The most minimalistic type of car insurance legally accepted in the UK is Third party only insurance. This basically compensates the claimant for any personal injury, damage to the vehicle or property they have faced due to an accident that was your fault.
For example, if you hit another car from the back than your insurance company will cover the full cost of repairs for the other driver. Compensation would also have to be paid for any injury they have incurred due to the collision.
However, no pay-out will be made for damages to your own car and injury you may have sustained. Nonetheless, if the accident is not your fault, than you can claim from the other driver’s insurer for the cost of repairs and cover for medical expenses.
Third Party Fire and Theft
Third party fire and theft cover is an upgrade on Third party only cover. The only difference is that Third party fire and theft cover compensates you if your vehicle is stolen or if it’s damaged in a fire. This type of policy also doesn’t cover you if the vehicle is damaged in other natural scenarios such as a flood.
To obtain a greater a level of cover, you should check our comprehensive car insurance which pays for damages to yourself and the other claimant. In some cases, extras such as legal expenses and personal injury are included as part of the quote.
Should I buy Third Party Fire and theft car insurance?
In some cases, third party fire and theft car insurance can be a good option. For example, if you can repair your own car, or if it’s cheap to repair or even if the car is not worth much, so in the event of an accident it might make more sense to dispose of the vehicle.
Moreover, traditionally third party only and third party fire and theft cover used to be ideal for young drivers facing sky high car insurance quotes as statistically they are more likely to claim. But due to its popularity, this type of cover is now not always the cheapest or in some cases the difference is marginal.
To see which would be best for your insurance needs, its best to look at the quotes for third party only and comprehensive cover too. In some cases, getting a higher/lower level of cover is cheaper or the difference may be marginal, so it’s best to upgrade.
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