Go fully comp for cheap car insurance

Thursday, 01 July 2010

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Choosing third party over fully comprehensive car insurance is not necessarily cheaper in the long run, according to new research.

Third-party only and third party, fire and theft motor insurance cover have the most expensive premiums on average, the survey by moneysupermarket.com shows, costing GBP1,927 and GBP1,348 per year respectively.

This is almost 50 per cent more expensive than the average fully comprehensive premium, which is GBP922 per year.

The age of the driver also appears to play a significant role in bringing down the cost.

A motorist over the age of 40 years old would be able to get fully comprehensive cover for an average cost of GBP613, while third party cover would cost them GBP1,600.

Commenting on the findings, moneysupermarket.com's head of car insurance Steve Sweeney explained that the high cost of third party cover is owing to the number of risky drivers choosing it.

He added: "Traditionally motorists assumed a third-party only policy would be cheaper because of the reduced levels of cover.

"Providers have reacted to this perceived increase in risk by driving up the cost of third-party only insurance."ADNFCR-3010-ID-19862668-ADNFCR

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