Whats the point of Third Party Insurance?

Question

Why do insurance companies in the UK try to sell off temptingly cheap third party insurance policies to customers even if they have expensive cars? Are they trying to tempt you to take a risk incase you crash the car thats say 'your fault' to save them a payout?

At the end of the day, there should be no reason really for insurance companies to overcharge someone who has a cheap car, with a fully comprehensive insurance policy because the cost of replacing this 'cheap car' will be next to nothing anyway.

Recently I crashed a very expensive car into a country wall and lost £7000 - which was the value of the car, totally written off.

I paid Churchill insurance company a very expensive third party premium, stupidly, and the happily too the money off me because the fully comprehensive price was just way too expensive.

Now surprise surprise they don't want to know, and am left paying off the loan on a car for the next 10 years which i haven't even got.

I'm stupid - but got tempted.

Answer 1

Yes, I've got to agree with you, you're stupid, were you being a 'poser' by having a very expensive car, third party, at least the wall that jumped out in front of you will be repaired, and why should Churchill be interested in your uninsured car, they're 'expensive' fully comp. dosen't sound so expensive now....

Answer 2

Yes that would be the reason. It makes them more richer.

Answer 3

It pays for the damage that you do to others, as you crash into walls you could just as easy kill or injure someone.

Answer 4

It pays for death or injury to third parties.Passengers,or other road users.

Answer 5

The third party cover is a legal requirement to pay for the wall you drove into!

not taking fully comp is a risk you as the person taking out the insurance need to make.  You are the first person not the third - damage to you and your property (car) are not covered.

what did you think the difference was?

was is miss sold to you - if so you have the potential for a claim against the firm than sold you the policy.

even if the accident was not your fault they would not have paid you - you would need to claim off the other party.

very rich people only go for third party insurance as the cost of replacing a car can be cheeper than replacing the car in the long term.

while the car may be written off in insurance terms - you may well be able to get it repaired and back on the road - better something than nothing??

Answer 6

its there to cover other road users and if you get sued by the city for damage to thier street furniture

Answer 7

You know the christmas parties the insurance companies have at the end of the year,well your premiums pay for the drinks,just like the advert on TV.It is a well known fact that motor insurance is a massive rip off,its the same with the fuel companies,they are losing money on petrol profits because of the switch to diesel engined cars,which are cleaner,greener and more economic, and so they put the price of DERV up to compensate ,even though it is cheaper to produce.THE MOTORISTS IS THE ONLY CREATURE ON EARTH THAT IS BEING PERMANENTLY RAPED ROTTEN.

Answer 8

The minimum cover required to drive in this country is third party only.

I assume you must have read the cover and limitations before you bought the plicy and you therefore have no cause to complain.

If you did not understand the cover provided then why did you buy the policy - do you make a habit of buying things you don't understand just because they are cheap?

Sorry your lesson was so expensive - next time go to an expert - an Insurance Broker.

Remember the saw 'He who acts as his own lawyer has a fool for a client"?

Answer 9

third party insurance pays if u hit another car or person, its the minimum by law u can have, if u choose not to have comprehensive then its up to u but then u r not covered for any damage u do yourself as u have found out.

Answer 10

third party covers only the person you have an accident witth-------- not you or your car

Answer 11

I agree they should make it plain that if you are buying the car with borrowed money, third party insurance is inappropriate.

I'm sorry that you have been caught out like this.

But look on the bright side and I am not trying to be funny. You wrote off a car and you are still here to tell the tale.

Answer 12

well by law you need to have a least third party cover by law. it would have been your decision on what cover you wanted. and i am completely surprised that whoever gave you the loan for the car did not insist you have fully comprehensive. unless you didnt tell them your loan was for a car. insurance is not always about how cheap it is its the cover and service you get from them. most car insurance companies make a loss every year especially churchill on the income from premiums and the amount they pay out on claims