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Third Party Fire and Theft Car Insurance Cover
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A third party fire and theft insurance policy covers you for the same as simple third party insurance but in addition it covers your vehicle against the risks of theft and fire.
Should you make a claim after a fire or a theft, the insurance company will offer you a settlement usually after 30 days (time in which the car could be recovered if stolen). The financial settlement offered is usually for a car in average condition and is usually lower than what you would expect.
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After an accident that is not your fault, the company will organise an assessment of your car for repair. Then in turn after compensating the repair company they will claim against the insured driver of the offending vehicle that was involved in the accident.
As Third Party only, you aren't protecting the vehicle or yourself against accidents that are your fault.
Other considerations to be made are:
- Should you declare to the insurance company that the vehicle covered is parked overnight in a garage or driveway and you leave your car elsewhere on the night of a claim - it is arguable that the insurance company will not reimburse you should the vehicle be stolen or set on fire.
- Third Party Fire and Theft policies are usually taken out if you have an old or low-value car.
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