The minimum insurance you can get is called third party insurance. This is the bare minimum required because it covers you when something happens to a person other than yourself. If you are involved in an accident with another person, this type of insurance covers any damage that is separate from your own vehicle, such as damage to the other person’s vehicle or property, or medical expenses in the unfortunate event that someone is hurt. It’s called third party insurance because you and your insurer are considered first and second party, which leaves other persons involved as paryt three. Third party fire and theft insurance is more specific in that it covers for accidents, such as fire and theft, that are beyond the motorcycle owner’s control.