New research from MoneySupermarket shows how wrong the assumption has become that consumers expect a discount on their car insurance bill by offering to take less cover - a "third party" policy instead of "fully comprehensive". The research suggests anyone under 40 will find it cheaper to take fully comp cover rather than third party. Typically younger drivers will purchase a lower value car and in the past would have insured this under a third party policy as this used to be the cheapest option. Since insurers have become aware of this practice, they have made it so a fully comp policy is cheaper for a young driver as this not only protects the driver in the event of a claim, but also the insurer." The analysis shows an 18 year old driving a Ford Fiesta choosing third party only cover was quoted 146pc – or £1,524 a year – more for car cover than if they had opted for a fully comprehensive policy. This trend continues until age 40
Posted on: Wed, 19 Jun 2013 18:54:16 +0000
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