Insurance
VIVEK SINGH
(Querist) 01 March 2012
This query is : Resolved
Dear sir,
what is the difference between Ist party insurance and 3rd party insurance of a scooter.
Thanks!
V R SHROFF
(Expert) 01 March 2012
1st Party: any damage to your scooter or driver +including any damage to injured party due to accident is covered, and it cost more.
3rd Party, only insures any passers by on road, and any third party that may incur loss, and does not include loss or damage of your scooter, or any accident to you. it cost less, and is a minimum requirement to drive your vehicle .
This in my Gen Knowledge, and other experts may throw more light on this Query.
Deepak Nair
(Expert) 01 March 2012
As a first party, you can claim own damages sustained by you from the insurance.
IN a third party insurance claim, if the damage is caused to another, then the said another person can claim from the insurer of your vehicle.
Raj Kumar Makkad
(Expert) 01 March 2012
You have already been advised very well.
Deepak Nair
(Expert) 02 March 2012
Hope the querist is satisfied now.
C. P. CHUGH
(Expert) 02 March 2012
Well said, Nothing more to add
Guest
(Expert) 02 March 2012
The first party insurance covers any damage or fatality done to you or damage to your vehicle, but not any other person or his property if damaged by accident with your vehicle, unless that is for a comprehensive insurance cover.
On the other hand, third party insurance insures you or any other driver of your vehicle against liability for death or injuries you may inflict on OTHER road users as a result of a motor vehicle accident for which you or the driver of your vehicle are at fault. BUT, this type of insurance DOES NOT cover you for injuries you might sustain in an accident.
PARDEEP KUMAR
(Expert) 03 March 2012
Mr. Shroff and Mr. Nair, has already and appropriately replied to your question.
RAJU O.F.,
(Expert) 04 March 2012
1st party claim is for the owner to claim damages for the vehicle or injury to the owner. Third party is passer by or any other person claiming damages for loss or injury caused because of the vehicle.
J K Agrawal
(Expert) 04 March 2012
Dear Sir
I agree with all of you but want to add one more note
That YOU (The owner of vehicle) are not covered in both insurance.
Further it is to be noted that
Any person driving motorcycle not under employment of you also not covered as the current version of the Supreme Court is that if a person takes away your vehicle for his personal use, he 'steps in shoe of the owner' and as such he also not insured. (I personally, with all due respect to the Apex Court, do not agree with this interpretation of the Honable Supreme Court because if so NO BODY driving a Two Wheeler is safe and Insured)
Please refer to Ningamma & Anr vs United India Insurance Co. Ltd
Supreme Court of India [ Division Bench ]
Civil Appeal No. 3538 of 2009
Decided on 13/05/2009 Citations :: 2009 AIR SCW 4916 (From : Karnataka)* :: AIR 2009 SUPREME COURT 3056 (From : Karnataka)* :: 2009
sasankajyoti sharma
(Expert) 05 March 2012
Insurance is the compensatory remedy for any accidental loss of the user as well as the non-user who is affected by the accident in case of first party insurance.
Insurance is the compensatory remedy only for any non-user who is affected by the accident in case of third party insurance.
Here, Insured is the first party, Insurer is the second party and Any person who is prone to accident is the third party.
Adv. Sagar R. Jadhav
(Expert) 16 March 2012
1st party insurance means the person who owns the vehicle,
3rd party means all other persons or property outside the vehicle,
In a 1st party insurance premium is high and all the loses incurred in case of a mishap is borne by the insurance company. whereas in the case of 3rd party the losses incurred by the other party is paid up by the insurance company, but that is limited to the amount decided by the court including any 3rd party fatalities.
To drive a vehicle on road 3rd party insurance is compulsory whereas 1st party insurance is upto your wish.
