For those unfamilar to motor insurance in Ireland, the following is a simple guide to the types of insurance available.
Required under the Irish Road Traffic Act, Motor Insurance covers the insured for various unexpected situations in relation to car accidents. The minimum amount required to be fully legal to drive on Irish roads is Third Party Insurance. Most motor insurance policies sold are either Third Party Fire and Theft or Comprehensive which cover additional various unexpected situations. With motor insurance, the insured builds up a no claims bonus for the years without a claim. This is important to safeguard when obtaining cheaper quotes in the future.
Third Party Fire and Theft (TPFT)
Covers the persons (third parties) involved in the crash if the insured driver is responsible, agrees or is deemed guilty by the authorities for being the cause of the crash. This type of policy does not compensate the insured driver if he/she is the cause of the crash. This type of cover also included theft insurance when your car is stolen and fire for if and when it catches fire accidently. In the cases of theft and fire the insured receives a claim to compensate for the loss. Claims are assessed by the respective insurance companies who calculate the current market value of the insured item (this case the motor car).Comprehensive (Comp)
Same as Third Party Fire and Theft except that insurred driver who agrees or is deemed guilty by the authorities for being the cause of the crash will receive some compensation of his/her actions. Usually more expensive than Third Party Fire and Theft, most Comprehensive policies include free windscreen cover which if claimed does not effect your no claims bonus in many cases.
(c) 2003-2007 Brophy & Co Insurances Ltd
Brophy & Co Insurances Ltd is regulated by the Financial Regulator as an Authorised Advisor