Is TAC and Third party insurance the same thing?
No, they are different. The third party insurance that you pay with your car registration is for if you get hurt whilst driving your car, or you hurt someone else. In other words, if you knock someone over, or someone gets injured in a car accident with your vehicle. The third party insurance that you buy otherwise is actually Third Party Property Damage or Third Party Fire & Theft which insures someone else’s car against damage caused by you. In other words, it pays for the repairs to their car if the fault is yours. If your car gets stolen and catches fire, then you would be covered too if you had the Fire & Theft policy.
