What is Third Party, Fire and Theft Insurance?
This depends on your unique circumstances, because Third Party, Fire and Theft Cover isn’t right for everyone. Here’s a quick checklist to determine if you need this type of car insurance:
Your car has a low retail, market, or trade value.
Your car doesn’t cost a lot to repair.
Your car is fairly old.
If you can identify with all of these considerations then Third Party, Fire and Theft Cover could be right for you. That’s because repairing the damage to your own car in an accident is affordable. Or you don’t mind waiting and saving up to repair it (as long as it’s still roadworthy, of course).
Third party fire and theft will cover the cost of damage or loss to another vehicle in the event of car accident or collision that you caused. It also covers one’s own vehicle for theft or hijacking and the damage caused by fire.
3rd Party, Fire and Theft Insurance is a fairly extensive type of insurance. However, it does not cover you for accident damage your own car regardless of whether an accident was your fault or not. You’ll have to foot the bill yourself if you need to repair or replace your vehicle.
Aside from this, 3rd Party, Fire and Theft Insurance won’t cover you for illegal behaviours, like drunk driving, driving with an endorsed licence.
Comprehensive car insurance offers the widest type of protection, covering policyholders for third party damage, as well as the cost to one’s own vehicle in the event of a car accident or collision. It also covers one for theft and damage from fire and other elements. Third Party, Fire and Theft offers less cover as it only covers third party property damage, if the insured vehicle is stolen or damaged by fire.