As a vehicle owner, it is up to you to select the right type of motor insurance for your needs. Each situation is unique. In some cases, the investment in third party motor is enough. For most owners, though, this is not enough protection to keep your investment safe should an incident occur. As you consider your options in car insurance, factor in who is at risk and why you need to upgrade to a comprehensive policy.
What Does Third Party Motor Insurance Cover?
It is important to take a look at your policy carefully to know what specifically is included or excluded. In most cases, this type of insurance policy will cover damage and injury that is brought on to another person. For example, if you are involved in an accident or collision, and your vehicle causes damage to another person’s vehicle or other property or they are hurt, this insurance can step in. It is specifically helpful for protecting other people’s property and well being in a situation where you may be responsible for those losses out of pocket.
Is This Really Enough Auto Insurance?
While third party motor insurance is an important type of coverage that you should not go without, it is not the only product available to you. It does not offer any protection to your vehicle. So, as in the above example, if you were involved in an accident that left damage, this policy would not help to pay for costs related to making repairs on your car.
A comprehensive auto insurance policy is often the better option. You’ll need both, liability protection from third party motor as well as property and collision protection for your own vehicle. This way, should the vehicle be damaged in an accident, burnt in a fire, or even stolen, this coverage can help you to recoup some of the losses you would otherwise have to pay on your own.
Most people need to have third party motor insurance because it keeps other drivers safe. However, it is also important to protect your investment with comprehensive auto insurance. Take a closer look at your current policy. Is it enough to protect your car from an accident? If you are unsure, consider a quote for a new policy that provides you with ample protection in a wide range of instances. It could help to minimize your losses otherwise.