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Should I insure Third Party, Third Party Fire and Theft or for Comprehensive cover?
Thjs decision is a personal one. You can only look at the value of the different types of insurance and make your own mind up.
Part of the 17to40.co.uk website is dedicated to information about the different types of insurance cover.
Older drivers often choose Fully Comprehensive cover, but what should a Young Driver do? Are the discounts on Third Party cover really worth it or should the extra cover be paid for?
This is a personal choice but there are two things you should always do. Firstly weigh up your own situation and secondly get quotes based on different levels of cover.
Imagine you are a 18 year old driver insuring for the first time. You have a £700 car and are contemplating comprehensive or third party cover. If you could read into the future and find out that during the course of the year you would write the car off by hitting a wall, would you pay an additional £100 for comprehensive cover?
Follow this chart below and see why sometimes, even in the situation above, it can be better for young drivers to insure on a third party basis. Essentially what the chart below shows, which was based on an individual, is that it is not always best to choose Third Party cover.
Third Party |
Cost |
Comprehensive |
£1,000 |
Initial Premium |
£1,100 |
£0 |
Excess following a premium |
£350 |
£650 |
Renewal next year |
£1,250 |
£700 |
Cost of replacing car |
£0 |
£2,350 |
Total insurance costs |
£2,700 |
*Note: Prices quoted are purely fictional.
In this situation, whilst paying only a little bit more for the Comprehensive cover, consider the excess you would pay and the loss of your No Claims Bonus. This means that the claim must be at least £1000 to be worth the difference. Remember that this is only a crude example and that:
- A claim for Fire and Theft will also affect your Third Party, Fire and Theft policy
- If the claim is not your fault and you have legal protection you should be able to claim back from a liable party your losses, although this takes time.
- The best advice is to get quotes for both Third Party and Comprehensive policies.
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