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This type of Insurance is also known as TPO and it is the most basic type of insurance around. This covers you for the following:
Third Party only is a liability policy that will avert you from charge if you cause an accident. The Policy will provide a measure of assurance that if you are in an industrial accident "the innocent party's repair/replacement costs are insured against."
Third party will offer a measure of protection, however it will not defend you completely if an accident occurs, and most likely will not cover you if your car is stolen.
If you possess a "High-Performance" or "Classic" vehicle, then you will require supplementary coverage, beyond the third-party coverage.
The coverage offered to these customers is to protect them extensively, since the risks are higher and the cost of repairs on such vehicles is twice more costlier than standard vehicles.
This is the cheapest of all and covers only cases of accident where you were responsible and hit a third party. In case of any other mishappening with your vehicle, the insurance company is not to be contacted.
This insurance policy is generally favored by those who own an old and less pricey car or any other vehicle.
If you only take out third-party insurance on a high dollar vehicle, then you will pay the cost of repair and undergo losses in the event you are in an accident, unless the other driver is at fault.
However, if that driver is at fault, still you may pay the cost that is not covered under the other drivers insurance if he too has third-party coverage. The third-party coverage will cover drivers on public roads, or private roads.
This type of insurance covers all of the benefits as laid out above in addition to the following:
Even though this policy is the most expensive one, yet it is the most broadly adopted type of auto insurance. This is because the insurance provides compensation or covers all sorts of cases for example theft, accident, wear and tears etc.
If unfortunately an accident occurs, where you were not in the wrong while the other driver who did the accident does not reveal his and his insurance details; you ought not to worry.
For being a policyholder of the fully comprehensive program, you can register an insurance claim against your insurance company. But while taking this policy one important thing should be borne in mind.
A few auto insurance companies do not insure your vehicle 100% of its value but of 80% or so. Although many companies defend their policy as a measure to prevent themselves from fraud cases etc., to find the agency that insures your vehicle 100%, try your bets.
The comprehensive coverage can protect you, despite the level of damage, and will cover you on many personal accidents in the event you are injured. Third-party coverage was not intended to provide the coverage that the comprehensive policies bring.
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