Motor cover news
09/12/2009
Cheapest car insurance deals cover more
Surely the cheapest car insurance policies would be third-party only - the bare minimum cover available? Well, actually no.
As the money guru, Martin Lewis, of the News of the World points out in his money advice column, TPO policies can often be more expensive than buying a comprehensive policy - which will cover your car in the event of fire, theft and an accident that is your fault.
This supposed anomaly is largely due to the fact that insurance for cars is calculated by looking at the risk associated with buyer of the policy. And 'third-party' customers tend to be, in many cases, a high-risk group because they care less about their own car. Hence, the price of the motor cover policy goes up.
Lewis advocates the age-old method of shopping around for the cheapest car insurance - not only by comparing different motor insurance providers, but by checking out different levels of cover as well.