YU Insure

Third-party insurance, which is also sometimes referred to as 'act-only' insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Happy Holi from Priority Insurance Surveyors & Loss Assessors Private Limited May your life be as colorful as the colors of Holi. May you reach new heights in life. Wishing you a very happy Holi.

What is general insurance?
General insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident.

For every year where no claim is made by the policyholder, a discount called No Claim Bonus (NCB) of 10% to 50% allowed substantial discounts on the car insurance.

1) First Party:
Have you heard the line – the customer always comes first? Well, this is an easy way to understand and remember who is the first party in car insurance. It’s you, the customer. When you purchase a car insurance policy from a certified insurer, you become the First Party in terms of the contract.

2) Second Party:
The insurance company from whom you have purchased the policy by paying the applicable insurance premium for your vehicle is the Second Party in the contract. The Second Party accepts the premium and offers the policy, which is a promise bound by the Policy Wordings. The Second Party assures the First Party that if anything untoward happens to the car, they will take care of it as per the terms and conditions of the policy.

3) Third Party:
A Third party is someone other than the First and Second party. It can be anyone; for example, a pedestrian walking on the street. These Third Parties can get affected because of your (First Party) car. Their property can get damaged because of a car accident. The First Party is liable to compensate the Third Party in such scenarios; and because the First and the Second Party have a contract in place, the insurer will handle the liabilities as a part of the third party insurance.

An insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances.

Under an insurance policy, the insured needs to pay regular amount of premiums to the insurer. The insurer pays a predetermined sum assured to the insured if an unfortunate event occurs, such as death of the life insured, or damage to the insured or his property.