Which is better first party or third party insurance

Third-party insurance covers damages or losses caused only to the third party due to an accident. The first party is eligible to receive a substantial personal accident cover with such policies. The first party can raise a claim against it depending on the terms and conditions.

Which insurance is best first party or third-party?

In case of damages or accidents, you would definitely want insurance cover for your vehicle. As first party insurance covers damages to both the vehicle and its owner, it is the ideal type of policy to opt for. However, do check that it is not a stand-alone Own damages cover - which is not comprehensive.

What is the difference between first party and third-party coverage?

First-party and third-party insurance claims are different ways to make insurance claims. A first-party insurance claim is a claim you make directly against your own insurance. A third-party insurance claim occurs when you submit a claim to someone else's insurance provider.

Which party insurance is best for car?

However, if the car is brand new and expensive, comprehensive cover is the better option. Coverage: Third-party insurance covers damages to third-party vehicle, injuries caused to other people in an accident, as well as damage to third-party property. Some companies charge extra for third-party property coverage.

Which insurance is best third-party or comprehensive?

A comprehensive car insurance is one of the most preferred types of car insurance policies, as it covers for not only third-party liabilities and losses but, also covers for damages caused to you and your own car.