First Party Car Insurance

First party car insurance is not a mandatory cover but a recommended one if you want to cover your car against own damages and third party liabilities. It offers all-round protection to the insured vehicle keeping you away from any financial distress resulting from it.

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What is First Party Car Insurance?

First party car insurance aims to benefit the first party under a motor insurance policy. The first party refers to the person who purchases the insurance policy. Thus, a car owner is the first party under a motor insurance contract.

A first party car insurance policy provides coverage to the first party against own damages sustained by the insured car due to events such as natural disasters, vandalism, accidents, fire, etc. It also covers third party liabilities, such as death, injury and property damage of a third party, arising out of an accident of the insured vehicle. 

Moreover, a 1st party insurance also offers a personal accident cover to the first party if he/she dies or suffers from a disability due to an accident while driving the insured vehicle.

Thus, a first party car insurance comprises of a third party liability cover, own damages cover and a personal accident cover to the first party. It is also popularly known as comprehensive car insurance.

Features & Benefits of First Party Car Insurance

The following are some features and benefits of purchasing first party insurance for your four-wheeler:

• Covers Legally and Financially: A first party motor insurance policy covers a policyholder financially and legally. It fulfils the mandatory legal requirement by offering a third party liability cover and also offers a financial cover against own damages sustained by the insured car. 
• Personal Accident Cover: Under this type of motor insurance policy, the first party is also entitled to a compulsory personal accident cover of Rs. 15 lakh to cover accidental death or disability of the driver/owner of the insured car. 
• Additional Coverage: First party insurance coverage can also be enhanced by purchasing add-ons at an additional premium amount. 
• NCB Benefit: With first party car insurance, a policyholder can also get the benefit of the No Claim Bonus (NCB) reward for every claim-free year that can be used to get a discount on policy renewal.

Difference Between First Party and Third Party Car Insurance

First party car insurance is different from third party motor insurance in the following ways:

How to Buy/Renew First Party Car Insurance?

Purchase or renew your 1st party car insurance policy from Policybazaar.com by following these steps:

• Visit the ‘Car Insurance’ page by heading to the ‘Insurance Products’ menu. 
• In the given form, select the ‘Proceed without a car number’ or the “Brand New Car’ option. 
• If you are renewing your car policy, enter your car number in the given form.
• Select the RTO, model, variant, fuel type and registration year of your vehicle
• Fill in the required details, your policy expiry date and previous claim details if any
• You will now see a list of first party insurance plans for your car. Select the one along with any add-ons that you wish to buy. 
• Enter your previous policy No Claim Bonus discount 
• Fill in the proposal form and proceed with premium payment 
• Pay the first party car insurance price online via Net Banking, Debit/credit card or UPI 
• After the payment is complete, you will receive your 1st party car insurance policy documents along with confirmation at your email id.

How to File a Claim Under First Party Car Insurance?

To raise a claim under your first party motor insurance policy, follow the steps given below:

• Register a Claim: The first step is to inform the insurance company soon after the incident so that they can register a claim under first party insurance.
• Vehicle Inspection: The company will then send a surveyor to assess the damages caused to the insured car
• Documents Verification: The surveyor will also ask for some documents for claim verification. Make sure to keep these documents with you for the verification process.
• Claim Settlement: The insured vehicle will then be sent to the network garage for repairs and the claim amount will be settled with the insurance company.
• Reimbursement Claim: If the repairs have been done in a non-authorized network garage, the claim amount will be reimbursed to you after the repairs are complete and you have paid the bill.