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| Young Drivers Should Buy More Insurance For Cheap Car Insurance | |
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Moneysupermarket.com has just come up with an intriguing piece of research that should be very interesting to young drivers looking to compare car insurance. Normally, we tend to think intuitively that buying comprehensive car insurance will be more expensive than taking out third party only car insurance. But this research actually indicates that if you want cheap car insurance then the exact opposite is likely to be true. Moneysupermarket.com made a comparison of over 1 million car insurance policies and the results showed that fully comp car insurance was on the whole cheaper than third party policies. It does seem quite mad because then you are getting much more protection – but for less money! So why is this odd pricing happening? Well, moneysupermarket.com’s car insurance expert, Steve Sweeney, figures it this way: “In recent years, drivers with a more ‘risky’ profile, such as younger motorists or those with driving convictions have opted for [third party] cover to keep the cost of motoring down. Providers have reacted to this perceived increase in risk by driving up the cost of third-party only cover.” For example, there is an increased risk of traffic accidents among young drivers who have only just passed their test than the average UK driver. But those risky new-to-the-road young drivers are exactly the people buying third party insurance thus driving up the cost of the premiums. It sort of makes sense really when you think about it! So, if you are currently on the hunt for cheap car insurance then you really should consider all of the policies and types of cover available before writing off car insurance policies that you would expect to be expensive. Test out moneysupermarket.com’s theory now by comparing young persons car insurance – both third party and fully comprehensive – in our Young Driver Car Insurance section. |
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