There are many benefits to a Full Comprehensive Motor Insurance Policy in comparison to a Third Party Policy. The key difference, however, is the extent of the coverage during an accidental collision where you are the at-fault party.
A Full Comprehensive Motor insurance policy covers the cost of the accidental damage if you are the at-fault party. Claims will be paid to cover damage to both your vehicle and the third party’s vehicle. It may also cover potential legal liabilities to yourself associated with the accident. As per the schedule of your policy, it may also include the provision for a rental car in the event of an accident, windscreen damage and/or funeral cover.
When you opt for a Third Party Policy cover, you are, simply put, only providing protection to someone else’s car in the event of an accident where you are the at-fault party. Third Party car insurance is usually more basic and will cover damage to other vehicles and their passengers. Although the premium for a Third Party Policy is lower, it may prove to be more expensive in the long term if your own car is partly or totally damaged.
Why might you opt for a fully comprehensive cover over a third-party?
For one, a Full Comprehensive Motor Insurance cover gives you a peace of mind when you are on the road. More importantly, it reduces the risks of potential financial burden to yourself if you get into an accidental collision with someone else.