When did Comprehensive cover...

[BOBTEE]

... become cheaper than Third Party?

I'm looking into the idea of getting a shed, naturally I turned to a 2.8 3 series Touring (well I can put my bike in the bike you see). So off I trot to a comparison site and get a quote for what I thought would be cheap Third Party cover, on the assumption that on a £700 car if I knock it, it can stay knocked or be scrapped. Quotes started at £530 and went up to £11,500!

I Decided, for a laugh to try Comprehensive. Quotes came in from £230...£250 if I put the GF on. I don't get it at all?!

[Gad-Westy]

I think a lot of it is down to the massive rise in third party claim values, in particular personal injuries, hire cars etc. It would mean that the financial risk would be little different between TP and FC.

I understand that the reason why third party cover can actually cost more than fully comp is because of data suggesting that people who are happy to insure third party only are statistically more likely to cost more in claims. Funny old world.

Edited by Gad-Westy on Wednesday 20th March 10:40

[Captain Muppet]

It's been like that for years. Apparently people looking for third party only cover are a higher risk, or something.

[SturdyHSV]

BOBTEE said:

... become cheaper than Third Party?

I'm looking into the idea of getting a shed, naturally I turned to a 2.8 3 series Touring (well I can put my bike in the bike you see). So off I trot to a comparison site and get a quote for what I thought would be cheap Third Party cover, on the assumption that on a £700 car if I knock it, it can stay knocked or be scrapped. Quotes started at £530 and went up to £11,500!

I Decided, for a laugh to try Comprehensive. Quotes came in from £230...£250 if I put the GF on. I don't get it at all?!

Insurance premiums aren't based on common sense or logic. They're based entirely on claim statistics. If people who historically took out TPFT claimed more often, then that is a higher risk, and so a higher premium results. That's why, for example, if you choose an obscure job title say, you could save a lot of money.

Prime example? Ex-GFs insurance was £400, and she'd put her job as 'Office Administrator' as her specific job role wasn't on there so that was a reasonably close match. We changed that to 'Clerk', given that 'Clerk' is apparently:

A person employed in an office or bank to keep records and accounts and to undertake other routine administrative duties

I.e. much the same thing, and oh look, now the premium is just over £300.

[Limpet]

Found the same phenomenon when getting quotes on my banger Alfa project. TPFT was coming in at £750+. For 5,000 miles a year in a £500 car, late 30's, low risk area, clean record, 11 yrs NCB. Fully comp more than halved the quotes.

[kayzee]

Yeah have found this quite a few times over the years, unfortunately not this year round though!