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Types of motor insurance policies

Types of motor insurance

With insurance premiums having gone up by so much over the past few years, everyone is wondering how they can save money on their policy.

You've taken the right first step if you have asked us to get a quote for you. We contact 14 insurers on your behalf to find the best deal we can for your circumstances.

After that, a lot of people look to the type of cover they buy. In Ireland, there are 3 car insurance policy types:

1. Third party

This is the most basic cover and is the minimum cover required by Irish law for any vehicle taken on to Irish roads. This policy tends to be the cheapest (when all other factors are the same) but it does have restrictions and limits. These limits will leave you open to a substantial loss if you have an accident. If you are at fault, then only your passengers and the driver and passengers of the other vehicle will be compensated. You essentially have no cover for the damage to your car. You also have no cover if your car is stolen or goes on fire.

2. Third party, fire and theft

This is the most popular form of motor insurance in Ireland and it offers more cover than just third party. Basically, it covers third Parties, as above, and also the loss of your vehicle in a fire or if it is stolen. Any loss which is caused during an attempted theft is generally also covered. On this type of policy, there are also optional extras available such as windscreen breakage.

3. Comprehensive

This is the most expensive type of insurance on the market and covers you for almost every eventuality: any damage done to the vehicle regardless of how it was incurred; life/accident insurance; loss of personal belongings from the car; the cost of a hired car if the insured car is off the road as a result of an accident; windscreen breakage, etc. Note that a lot of these benefits are optional on many policies.

A valuable or new car should be comprehensively insured.