Tag Archives: Car Insurance

Third Party Car Insurance

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Car insurance is mandatory not only in the United States but in many countries around the globe. We all know about the kind of insurance that we can have in the event of a fender bender or an outright accident that protects the driver and passengers. But, what happens when there is an accident on which your car is involved but you were not the driver. Many of us will lend out cars to friends or relatives without thought to accident or injury to the driver or the car. In that case there is third party insurance.

Third party car insurance covers you in the event of damage caused by your car, in the event of an accident,  to property owned by a third party. This would be considered coverage for damage done accidentally to someone’s property and the coverage can go to Twenty Million dollars.

Your car may not be worth insuring the think of the other person’s property. If you have experience car repairs you know that a scratch or a bump can sometimes cost thousands of dollars for repairs. If you car may not be worth insuring what about your peace of mind that has some worth.

There are advantages to having third party car insurance as some companies will cover you if your car is damaged by a driver that is uninsured. In addition, most of the third party car insurance companies understand the importance of you car to your daily needs and resolve the claims as quickly as they possibly can. There are many options as every third party car insurance company has different coverage options.

It is mandatory in the United States that you have liability insurance to cover injury and damage to property. However, each State has its own requirements regarding insurance. Although penalties for not having auto insurance vary by State there a usually substantial fines, license suspension and sometimes jail time. The minimum insurance that is usually required by law is third party car insurance in order to protect third parties to cover financial loss in the event of damage or injury to property or person that may be caused by your vehicle.

Three Types of Policies With Reference To Cheap Car Insurance

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Car insurance is such a major aspect of the fast paced lives that people lead today and has become instrumental in how financial futures are planned. In fact, if you go to a financial planner, it is very likely that you will find him asking you if you have an appropriate car insurance policy. Furthermore, even the government of the UK makes it mandatory for a car to be insured before it can be driven on the roads.

Also, these laws are strictly implemented and if you are found driving your car without it being properly insured, you can be fined a significant amount of money and also have your driving licence disqualified. However, when it comes to insuring your car, you will find yourself facing three different types and in order to choose the one that suits you, you will have to understand them. For this reason, the following are some descriptions of the three types of policies that you can use to insure your car.

1. Third Party Policy:
This is a car policy that is the bare minimum required by the government of the UK. The primary purpose of this kind of a policy is to provide cover to the insured for costs related to personal injury or damage to property. For example, if you have an accident with some other driver and end up damaging his car and injuring him, then it is likely that that person will claim for the money that he has had to spend on repairing his car. If you are insured with a third party policy then these costs will be paid for by your policy provider.

2. Third Party, Fire and Theft:
This kind of a car policy provides more cover than the third party policy because it includes clauses for damage to your vehicle through fire. Furthermore, another aspect that this kind of a policy would protect you from would be the threat of theft. Otherwise if your car gets stolen then you would not only have lost the money already invested but also, probably, will have to spend the same amount of money for a new car.

3. Comprehensive Policy:
A comprehensive car policy is a policy that caters to all types of contingencies that you may face on the road. Apart from the third party claim protection and cover for fire and theft, the comprehensive car insurance policy also protects you from the costs of repairing your own car that was damaged in an accident.

The problem that you may face with getting a car insurance policy is that it can turn out to be fairly expensive. However, finding cheap car insurance policies has been made possible in recent years due to the rise to prominence of the internet. The internet contains a host of car policies that differ on the basis of many things. This is good for customers such as you because it makes the online insurance market very competitive and policy providers try to provide you with cheap car insurance policies which you can take advantage of.