Liability insurance will pay for third party damage which was mentioned in the example above. (4autoinsurancequote.com)
Collision coverage will offer you compensation for on road costs to your car if you are at fault for the accident while comprehensive coverage will protect you from third party damage to your car. (carinsurancequote.net)
Third party insurance plan covers all the expenses of third party damage in case of accident. (policybazaar.com)