Types of Car Insurance
Third Party, Fire and Theft
Third party, fire and theft auto car insurance is a middle of the road car insurance package popular with those who have already paid off their auto loans, but who still have a certain level of intrinsic value in their car.
Fully Comprehensive car insurance
Under this type of car insurance, most of the pay-out events covered under fully comprehensive car insurance are covered – such as fire and theft.
However, in the event of an accident, the insurance company is only required to pay-out if you are at fault and you hit another car. So, in the event that you hit a wall, or only damage your car, the insurance company will not be required to pay. Likewise, if you are involved in an accident with another car, and are not at fault, your car insurance company will not be required to pay-out, regardless of whether or not the other person has sufficient car insurance to pay for the damage done to your car.
Third Party Insurance
Third party car insurance is the ‘basic’ type of insurance, only covers circumstances where you are involved in an accident, are at fault, and hit a third party and is usually required by law.