Car insurance

The answer is YES; new research has shown that the popular belief that third party or third party fire and theft insurance are much cheaper than a comprehensive insurance policy may not at all be true. Though the third party insurances are cheaper to acquire but, in the long run they may not remain so.

According to widely available research data from a comparison website, that has investigated into the average costs of automobile insurance for males as well as females along the age spectrum. The statistical data clearly shows that oddly the most complete cover policies or the comprehensive policies are far cheaper than third party insurance, especially for teenage drivers.

Reasons for the gap



Nearly all the research data out there has found the approximate average premium for any driver below the age of 21 is approximately GBP 1,434 for a third party coverage; on the other hand it is just GBP 955 of a comprehensive cover.

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The available statistics seem to put all the beliefs to rest, especially the myth' "Less Cover, less premium".

This happens due to the fact that insurers are seeing that motorists with high-risk profiles are opting much more for third party coverages, especially young drivers and this means the increased demand for the third party policies has given the companies a chance to hike the rates according to the calculated level of risk.

What can you do about it?

One thing is for certain, is that "Less cover, less premium" is not at all true and everyone should remember that.

The best option for a customer would be to go out there and compare rates for all levels of policies and especially compare the coverage with the premium. There are comparison websites on the internet to help you in doing such comparisons. They can effectively compare hundreds or even thousands of schemes and provide you with a comprehensive overview of all that is available in the market. it is obvious that more coverage can be procured by spending less amounts of money and always carries an advantage over third party policies as they do not cover for the vehicle in case of an accident.

If it is still too expensive for you to pay the current premium you can always consult with your provider regarding premium reduction strategies like mileage limitation, installation of security devices, but, the best of these would be to buy a more efficient car and pay annual insurance for it.