If you choose a fully comprehensive car insurance policy rather than a 3rd party, it can save you hundreds of pounds on yearly premiums. These fully comprehensive car insurance policies can reduce your premium almost by 50%. The policy not only reduces the cost but also offers better protection.
The 3rd party policies cover damages done to others only after accidents that happened because of you. However, you have to pay off the costs of damages for your own car. With the new policy, the insurer will pay off for the damage even when the accident happened because of you.
Cheap Car Insurance..
A research done by The Sun Online and Confused.com reveals that premiums can drop down to £781 from £1,414 on an average every year. This means it would save £633, and that is huge! Male drivers within the age of 17 and 20 will get maximum advantage from this trick and drop down their premiums to £2,363 from £3,314 – that’s almost £1,000 of savings! Irrespective of being male or female and also their ages, you would get comparative benefits than what you have got so far. However, the age can make a little monetary difference. For example, a 40-year-old lady can get a benefit about £351, while a 70-year-old man gets around £274 to save.
3rd parties tend to seem cheaper because such parties tend to have more chances of having a crash! The ones taking a fully comprehensive car insurance policy would be responsible and drive safer for lesser incidents. Graeme Trudgill, the executive director of British Insurance Brokers’ Association said that low costs of damage claim more compared to high costs of injuries, and this had led to lesser comprehensive car insurance policies. This is also the reason why there are no more 3rd party policies.
Insurers are now more accessible to information and understand the patterns of these claims and their costs. There is always a minimum premium level for covering high costs for 3rd party liability claims, especially from the younger drivers.
The insurers can try to avoid accidental damage cover to those who have more risks of bumps and repairs for their own vehicle. They might be provided 3rd party only cover so that they are allowed to drive legally. However, these policies are more expensive than the comprehensive covers as there is a higher rate of young drivers to have personal accident claims.