Why do they call it third party, and not second party?
2007-02-21 20:50:10 · 3 answers · asked by Moofie's Mom 6 in Business & Finance ➔ Insurance
first party = you
second party = insurance company
third party = person the insurance company will calm against (the bugger who hit you).
2007-02-21 20:55:50 · answer #1 · answered by drunkredneck45 4 · 0⤊ 0⤋
I've just checked up and it would be second party if the insurance company, the police, the DVLA, the Queen or a specific person agreed as such is involved.
The police, the DVLA and the Queen all technically are covered as a second party because the insurer operates under them.
Also technically the Queen can drive any vehicle she owns even if she does not have a licence. How cool is that?
2007-02-22 04:59:26 · answer #2 · answered by monkeymanelvis 7 · 0⤊ 0⤋
There are two parties to the insurance contract, you and the insurance company. Thus it is first party (you are making claim against the insurance company based on the policy provisions.
Third party means that the person you hit, etc, is not a party to the contract between you and your insurance company. However, they make a claim against you (sue you), and the insurance company steps up to the plate to protect you. The person you hit has no rights under the contract, but can sue you and the insurance contract will protect you.
2007-02-22 10:46:39 · answer #3 · answered by MTR 3 · 0⤊ 0⤋