When you are looking for the cheapest car insurance then you might think third party is the best, but new research suggests this might be wrong.
One of the leading price comparison companies in the country recently spent time going over the quotes they have been giving consumers during the last few years, and all the data seems to point towards fully comprehensive insurance being cheaper than third party most of the time.
I must say that I am a bit surprised by this research, as you would expect third party car insurance to be the cheapest by far, and that is why so many people looking to save money always look for this kind of insurance.
Ultimately though, if one of the leading car insurance comparison sites is telling us their data says the opposite, then I am inclined to believe them.
Other data that came out of their research is the fact that 70% of people in the UK who search for third party insurance do not compare it with fully comprehensive insurance, which shows the majority of motorists already assume that it will be more expensive.
Needless to say, millions of pounds could be saved every single year if people would be prepared to spend a few minutes extra shopping around and comparing car insurance.
I understand that most internet users are now in a rush, and that once you get a quote that seems decent then you accept it straight away, but when you consider that only an extra 10 minutes of your time could save you hundreds of pounds, and you would get a better insurance policy with fully comprehensive cover, then it makes sense to spend that extra time in my opinion.
I would go as far to say that everyone who wants to get car insurance should spend at least 2 hours getting quotes on the internet, and always compare third party against fully comprehensive when you are looking to get a cheap deal.
Sometimes third party will be the cheapest of course, but it usually doesn’t take much to check. Just the click of button and a few minutes of your time.
You must also consider the implications of taking out third party insurance over fully comprehensive. For example, if you have an expensive car and someone decides to take it for a joy ride, trashing it along the way before leaving it in the local park with no wheels, then your car insurance company is not going to pick up the bill.
However, when you are fully comprehensive then you probably won’t find yourself out of pocket.
For this reason, even if third party car insurance is the cheaper option initially, you might find that eventually it becomes more expensive.
The moral of the story is choose wisely and always shop around.