Industry News from Yes Insurance

Third party car insurance will not be right for everyone, it has been claimed.

According to uSwitch, downgrading from comprehensive cover can be a bad move for some motorists.

It acknowledged that third party policies can be significantly cheaper, but added it may be a false economy to opt for this type of insurance in a bid to cut costs.

Spokesman Mark Monteiro said: "Motorists need to assess the risk of funding a replacement car against the value of the saving to be made."

This comes after research from the price comparison website revealed some one million UK vehicle owners currently have third party policies.

Of those individuals, 20 per cent claimed they could not afford comprehensive cover and six per cent admitted they had reduced their level of protection recently in a bid to make savings.

Despite uSwitch's comments, third party car insurance may be the most cost-effective option for people with low-value second-hand models.

Looking for a cheap car insurance quote? Why not try yesinsurance.co.uk