First Party Car Insurance

First party car insurance protects policyholders and their vehicles against own damages and personal injuries that may arise from an unfortunate accident. While this insurance plan is not mandatory, it is recommended for car owners seeking enhanced coverage during claims.

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What is First Party Car Insurance?

A first party car insurance policy comprises own damage cover and a personal accident cover for the first party (policyholder). Also known as standalone own-damage car insurance, this policy offers coverage for damages or losses sustained by the insured vehicle due to incidents such as natural disasters, vandalism, road accidents, theft, fire, etc.

Additionally, it covers bodily injuries and provides compensation for permanent or partial disability or death of the insured person, ensuring financial security as well as peace of mind. Car owners can purchase first party insurance separately in addition to the mandatory third-party car insurance.

First Party Car Insurance Benefits

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

• Quick Claims: The claim process is faster and hassle-free since you directly deal with your insurer under a first party insurance policy.
• Independent Coverage: You're not dependent on the third person's policy to recover your damages or losses in the event of an accident.
• Cost savings: Though the premium for first party insurance is a little more compared to a third party policy, it offers long-term savings by avoiding hefty out-of-pocket expenses.
• Add-ons: First party car insurance coverage can be enhanced further by purchasing add-ons for an additional premium.
• NCB Benefit: With first party car insurance, a policyholder is entitled to the No Claim Bonus (NCB) reward for every claim-free year. This bonus can be used to get a discount on the policy premium at the time of renewal.

Difference Between First Party and Third Party Car Insurance

First party insurance for car differs from third party insurance in several aspects, as follows:

How to Buy/Renew First Party Car Insurance?

You can easily purchase or renew first party insurance online from Policybazaar.com. Here are the steps:

• Visit the ‘Car Insurance’ page on Policybazaar.com
• In the given form, input your car number or select ‘Brand New Car’ in case of a new car.
• Select your car’s make and model, RTO, variant, fuel type and registration year.
• In case of renewals, select your policy expiry date and mention previous claim details if any.
• Now, from the list of different four-wheeler insurance plans, select the one under ‘Own Damage Plans’ that suits your coverage needs and budget.
• In case of a new car, opt for a comprehensive car insurance policy that includes both the own damage cover and the mandatory third party car insurance.
• You can also opt for any add-ons that you may want.
• Pay the policy premium online via net banking, debit/credit cards, or UPI.
• After the payment is complete, you will receive your 1st party car insurance policy documents at your email address.

How to File a Claim Under First Party Car Insurance?

Cited below is the simple procedure to raise a claim under your first party motor insurance policy:

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