Third Party Insurance

In Ireland, having motor insurance isn’t a ‘nice to have’: it is a legal requirement. If you do not have motor insurance, and you drive your car in a public place, you can receive a heavy fine. You will also get penalty points and may even be disqualified from driving. Driving without insurance is seen as a very serious offence, and is not take lightly. The aim of motor insurance is to protect other road users, as opposed to the insured driver.

If you do not have the budget to get comprehensive cover, you may choose to get Third Party insurance. This is the absolute minimum cover that is required by law. Keep in mind, however, that as the name suggests it only covers third parties. You yourself and your vehicle will not be covered in the event of accident that you caused. Your passengers will be covered, as well as the driver of the other vehicle and their passengers.

There is no standard as to what the rate is for insurance, including third party. The insurance company will take into account a number of variables, such as:
*Licence: Do you have a full licence, or provisional one?
*Size and age of vehicle: Older cars are more difficult to insure as are seen as more ‘accident prone’. On the other hand, a new car is more expensive to insure, as well as a more powerful car.
*Driver’s age: Young and old drivers are thought of as higher risk.
*Car’s value: A higher value car will have higher premiums.
*Experience: Having had insurance before, and having a clean record will lower premiums.
*Profession: Certain professions are seen as higher risk.
*Parking: Vehicles parked on the street are seen as higher risk that those parked in a garage overnight.
*Excess: Choosing a higher excess may lower your premiums.
*No claims discount: If you haven’t claimed in a few years, your policy will be a bit lower.