If you are like many people in the United Kingdom you would probably welcome any opportunity to reduce your household expenditure. One of the ways that you could achieve this is if you currently have fully comprehensive car insurance.
Potentially, you could change this to either third party or third party fire and theft car insurance. Both these types of car insurance cost less that fully comprehensive car insurance.
However, before seriously contemplating such a switch you really should look carefully at exactly what your comprehensive car insurance provides. These additional benefits should be compared with the extra cost of providing them. Once armed with all this information you can then realistically make a balanced decision.
So, let us have a look at the benefits that a fully comprehensive car insurance policy provides.
Such a policy provides the cover that you get from third party fire and theft so that would include things like cover for damage that you cause to other peoples’ vehicles, property and persons should your car be involved in an accident with any of those. Your car would also be covered if it was damaged by a fire or if it were stolen.
In addition, your fully comprehensive car insurance policy would also cover your own car if it were involved in an accident and it does not matter whether you were at fault or the driver of another vehicle was responsible for the accident. If you had had an accident that you were responsible for and you only had third party or third party fire and theft car insurance your car would not have been covered.
So, if your car is of a reasonable value it is perhaps sensible to ensure that you maintain your fully comprehensive cover to provide that extra peace of mind. Yes, you may be able to reduce your household expenditure by switching to one of the other two types of car insurance but what would happen if you wrote off your own car in an accident that was your fault? Could you afford to splash out for a replacement car?
However, one thing that you could do to see if you can save any money is to get a competitive quote from a price comparison website when your car insurance is due for renewal.