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Third Party Car Insurance Explained

Third party car insurance is an excellent option for those wanting to save money on cover while still meeting the legal insurance requirements, but third party insurance is not for everyone. While inexpensive now, it could cost you dearly in the future. Some things to keep in mind when considering third party cover:

What is covered?

The basic premise of third party car insurance is to guarantee liability coverage in the event that you and/or your vehicle cause property damage or injury to someone else. If someone is injured or killed due to your actions, third party insurance will cover the costs. Also covered is the repair of another person’s vehicle or property.

Are there any optional add-ons?

Many companies offer additional options that can be added to a third party car insurance policy. Various levels of breakdown cover, recovery after a theft or attempted theft of your vehicle, glass cover in the event that a window is broken or damaged, and legal cover in case you are sued are the most popular add-ons to a third party policy.

It is common to also offer a '3rd Party Fire + Theft' policy, which as the name suggests also includes theft of your vehicle and fire damage - but normally not vandalism or accidental damage.

What is not covered by 3rd Party Insurance?

Third party insurance will not cover damage to your own vehicle or to yourself. This is where such policies can get tricky for many. You will be responsible for repair or replacement costs if you cause damage to your own car. This is NOT comprehensive coverage. Third party policies are inexpensive because they offer the least amount of protection while meeting the minimum requirements dictated by law.

Is this a good option for me?

It depends. If you can afford the personal expense of repair or replacement if you damage your vehicle, then third party insurance may make sense for you. Typically, third party policies are a good option for those whose cars are worth less than 5000 pounds and for those not insuring a driver under the age of 25. Cash-strapped individuals looking to acquire insurance quickly - so they can legally operate their cars - can purchase a third party policy with little money up front.

How to find a third party policy?

There are many third party car insurance policies out there, so shop around. Before signing anything, make sure to read the fine print and ask questions if you are not sure of your coverage. Many companies offer discounts if you purchase a policy online. Discounts are also often available for those with more than one insurance policy with the same company (home and car insurance, for example). To cut the cost even more, carry a higher excess in order to bring down monthly payments, but - keep in mind - you will be responsible for covering the excess in the event of an accident.

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Please note: All articles on our site are written purely for information purposes only, and do not consitute financial advice nor a recommendation for any particular product or service. Views expressed are those of the author and are not intended to apply to anyone's specific circumstances.