What is 1st party and 3rd party insurance?
Answers
Answered by
1
Third party insurance is the minimum legal level of cover needed to drive a car. If you cause damage to someone else's property or injure them while driving, that person will receive appropriate compensation. ... It also provides cover for your passengers, in case they are injured while in your car.
First-party insurance is insurance that is purchased to cover the named policy holder (“insured”) against damages or losses suffered by the policy holder to his person or property. The policy holder may be a company, an individual or group of individuals of a particular class (such as employees of a company, a named insured’s family or occupants of a particular vehicle). Some examples of first-party insurance are:
personal injury protection coverage under an automobile insurance policy
health insurance
medical payment coverage under an automobile or homeowner’s policy.
Hope it helps you..
First-party insurance is insurance that is purchased to cover the named policy holder (“insured”) against damages or losses suffered by the policy holder to his person or property. The policy holder may be a company, an individual or group of individuals of a particular class (such as employees of a company, a named insured’s family or occupants of a particular vehicle). Some examples of first-party insurance are:
personal injury protection coverage under an automobile insurance policy
health insurance
medical payment coverage under an automobile or homeowner’s policy.
Hope it helps you..
Similar questions