Drivers are being warned that a certain type of car insurance can be up to 70 percent more expensive — here’s what you need to buy to save 100 pounds.
Third-party insurance is often the go-to for young and risky drivers, as well as those who don’t want to overpay for insurance coverage.
But it’s now 73 percent more expensive than the average driver’s comprehensive car insurance — and motorists are encouraged to check their policy price tags.
Drivers age 21 or younger can save an average of 11 percent by opting for full insurance instead of a third party.
And while drivers with car convictions may pay a little more on average for full insurance coverage, they only save a few pounds by choosing that over a third party.
Car insurance comparison site Quotezone.co.ukwho conducted the research, says this indicates that many drivers with convictions are potentially risking thousands to save pennies.
The organization said the average third-party insurance premium is also paid for by the fact that more risky drivers tend to choose it.
Despite the inflated repair cost, estimated at 11 per cent, data shows that 8 per cent of UK drivers still opt for third-party cover, on an annual basis, 2021/2022, which does not include repairs to damage to their car.
The data also reveals which areas have the highest percentage of drivers choosing third party insurance.
London (10 per cent) and South East England (8 per cent) top the list for third-party only and third-party fire and theft, although it only covers damage to third-party vehicles.
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According to the Auto Crime Report, nearly 900,000 people were caught driving without insurance in 2019, which equates to 1.59 offenses per 1,000 people.
More than 74 percent of these uninsured drivers were under 40 years old.
Driving without insurance can result in a driving ban and an unlimited fine.
Greg Wilson, founder of the auto insurance comparison website, Quotezone.co.ukHe said: “With the cost of living on the rise, drivers need to look for savings where they can.
“As it sounds, third party auto insurance is often a more expensive option for many drivers, and it also puts people at greater risk of financial damage, so we always recommend full coverage, if possible, especially when it’s actually a cheaper policy for many drivers. And the cost of parts and repairs is going up.
“Young drivers are seen as more dangerous in the eyes of the insurance company as they have not yet had time to collect data that might indicate otherwise, but this does not mean that young drivers cannot shop and find affordable premiums.”
Quotezone.co.uk tips for keeping insurance costs low
· security improvementMost cars now have anti-theft devices such as alarms and immobilizers, but drivers can install a tracker, dash cam, and wheel nuts fairly inexpensively, which reduces the risk of theft and lowers high prices.
· Downsize your carInsuring a smaller car usually costs less than insuring a larger car with a more powerful engine, and some insurance companies offer a discount if you buy a hybrid or electric car.
· Limit your mileage: Miles often reduce the risk of an accident – resulting in cheaper insurance.
· Turn off edits: Modifications and even stickers/branding can increase insurance premiums by increasing the value of the vehicle or alert potential thefts to some desirable content such as expensive tools or equipment inside.
· Choose the best time to switch: Approximately three weeks before the insurance policy is about to renew is the ideal time to renew for renewal rates – they are usually cheaper at this point.
· And drive safely: Accidents and penalty points can lead to higher premiums. Choosing black box insurance is a good way to reward young drivers for safe and responsible driving, and also gives the insurance company the data on which to base their quote – something young drivers are often penalized for.
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