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Third Party Only Insurance Explained
(applicable to the UK)
For a motorist to drive on UK roads, it is a legal requirement to have at least third party only (TPO) car insurance. This is to ensure that third parties involved in an incident are protected. So, for example, if you were to crash into another car and the accident was deemed to be your fault, then your liability to the driver of the other car would be covered, although you would not be able to claim for damage to your own.
Therefore it is worth bearing in mind what third party only does not cover before deciding which level of cover to take out. Third party only will not cover a car in the event that it is stolen or burnt by fire. To protect against such losses, a driver may choose to upgrade to third party, fire & theft. Comprehensive cover will see your car repaired in the event of an accident (or pay you the vehicles value if it is uneconomical to repair).
Third party only will, however, cover you for any injury or even death caused to third parties. It will also cover your legal costs in the event of such proceedings, but not any fines you may incur.
One should most certainly not take out this level of cover if the car is new, has a high value (in monetary terms and in personal terms for you) or has been purchased on credit. In these circumstances, it is wise to take out comprehensive cover.
Remember, price comparison sites can help you find out whether you can save money on your car or home insurance.
Explanation of the cover offered under Third party, fire and theft insurance
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Copyright © 2000-2014 Hints and Things
Hints and Things cannot be held responsible for any information given on this site nor do they necessarily agree with, or endorse, the views given by third parties.