India, May 2 -- In the world of car insurance, two terms frequently arise - first-party and third-party insurance. While both provide coverage in the event of an accident or damage, they differ significantly in scope, benefits, and cost. Understanding these differences is crucial for every vehicle owner. Let's check out the intricacies of first and third-party car insurance to understand how they are different.

What's car insurance?

car insurance is a vital aspect when it comes to owning a vehicle. It provides financial protection against unforeseen circumstances such as accidents, theft, or damage. Typically, there are three parties involved in an insurance policy:-

First party - In an insurance contract, the person who purchases the ...