Cash-strapped motorists cut insurance cover

A survey conducted by insurance comparison website Uswitch has found that more and more UK motorists are switching to the cheapest car insurance available in a bid to cut expenditure.

The research revealed that 6 of Britons had downgraded their cover from fully comprehensive to third-party in the last few months. This statistic can be explained by the fact that fully comprehensive cover is on average eleven times more expensive than less secure policies.

Mark Monteiro of Uswitch.com described third-party cover as ‘a false economy’ because “in the event of an accident […] a motorist is in danger of having the amount saved on the premium completely wiped out by the cost of any repairs to the vehicle”.

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June 24^th 2009

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