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Car Insurance 905 views April 9, 2021
You need car insurance to stay away from both legal and financial hassles in case of unfortunate incidents involving the four-wheeler. As per the Motor Vehicles Act, 1988, you should have at least third-party car insurance. And if you aren’t aware of the term ‘third party’, you may also not know what the ‘first party’ means in car insurance. Please note that a car insurance policy involves three parties – First Party – who buys the insurance, Second Party – From whom the first party purchases the car insurance, also known as the insurer, and Third-Party – Any person who gets affected by the actions of the first party’s driving. Read this post further to know more about First Party & Third Party Car Insurance.
Table of Contents
First Party Car Insurance
Under this type of car insurance, the first party gets an own damage cover where losses or damages caused to the car are due to the following unfortunate events –
- Natural disasters (earthquakes, storms, etc.)
- Man-made disasters (strike, vandalism, etc.)
- Accidents
- Fire
- Theft
First Party Car Insurance also covers the third party’s liabilities if the insured car causes property damage, bodily injuries or death to the third party during an accident. Besides the above coverage, you’ll also get a personal accident cover in case you suffer an accident while driving the car.
Top Insurance Companies Offering First Party Car Insurance
If you want to purchase first-party car insurance, you can shortlist the insurer from the following
| Company | Benefits | Network Garages for Cashless Claims |
|---|---|---|
| HDFC ERGO General Insurance |
| 7,100+ |
| Tata AIG General Insurance |
| 7,500+ |
| ICICI Lombard General Insurance |
| 4,300+ |
| Bharti AXA General Insurance |
| 5,200+ |
| Reliance General Insurance |
| 5,000+ |
| Bajaj Allianz General Insurance |
| 4,500+ |
| IFFCO Tokio General Insurance |
| 4,300+ |
| New India Assurance | Coverage of loss or damage arising from -
You will also get third-party liability cover 4 Add-on covers | 1184+ |
| United India Insurance | Loss/Damage cover from - Accidents
| 634+ |
Third-Party Car Insurance
Third-party car insurance enables the second party to pay any third-party legal liabilities if the four-wheeler causes injury or property damage to the third party. The compensation amount under this type of car insurance shall be declared by the court.
Top Insurance Companies Offering Third Party Car Insurance
You can purchase a third-party liability car insurance cover from the following insurers, so compare their offers and choose the one that offers you the best deal.
| Company | Benefits | Network Garages for Cashless Claims |
|---|---|---|
| HDFC Ergo General Insurance Company Limited |
| 7,100+ |
| TATA AIG General Insurance Company Limited | Third-party property damage, bodily injury and death cover | 5,900+ |
| ICICI Lombard General Insurance Company Limited |
| 4,300+ |
| Bharti AXA General Insurance Company Limited |
| 5,200+ |
| Reliance General Insurance Company Limited | Cover for third party property/vehicle | 5,000+ |
| Bajaj Allianz General Insurance Company Limited | Third-Party Legal Liability cover for damage to property or loss of life of a third-party individual due to an accident involving the insured’s car | 4,500+ |
| IFFCO Tokio General Insurance Company Limited | Coverage for property damages and injuries caused by your car to a third party | 4,300+ |
| The New India Assurance Company Limited |
| 1184+ |
| United India Insurance Company Limited |
| 634+ |