Drivers choosing third party car insurance as a way to drive down the cost of motoring may be mistaken, according to MoneySupermarket which has found that fully comprehensive is often the cheapest cover – as well as offering the highest level of protection.
Analysis from the price comparison site reveals the vast difference in premium prices between fully comp car cover, third party fire and theft, and third party only cover – particularly for younger drivers.
For example, the analysis shows an 18-year old driving a Ford Fiesta choosing third party only cover was quoted 146% - or £1524 a year – more for cover than if they had opted for a fully comprehensive policy.This trend continues until the age of 40; on average a 20-year old could save £326 a year opting for fully comp and a 25-year old will find it £49 cheaper on average.
Peter Harrison of MoneySupermarket said: "If motorists take the time to step back and do their research they could find that a fully comprehensive policy offers them the best of both worlds - a better deal financially, as well as complete peace of mind should they need to make a claim."
It seems madness that you pay less and get far more, but insurance companies go on claims profiles. Experience has shown them that drivers who insure third party only are more likely to make a claim – so they charge more for such policies.
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