Nearly three quarters of people (72%) mistakenly believe fully comprehensive insurance is more expensive than third party cover
But the cheapest average fully comprehensive quote using Uswitch.com costs up to £691 less than the cheapest third party only policy – a potential saving of £7.2 million across all customers
The difference increases to £939 for young people aged 17-24
Almost seven in ten (69%) of those looking at third party policies didn’t check the price of a fully comprehensive policy as well
Drivers disregarding fully comprehensive policies are also missing out on the extra cover that these policies provide
Uswitch.com urges motorists to compare all policy types when shopping for car insurance.
Millions of motorists risk paying an average of £691 too much to insure their cars because they mistakenly believe a third party only policy will be the cheapest available, according to new data from Uswitch.com, the price comparison and switching service.
Nearly three quarters (72%) of consumers believe that taking out a fully comprehensive insurance policy will cost them more than a third party only policy.
However, the figures from Uswitch.com reveal the average cheapest quote for a fully comprehensive policy is £691 cheaper than the average third party quote – a total saving of £7.2 million across all customers. Despite this, nearly seven in ten (69%) drivers who search for a third party policy don’t compare both types of cover, meaning the vast majority could be missing out on huge savings.
The saving potential increases to £939 for young people aged 17-24 with the average policy costing £2,247.45 compared to £3,186.24. The Uswitch.com data also shows that this age group are even less likely to compare all the options, with nearly three quarters (73%) of those considering a third party policy not also looking at fully comprehensive deals.
Drivers overlooking fully comprehensive insurance policies are not only missing out on cheaper deals, but they are also losing out on the better level of cover that these policies provide, such as covering your own vehicle if stolen or involved in an accident. This means drivers involved in an accident with a third party only policy would have to fork out the extra cash to repair their car, on top of the extra policy cost.
Uswitch.com is urging drivers not to lose out twice and make sure they are conducting a comprehensive search of all insurance policies before taking out the one which best meets their needs.
Kasey Cassells, insurance expert at Uswitch.com says: “It’s a common myth that fully comprehensive insurance policies are the more expensive option, but for most drivers this couldn’t be further from the truth.
“In fact, because fewer insurers offer third party only policies, the options are significantly limited and you’re far less likely to get the best deal. By widening your search, not only can you save hundreds of pounds with a fully comprehensive policy, but you could have the added peace of mind that your own vehicle will be covered in the event of an accident.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
Notes to editors
All data taken from Uswitch car insurance quotes between 1st June and 30th September 2016.
| Average cheapest comprehensive quote | Average cheapest TPO/TPFT quote | Difference between comp and TPO/TPFT | |||
|---|---|---|---|---|---|
| All drivers* | £1,409.01 | £2,100.29 | £691.28 | ||
| Age 17-24** | £2,247.45 | £3,186.24 | £938.79 |
*30 is the median age of people receiving motor insurance quotes on Uswitch.com. **TPO = Third Party Only, TPFT = Third Party Fire and Theft
In a survey of 10,038 consumers, when asked “Which of the following motor insurance policies do you think would be most expensive?”, 72% said ‘Fully comprehensive’.
Insurance quotes sourced from actual searches performed by switchers on Uswitch.com between 1st June 2016 and 30th September 2016.
Analysis of all customers who searched for a third party policy, but didn’t search for a fully comprehensive policy - multiplied by total average saving = £7,268,629.
Analysis of Uswitch.com data showed that only 69% of uSwitch users, who searched for a third party policy didn’t also compare the price of a fully comprehensive policy.
Analysis of Uswitch.com data showed that 73% of uSwitch users aged 17-24, who searched for a third party policy didn’t also compare the price of a fully comprehensive policy.
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