What is the difference between insurance and third party insurance?

What are the 4 types of insurance?

What are the two main types of health insurance?

There are two main types of health insurance: private and public, or government. There are also a few other, more specific types.

Who is covered by third party insurance?

The policy covers you if you injure a third party or damage their property while driving. This includes the passengers in your car and any injuries they may sustain. The basic level of cover does not insure you against damage or theft to your own vehicle.

Can I drive any car with third party insurance?

The car you want to drive must be covered by an existing insurance policy and you must have permission to drive it. Driving other cars cover is usually only available on a comprehensive car insurance policy, so if you have third party (or third party, fire & theft) cover, you won't be covered to drive any other cars.

What is 1st party and 3rd party insurance?

What is the difference between 1st party and 3rd party insurance? In first-party insurance, the benefits are for the insured car and its owner as well as the third party if needed. Third-party insurance policies only take care of damages or injuries/death of third-party property or person.

Which type of insurance is best for car?

Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else's car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.

Is 3rd party insurance compulsory?

Yes, third party motor insurance is mandatory for two-wheelers and four-wheelers in the country. This mandate has been set by The Motor Vehicles Act, 1988.

What is the benefit of third party insurance?

A third-party insurance cover is a specific policy that protects you against legal or accidental liability, financial loss or damage to property. The cover also protects you in case of a third-party injury or even death of the person because of your vehicle. When driving, there is a real risk of an accident.

What are the 3 types of car insurance?

Why is 3rd party insurance more expensive?

Insurers said premiums were higher on third-party policies because people taking them out were more likely to make a claim, and to claim higher amounts. Many of them do not have a choice but to take this type of cover.

What is zero DEP in car insurance?

With zero depreciation coverage, the insured does not have to pay the depreciation value of the damaged or replaced parts and the policyholder can claim. It applies to vehicles that are less than 5 years old and the policyholder can avail of it twice during the policy tenure. Read more.

Can I drive my friends car on my insurance?

'Driving other cars' is a clause in your policy that allows you to drive someone else's car without being a named driver on their policy. It's important to understand that if such a clause isn't included, you aren't covered to drive other cars – even if your insurance policy is fully comprehensive.

Can you drive another person's car if you are fully comprehensive?

Having fully comp insurance on your own vehicle doesn't mean that you're fully comp on someone else's. If your insurance provider does allow you to drive a different vehicle, it's likely that they will only provide third party cover as a maximum.

What is fully comprehensive insurance?

“Fully comprehensive car insurance gives you the highest level of protection from an accident, regardless of whose fault it was. It can cover repairs, personal injury claims and damage to property - usually for you, your vehicle and any other vehicles involved.

Why is it called 3rd party insurance?

It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any benefit to the insured.

Who is the third party in a car accident?

The term 'third party' refers to a person involved with a car insurance claim who is not you – (the holder of the policy or the driver). So this is usually the other driver involved in an accident.

What type of damage is not covered by third party insurance?

Damage to your own vehicle. Damage to someone else's vehicle. Personal injury.

Which insurance is best for health?

How do I choose insurance?

What is PPO insurance?

A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan's network.