If you want to drive your car legally on the road, then you need to have a car insurance cover. The price of your car insurance premium depends on several circumstances. There are three different insurances levels to choose from, third party - TPO, third party fire and theft - TPFT and comprehensive - COMP.
Third party only - after a car accident
In case you have been in a car accident. Your own car insurance company will not recover your car. So you will not be able to claim your own car insurance company for anything. But let's say you're were involved in a fault car accident. Then your car insurance company have to pay to the other party that was involved.
Third party only - a cheap solution
Third party only is the cheapest of all car insurance covers. No claims from you can be made to the insurance company so there is no excess payable either. So remember if your car got damaged or have been in a car accident - the insurance company will not recover you for anything.
Third party only - covers following:
If the third party can prove that the car accident was your fault, then your car insurance company will cover the third party. Your insurance company will also cover for your passengers in your car. The insurance company can cover damage and for injuries to your passengers.
Third party only - do not cover following:
Remember no excess payable and no cover for own damages is included in the third party only insurance. You have to pay for all your losses on your own. If you have third party only then your car insurance policy will not cover any accidental damage to the car.
If you drive other cars?
Remember that even if you got comprehensive cover for you and your own car, most insurance companies only give you third party only cover if you drive someone else's car.
Third party only - summary
Third party only does not recover your damaged on your car at all. If an car accident was your fault, then your car insurance company will pay the third party who had losses and damages in the car accident. As long as nothing happens a insurance cover with third party only is very cheap. If you suspect that your car will get problems with fire, explosion or theft, then you should consider to change your car insurance cover to the next level - third party fire & theft. Fire and explosions sounds extreme but in the wrong neighborhood, bad things can happen really fast. So the insurance company will help others but not really you if you only got third party only.