Third-party-only insurance (TPO) is the minimum level of car insurance cover you can buy. This kind of policy helps protect you against damage to any third party or their property. That is, it helps protect other people, vehicles, and property. So if there were an accident, your policy would payout to cover the repairs and medical expenses to the other driver if the accident was your fault. The next level cover is Third-party, fire and theft (TPFT). It gives you all the benefits of third-party insurance and includes paying you if your car is stolen or damaged in a fire.
Is Third Party, Fire And Theft Cover Suitable For Me?
A Third-party, fire and theft (TPFT) policy is the most fundamental insurance policy you can buy that will cover you against damage to your car. It is helpful if you need that smidgen of additional cover that essential third-party insurances cannot provide. Yet, you do not want to fork out for a fully comprehensive policy. TPFT turns into an incredibly reasonable alternative in case you’re driving a car that is either moderately inexpensive or relatively straightforward to fix.
What To Consider Before Buying A Third Party, Fire And Theft Policy?
As TPFT policy offers you some extra coverage, it will probably be more expensive than a third-party policy but, most often, cheaper than a comprehensive policy. This policy is best for drivers who have gained some experience but are still pretty new to driving or those with a vehicle value towards the mid to lower end of the scale. When buying a third-party fire and theft policy, it is imperative to consider your vehicle’s repair costs. If the costs of fixing the car after an accident would probably surpass the cost of changing the car, but you still want cover from fire or theft, then third party, fire and theft policy may be the best match for your needs.
What Does Third-Party, Fire And Theft Policy Entail?
Third-party, fire and theft policy does not cover your vehicle if you’re involved in an accident, and you are at fault. It only covers the other driver. Other protections include:
- Injury to a third party, i.e., the other driver or passenger
- Damage to third-party’s car
- Damage to third-party’s property – for example, if you drive into a wall.
- Replacing your stolen vehicle
- Fixing your car if it’s dented in an attempted theft – for example, if your windscreen is broken
- Replacing or fixing your car if it’s destroyed by fire
Sometimes your insurance company will not pay out if you find yourself under any of these circumstances:
- You didn’t properly secure your car before it was robbed
- When your car is damaged because of fire resulting from mechanical, electrical, electronic, or computer failures.
- When you are in an accident with a car that isn’t yours or listed on your insurance policy
- Damage to yourself or your car if you’re involved in an accident.