You are no doubt aware that there are three levels of car insurance with those being third party, third party fire and theft and fully comprehensive. As a general rule it is likely that third party cover is the cheapest and fully comprehensive cover the most expensive with third party fire and theft somewhere in between.
Especially in the current economic climate, it would be interesting to explore third party car insurance in a little more detail to see whether it is going to be adequate to meet your needs. Firstly, you should be aware that it is a legal requirement that, as a minimum, you have third party car insurance in place.
What does third party car insurance provide cover for?
Third party car insurance will cover you should you be involved in an accident whilst driving your vehicle but only for damage to other vehicles, other property or other people. The key thing to note is that it will not cover you for any damage to your own car or yourself in the event of an accident.
As there is no cover for damage caused to your car, you need to think very carefully about whether this level of cover will be sufficient. If your car were worth several thousand pounds you may prefer to consider the likes of fully comprehensive cover as this would cover your car for any damage to it or should it be written off in an accident, even if it were your fault.
However, if your car is getting quite old and its value has depreciated to, let’s say, only a few hundred pounds is it really worth spending what could be more than the car is worth on fully comprehensive car insurance premiums? This is an instance when you may feel that third party car insurance is more than adequate. You may wish to get some advice before making a decision.
We hope that the above has been of some help.