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Friday, 24 October 2014

Different Types of Car Insurance

There are three main types of motor insurance products; they offer different levels of cover for your vehicle. In most cases third parties are not affected by which level of cover you have. The three main products are:
1.       Third Party

2.       Third Party Fire & Theft

3.       Fully Comprehensive
When shopping for car insurance quotes it is a good idea to check the premiums for all three types, but before selecting the quote make sure you are comfortable with the level of cover. Drivers of expensive cars tend to choose fully comprehensive. New and young drivers often choose Third Party as it is the cheapest option.
Third Party Car Insurance
If you choose third party car insurance you will most likely pay less for your premium, but the level of cover is minimal. If you were to have an accident and it was your fault then your insurance provider would only pay out for loss to other vehicle, you vehicle repair costs will not be covered. If the other driver is at fault then it does not make a difference what level of cover you have. 
Third Party Fire & Theft Car Insurance
As above but with the additional peace of mind that if your vehicle was stolen or burned it would be covered. So, your road risk cover is still the same as third party only cover. This level of cover is more popular than third party only. Be advised that there will be some level of excess applied if you were to make a claim – check your policy for exact details.
Full Comprehensive Car Insurance
This level of cover includes the first two levels plus, if you were to have an accident and it was your fault your car repair costs would be covered. This level of cover is the most expensive but it offers full protection in the event of an accident. Again, there will be excess amounts applied to any claim so check your policy wordings.

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