Drivers could save thousands opting for comprehensive cover over third party insurance

Published by Edmund Greaves on 20 October 2017.
Last updated on 20 October 2017

Drivers could save thousands opting for comprehensive cover over third party insurance

Drivers may be causing themselves unnecessary expense by not checking all the motor insurance policies available to them.

In an environment in which motor insurance costs are rocketing, uSwitch has warned drivers not to narrow their car insurance search to third party policies alone, as this won’t always be the best deal.

Research conducted by the price comparison site found that drivers looking for the best car insurance deal are falling prey to a common misconception with nearly three quarters (72%) mistakenly believing that third party motor insurance is always cheaper than comprehensive cover.

It also emerged that a third of drivers who pick third party policies are potentially losing money because they didn’t check for comprehensive policies too.

But the price difference between third party and comprehensive cover can be eye-watering. On average, drivers could be losing out on up to £930 per year for picking the wrong type of policy for them, according to uSwitch.

The table below illustrates the average price differences among age groups:

 

 

Third party price (average)

 

 

Fully comp price (average)

 

 

Difference

 

All drivers

£2,320.10

£1,391

£929.02

17-24

£3,453.21

£2,147

£1,306.35

55+

£1,045.23

£560

£484.83

Source: uSwitch.com consumer data July-September 2017

uSwitch explains that the price of third party cover has risen in recent years due to fewer insurers offering it as comprehensive cover tends to be more popular, and because insurers have found that higher-risk drivers tend to go for third party cover.

As a result of these findings, the price comparison site has adjusted its search tools to show all policy types in one search instead of segmenting results by policy type.

Sabrina Webb, car insurance expert at the firm, comments: “Every year, drivers could be missing out on huge savings when they insure their cars, as three quarters mistakenly believe that third party cover is always cheaper than a fully comprehensive policy.”

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I would love to get insurance

I would love to get insurance for a car I bought for my son's 21st birthday. The cheapest I could find so far cost twice as much as the car. I cannot afford this.

Am interested in insurance

Am interested in insurance for myself at 68 also for insurance for my grandson who is 17 yrs and about to take his driving test. He has a box fitted to his car while learning and has a good record.