Third party cover may not be such a bargain

For a long time it has been common practice for drivers trying to reduce the cost of insuring their cars to opt for third-party cover rather than fully comprehensive. After all, the less cover provided, the cheaper the premium will be - or so they think.

Recent research carried out by Moneysupermarket.com has, however, produced some surprising results, revealing that in fact third-party insurance is, in many instances, by far the most expensive type of insurance you can buy.

Steve Sweeney, motor insurance expert from Moneysupermarket.com, has explained the reasons behind this apparently illogical finding. Because those seeking to insure their vehicles for third party damage tend to be the younger more inexperienced drivers or, in some cases, those with motoring convictions, insurance companies have reacted accordingly and bumped the prices up to take account of the high element of risk.

Moneysupermarket.com’s research looked at the cost of 1.4 million motor policies and found that the average price of a fully-comprehensive policy was £922, less than half the price of a third-party policy which came in at a whopping £1,927. The average price of a third-party fire-and-theft policy was found to be £1,348, almost 50% higher than the fully-comprehensive cover.

Drivers who are seeking to reduce the cost of insuring their vehicles might like to consider the following instead:

• Shop around, especially on the internet
• Reduce your annual mileage
• Choose a car with a small engine
• Invest in an alarm and immobiliser
• Take the Pass Plus test

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