Comprehensive Insurance vs Third Party, Fire and Theft

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When it comes to deciding which kind of motor insurance, comprehensive cover or third party, fire and theft, best fits your needs there’s a lot to consider. While comprehensive cover offers extra protection as damage to your own vehicle is also covered, depending on your financial situation, how often you drive, the value of your car or your driving experience a third party, fire & theft policy may make more sense for you.

What’s the difference between Comprehensive and Third Party, Fire and Theft Insurance?

The main difference between these two cover options is the level of protection afforded to your own vehicle. A Third Party, Fire and Theft policy covers any damage to a third party or their property resulting from an incident as well as any damage to your own vehicle caused by fire or theft. Meanwhile, a Comprehensive insurance policy will cover all of the above and also cover the costs of any damage to your own vehicle if you’re involved in an incident.

Which one is right for me?

If you’re a more experienced driver or you own a more valuable/newer vehicle then a comprehensive policy will likely be your best option due to the extra cover it offers on your own car. However, if you own an older vehicle, you’re new to driving, or have a low annual mileage then third party, fire and theft may make the most sense for you as it could be cheaper to replace your vehicle in the event of a crash than it would be to purchase the higher level of cover.

How do they compare in terms of price?

In most cases a third party, fire and theft will be cheaper than comprehensive insurance because it offers less protection for your own vehicle. However, depending on your driver history and the age/value of your current car it’s possible that comprehensive cover may, in some situations, work our cheaper so it can be beneficial to get a quote even if you feel third party, fire and theft more closely matches your needs.

If you’re looking to reduce the cost of your car insurance be careful not to overvalue your car. If your car is stolen or needs to be replaced following a fire or incident you can only claim what your insurance company’s assessor deems to be the value of the car. If you report a higher value when taking out cover you may end up paying higher premiums than you need to.

As one of Ireland’s top insurance intermediaries, our aim is to provide you with the best value car insurance available, as well as making sure you get the cover that suits your needs. You can find out more and get a quote for car insurance here.