Insuring a car comprehensively doesn't just offer you fuller protection against motor accident claims. Comprehensive cover is also a better bargain than third party only policies, can offer extra benefits, and it can even be cheaper than a third party only policy too!
Like a third party policy, comprehensive cover will indemnify you against claims from third parties in the event of a road traffic accident in which you were at fault. It will repair the other driver's car, reimburse them for any injuries they suffer and pay any claims from other people who may be affected by the accident (less, of course, any policy excess you have to pay yourself). What it will not do though is pay for any damage to your own car. If you are not fully covered this could run into many thousands of pounds, plus you could be responsible for the cost of removing your damaged vehicle and disposing of the wreckage.
1) Many cover-all policies insure you for driving other people's vehicles. Granted, indemnity is almost always for third party risks only, but it means that, if your own policy included this benefit, you could legally take over driving another car if you need to borrow it, or if the usual driver couldn't take drive for one reason or another. A few years ago a survey suggested that around 75% of motorists convicted of driving without insurance were in fact in charge of someone else's car at the time; holding a comprehensive policy would have saved them from large fines, endorsements and even disqualifications.
2) Some all-in policies include such extras as a free courtesy car loan in the event of an accident, free legal cover if you were threatened with a motoring offence or even personal accident insurance. None of these are usually available with third party only or third party fire and theft policies.
Insurance companies are wary of motorists who buy third party only cover.
They feel that since they are looking for the cheapest possible motor insurance it is more likely that the car they drive is a cheaper, older one and in poor condition. The driver may therefore not be as careful to avoid accidents as someone with a better, more valuable model.
Older vehicles lack many of the safety additions that modern machines have, such as multiple airbags, crumple zones and self-repairing panels, which help to reduce the cost of claims. In addition, people who are short of cash may skimp on servicing, which can make their vehicles potentially unsafe.
Third party insurance has traditionally been the choice of many younger, less experienced drivers who found the cost of comprehensive policies prohibitive. These young motorists have, unfortunately, a statistically far greater likelihood of being involved in accidents than older drivers. This has meant that third party claims have been far higher than they should have been, and premiums have risen as a result. We have seen a number of quotes which have actually been higher for a TPFT policy than for a comprehensive one, despite offering much less in the way of benefits.
You are a likely to be a more affluent, careful, and forward-looking driver than average which means that you will probably qualify for the lowest premiums. Get a quote now and see how much money you can save, whilst still enjoying the maximum protection of fully comprehensive car insurance!