Comprehensive cover cheaper than third party

Fully comprehensive motor insurance is cheaper on average for young drivers than third party cover, according to moneysupermarket.com.

Research by the price comparison website found third party-only cover for an average driver under 21 costs £1,434 per year.

This is compared to third party, fire, and theft at an average of £1,118 and fully comprehensive cover at £955.

Moneysupermarket.com said the findings “shatter several myths”.

“Traditionally motorists might assume a third-party only policy will be cheaper because of the reduced levels of cover,” said Steve Sweeny, head of motor insurance at moneysupermarket.com.

However, in recent years motorists with a more high risk profile, such as young drivers, have chosen third party cover in an attempt to keep costs down.

“Providers have reacted to this perceived increase in risk by driving up the cost of third-party only cover,” Sweeney said.

“It really does pay to shop around and do the research to find the best car insurance policy at the best price.”

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