Motorists who only search for third party insurance could be missing out on cheaper comprehensive cover
New study has found that motorists could be spending up to £929 more on third party only cover than the cheapest comprehensive policy.
Just under three quarters of drivers (72%) think that third party policies are always cheaper than comprehensive ones, when this is not always the case – meaning those looking for cheap insurance focus only on third party cover options and miss out on cheaper deals for more cover.
Pay less for more cover
It seems counter-productive that you could actually pay less to get more car insurance, but it can often be the case.
Third party only insurance is the minimum legal requirement in order to driver on UK roads. If you have an accident your third party policy will cover the cost of any damage to other vehicles or property, and any personal injury you may have caused. However, it does not cover damage to your own car. Third party, fire and theft policies go a step further and also provide cover if your car is damaged by fire or theft.
Fully comprehensive cover, on the overhand, provides all the same cover but also pays out for damage to your own car – even if you are at fault for the accident.
As comprehensive policies have this extra level of cover, it’s easy to see why most people naturally assume that third party insurance would be cheaper.
However, uSwitch found that the average price for third party only cover is £929 more than the average cost of a comprehensive car insurance policy. Meaning there are a lot of drivers out there who are paying more for third party insurance than they could pay for comprehensive insurance.
Young drivers could save the most
According to uSwitch, 37% of drivers who search for cheap third party policies don’t even bother to compare quotes of other cover levels.
New and young drivers are most prone to making this mistake, with drivers aged 17-24 almost five times more likely to only search for third party car insurance cover compared to the over-55s. They should do though, as young drivers could potentially make the biggest savings by going for comprehensive insurance. The average quote for comprehensive insurance for young drivers is a massive £1,306 cheaper than third party cover.
Older drivers aged over 55 could also cut their premiums almost in half by searching for comprehensive cover rather than sticking to third party quotes, as the average quote for third party insurance for this age group is £485 more than a comprehensive quote.
Make sure you search all types of cover
The only way to make sure you don’t end up paying more money for less cover is to not make any assumptions about which level of cover is the cheapest. When searching and comparing car insurance quotes, make sure you include all types of policies and levels of cover to get a full overview of what is available to you.
Or you could let Bobatoo do the heavy-lifting for you. We work with a panel of leading car insurance companies and can help you find the ideal car insurance policy for your own individual needs. Just hit the button below to get started: