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First Party Insurance vs Third Party Insurance | Zero Dep Insurance in a Motor, Bike, Car Insurance - YouTube
Channel: Munendra Singh
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Today we will talk about what is third party policy and what is first-party policy in a Motor policy.
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What is covered and what is not covered in these third and first-party policies?
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Video may be lenghty but ... I will try to answer all your questions...
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I wll Answer to all your questions related to Motor Policy.
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You all may know it already that govt is very strict about Motor vehicle act. regarding Insurance.
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If you are caught drivind without Insurance.
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Then you will be fined by cops..
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...But insurance is not only to avoid fines!
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There are a lot of benefits of Insurance.
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What is covered in a policy and what is not covered in a policy...
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Many people don't know and...
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They choose a wrong policy as per their requirement.
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They buy a wrong policy So...
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They wasted their money and...
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When They met with an accident
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or any mishappening happens
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Then in those situations they don't get claims approved.
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So, which policy is better for you...
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Your all doubts related to these topics will be cleared,
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Watch this video till END!
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Suppose I play with my vehicle on road,
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God forbid!
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Any mishappening happens with me or my vehicle hits something
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Damage someone's property...
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someone gets hurt or injuries...
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In those cases,
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Insurance is very necessary!
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There are lot of risks are covered in a policy
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And we pay...
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For the covers, will be present in our policy.
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And those claims only. will get approved
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First of all let's know about the different type of policies
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For differetnt type of vehicles
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If you have a Private Vehicle.
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Like Private car or bike for a personal use.
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Then you should buy a pvt car policy or bike insurance
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If you have a commercial vehicle like: BUS
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truck, texi, Cab etc
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School van... like this!
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You need to buy a Commercial Insurance for these type of vehicles.
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Private car/ bike insurance will not be accepted if you use you bike for commercial purposes.
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general Insurances are not accepted for commercial vehicles
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Now, Let's see, what is
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Third party and first party insurance
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what re difefrences and whata re covered
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Whats is not covered
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Let's us talk about these all.
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1. Third Party Insurance
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Your own vehicle is not covered in Third party insurance.
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If your vehicle meets with an accident
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There are any damages or something
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like, Fire or vehicle is stolen,
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In those cases your vehcile is not covered and you can't claim for that.
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but in third party policy...
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what is covered:
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1. Third-party properties are covered.
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2. Third party liabilities are covered.
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For example; your vehicle hit someone's vehicle/property
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someone's shop, house or..
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Any kinkd of someone's propery is damaged,
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Then those properties may be covered.
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with a max amount of INR Rs. 7,50,000/
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There is a cover of Rs. 7,50,000/
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And Third party liabilities are also covered.
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If you hit someone
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If that person gets hurt or he is dead,
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In those cases there a cover of unlimited amount.
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There is a cover according to that person profile
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What was his income.
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How much he used to earn.
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How many are members in his family
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how may people wa dependednt to him.
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Claim is approved in consideration these things
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So, There is no limit of the amount
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According to Indian Government act.
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Third party insurance is mendatory
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For Every vehcile playing on the road
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If someone has no insurance
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He will be fined.
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Now Let's talk about First Party Policy
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If you want your own vehicle to be covered.
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You need to buy Comprehensive Package policy
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All the benefits of a third party policy are included in this
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Plus...
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Your Vehcile or Own damage will also be covered in this
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In this policy, your vehicle is protected from,
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Accident, Fire, Eartquake or any
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Natural calamities...
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If there is loss to your vehicle.
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Then those will be covered.
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When someone buys this policy.
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There is a specific value decided
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by the company for every vehicle
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Which is Called IDV
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Insured Declared Value
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Sometimes it is called as sum Assured.
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I will tell you later, How IDV is calculated?
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of a vehicle
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If your vehicle is stolen or
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in a total loss, and can't be repaired.
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In those cases the max. claim approved,
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Will be as per your IDV.
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But in comprehensive policy too.
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Some parts of your vehicle.
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Are not covered 100%
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like;
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plastic, Rubber, Tyre, Tube and batteries
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These are 50% covered
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Means, If these parts are damaged in your vehicle.
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Then you will pay 50% amount
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and Insurance company will pay 50%
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Fiver Glass wil be covered 70%
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but.
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The Windshield glass...
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will be covered 100%
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Now, How IDV is calculated?
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As your vehicle gets old,the value
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of your Vehcile wil be decreased.
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If your vehicle is old not exceeding 6 months
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Then there is depreciation of 5%
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for 6 month to 1 Year old
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then the value of vehile will be decreased by 15%
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from the Ex Showroom price.
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If it is 1 Year to 2 year old
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Then the vale of vehilce will decreased by 20%
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Rest is as per the chart shown.
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If it is old more than 4 Years but not exceeding 5 years
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Then IDV will be 50% of the ex showroom price
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But this depreciation which is decreasing the price,
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This depreciations can be protected!
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Means the Ex Showroom price of your car
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That will remain fixed, there will be no Depreciation
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For this, you will need Add on.
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Zero Dep. (Depreciation)
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Also called, Nill Dep, Policy
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Zero Dep Policy,
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and called bumper to bumper policy too.
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There a lot of add ons
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We will talk later about these.
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Let me tell you some besis things
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Which are to be remembered carefully.
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You are buying third party policy or
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or buying Comprehensive , first party policy.
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You need to buy a PA Cover for owner-driver
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that is for you (Owner)
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This is called PA Cove to owner/driver
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This the is accidental insurance of Rs. 1500000/
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But if you have this cover with any of your vehice,
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Then you don't need to buy it again on other vehicles
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Suppose you have 5 vehicles,
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Then you need to but PA cover ONETIME
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That is enough
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If you have any running term/Life Insurance
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...and the accidental cover is there,
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Then there is no need to buy extra PA cover
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any mishappening will be covered there,
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No Dealer will tell you these things,
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Because he gets, commission as per premium.
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So, generally it happens that,
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If you have 5 Vehicles, he will buy 5 PA covers for you
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But when it comes to ..
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Get benefit ...
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or is there any misshappening.
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Then Only ONE PA Cover is enough.
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You don't need to buy it multiple times.
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That is loss your you.
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The second thing to be remembered.
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If external Fuel kit is installed in your vehicle.
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If you installed any LPG/CNG Kit
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Then You need to get it protected.
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Extra Premium will be 4% of the kit value
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If there are drink and drive case
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And Vehicle meets with any accident.
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No Claim will be accepted.
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If the driver has no valid driving license
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In that case, too, no claim is accepted.!
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No. 3.
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If the vehicle is used for an unlawful purpose,
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And there is any loss to the vehicle.
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Fire, Total Loss, or any accident.
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There will be no claim accepted.
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These things are to be remembered!
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Now the question is, You should buy 3rd party Policy or 1st Party Policy?
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Then My personal opinion is;
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You should always buy ..
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a comprehensive/ Firstst party Policy.
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because doesn't matter how old is your vehicle.
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The difference in the premium
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of third party policy and first-party policy
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is very less. (difference)
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but suppose there is any mishappening / accident
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There may be the expense of 10k, 20k or lakhs of rupees
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Doesn't matter how old is your vehicle.
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So, to save a few amounts of amoney,
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We should not take a big risk
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I hope all your doubts, related to
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First-party and third party,
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Are cleared now!
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If you still have any question
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related to 3rd party policy and 1st party policy.
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Then write in comment box.
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If you wan to message me on IG
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Then the link is given in the description.
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or you can search on IG by.
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@Indian.Munendra and message me there.
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I will reply to your all questions related to motor Insurance
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Besides this, there are a lot of important topics
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Which are very important to us to know.
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like;
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There are a lot of add on covers.
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Like there is one cover, RTI
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RTI means Return to Invoice
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If there is any loss to your vehilce.
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or goes in total loss.
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Then Return to Invoice means, the value of Showroom price as per your invoice,
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Then you get that amount, including new vehicle reg. cost.
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So, like this, we can say you get a new vehicle. (New Vehicle replacement)
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likewise, there is a cover RSA, Road Side Assistance
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Tyre Protect Cover.
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PA Cover for Passengers.
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The unnamed passengers in your vehilce
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(As per your vehicle capacity)
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Then those unnameed people can alos be covered.
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Likewise, there are a lot of add on covers,
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Now, No Claim bonus.
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This is a type of discount you get while purchasing policy.
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If you have knowledge of it, you can get a discount whilce...
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you renew the policy or buy a new one.
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What is NCB, How to get NCB?
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and How to calculate NCB?
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We will also talk about these topics.
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If you have sold your vehicle, how to transfer NCB?
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on your New vehicle policy
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or how to get NCB Transferred?
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We will talk about these topics.
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in the coming videos.
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Which topic you want me to make a video first.
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Please comment on your topic and let me know!
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I will come with a detailed video, on that tpoic.
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If you like this video, hit like button!
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If are a guest to this channel,
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Then Please subscribe the channel
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and press the bell icon.
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So you don't miss any new video.
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...and make sure you share the video to your friends
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and relatives.
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We should share the good and useful knowledge with others.
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I will come back with a new video.
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related to Motor Insurance.
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Till then, Bye Take care!
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