Car insurance shocker – ticking a box could save you 50% 0

Car-insurance-shocker-ticking-a-box-could-save-youUK motorists could save hundreds of pounds each year by opting for fully comprehensive car insurance instead of third party.

It is a widely held belief that fully comprehensive insurance is more costly than a third party, fire and theft policy.

New research by and The Sun has revealed that average premiums could potentially be slashed by £633 a year.

Drivers that would benefit most from this knowledge are those aged between 17-24, and carry the largest insurance premiums.

They could see their average premium slashed from £3,314 to £2,363 – a saving of almost £1,000.

All age groups could potentially see savings according to the findings.

A 55-year-old woman could save £376 while a 70-year-old male could save £274.

The reason behind third party, fire and theft being more expensive is purely down to the type of people who commonly take out the policies.

The research reveals that this demographic of people are statistically more likely to have a crash.

Those who take out fully comprehensive policies are deemed as being more sensible and cautious.

Graeme Trudgill, executive director of the British Insurance Brokers’ Association, said: “The low cost of damage claims compared to the high cost of injury claims has led to lower comprehensive car insurance and in part caused the demise of third party policies.

“That’s because insurers now have access to much more data and can understand the pattern of insurance claims and their costs.

“There is a basic level of premium needed to cover the high costs of third party liability claims – especially from young drivers.

“Insurers may seek to avoid providing accidental damage cover to those that are a higher risk for bumps and claim repairs to their own car.

“They may be offered third party only cover instead so that they can still drive legally.

“These third party policies are likely to cost more than comprehensive cover due to the statistically proven high rate of young driver personal injury claims.”

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