about Insurance in India. If you have any questions, please comment us. Thank you.
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