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Knowledge Hub

Third-Party Fire and Theft Insurance: Is it Enough?

5 min read

Third-Party Fire and Theft Insurance: Is it Enough?

Motoring and Travel August 13, 2024

Nobody likes spending money unnecessarily — and there's no worse feeling than realising you've spent your hard-earned cash on something you don't need. This applies to Car Insurance, as it’s something you don't experience the value of until you need to claim it after an accident or when something breaks down.

If you're re-evaluating your Car Insurance, you may be wondering if you can save by downgrading from comprehensive coverage to Third-party Fire and Theft Insurance. Here's what you need to know about whether Third-party Fire and Theft Car Insurance would be sufficient for your needs and how Dialdirect Car Insurance can help.

Third-party Fire and Theft Car Insurance in a nutshell

Our Third-party Fire and Theft Car Insurance lies betweencomprehensive coverage and entry-level coverage to provide a mid-range Dialdirect Car Insurance offering. This means it covers you against:

Damage to someone else's car or property that you may accidentally cause in your car
Financial protection against car theft
Damage to your car sustained during attempted theft
Compensation for repairing or replacing your car in cases of fire, lightning or explosion.

Unlike with comprehensive coverage, Third-party Fire and Theft Insurance[1] will not cover damages to your car should you damage it accidentally. And unlike third-party only coverage, its protection is not limited to damages you cause to another person’s vehicle or property should you be found responsible for it.

Who would suit Third-party Fire and Theft Car Insurance?

Before you decide to switch to Third Party Fire and Theft Car Insurance from Dialdirect Car Insurance, it helps to be able to answer two questions:

Would I be able to pay for the costs of replacing or repairing my car should I get involved in an accident?
Can I afford to pay a slightly higher premium for more comprehensive insurance coverage?

Only if you can answer 'yes' to both these questions without hesitation should you consider making the switch.

This is what David* did before deciding to downgrade to Third-party Fire and Theft Car Insurance. David is a 35-year-old accountant who purchased his last car at age 30. At the time, his car was financed, and he was required to take out comprehensive coverage. He recently paid off his car and has welcomed a child with his wife.

David knows that his car has a much lower value than it used to have, so he will face lower damage costs should he get involved in an accident. He's also had time to put aside money to cover any damage it might sustain—and if the cost is too high, he is willing to buy another car. He also knows that keeping his monthly costs low is a priority with a baby to care for.

Tips to help you decide if Third-party Fire and Theft Insurance is enough

Here are a few factors to consider to help you decide if you should switch to Third-party Fire and Theft Insurance.

● Your car's characteristics — Different brands and models of cars will have different costs associated with them. For example, a rare, costly car requiring imported parts will be more expensive to repair than one manufactured locally or a popular model. An older car will also have a lower market value and repair costs than a newer one just released on the market.

● Your driving habits — How often you drive and where you drive will impact your risk levels and likelihood of experiencing an accident requiring you to repair your car. If you don't drive often and stick to short distances close to your home, a lower form of coverage would be more practical for your needs.

● Your budget — How well would you be able to manage an unexpected expense? If your car was damaged in an accident, could you afford repairing it or be able to cope with not having a functional car until you can get the money required to fix it? And are you prepared to deal with the uncertainty of not knowing what your costs could be until the accident actually happens?

Find out more about what affects Car Insurance premiums. If you've realised that your current insurance is not meeting your needs or now have better clarity on what you want or need from your insurance, it could be time to start looking elsewhere. Dialdirect can assist you with this.

Get a Dialdirect online insurance quote

Now that you know about the options available, you can decide whether or not Third-party Fire and Theft Insurance. Dialdirect can assist you with an online insurance quote and answer any questions you may have about the inclusions and limits of our coverage.

For more information on the next steps to take,request a Third-party Fire and Theft Insurance quotefrom Dialdirect today.

*Hypothetical example

Dialdirect is a licensed non-life insurer and financial services provider. Terms and Conditions online.

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Sources:

[1] AutoTrader: Car insurance explained - third-party fire and theft

Disclaimer: The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice.