Liability insurance is the cheapest kind of insurance and it’s required in most states for all drivers. Third party insurance is the minimum level of insurance you need by law. It’s the cheapest because it offers the least protection of all the types of insurance that are available.
However, having the cheapest option is not always the best choice. You might want to consider paying for a higher premium if it means having more protection and a lower deductible. This will ensure you are more protected if you get into an accident and need help.