Types of Insurance Cover
There are three main types of motor insurance for you to choose from, with there being a trade off between the level of cover offered by each type, and the cost of your insurance premiums. The three types of car insurance are as follows:
Comprehensive Car Insurance
This is, as the name suggests, the most comprehensive type of car insurance cover. It is also the most expensive - If you have a cheap second hand car, it may not be worthwhile paying the higher premiums. A brief summary of the cover is as follows:
- Covers almost every eventuality for both yourself and any third party
- Highest levels of premium
- There can be some exceptions with the cover, so check the small print - it can vary between different insurers
- Stipulations will conform strictly with the information you provide when obtaining your quote, so be careful not to bend the truth to get a cheaper premium - it could invalidate your insurance!
Third party, fire and theft (TPFT) Car Insurance
This is the mid-level insurance type, which means repairs to your own vehicle are NOT covered, if the accident is YOUR fault. Pretty much everything else is covered. A brief summary is as follows:- It's cheaper than comprehensive cover
- All third party costs after an accident are covered
- Covers theft loss or damage, and fire damage
- Repairs to your car are not covered if the accident is your fault
- May require a higher compulsory excess (the amount you have to pay towards any claim)
Third party Car Insurance
This is the basic level of insurance which simply insures you for any damage to a third party vehicle in the event of an accident being your fault. A brief summary is as follows:
- This is the basis level of insurance which is the minimum legal requirement
- Covers third party repairs only
- No cover for repairs to your car if the accident is your fault
- Usually better to pay a little extra and be covered against fire and theft