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Is Fully Comprehensive Car Insurance Worth the Cost?

August 8, 2019
/ FAQs
/ By Alice Brown

Fully comprehensive car insurance is one of the most popular products on the market. But before deciding if it’s right for you, it’s important to understand both the pros and cons because it is the most expensive policy you can buy. There are lots of options out there, Money expert can help you find a better deal on your car insurance.

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What Is Fully Comprehensive Car Insurance?

Fully Comprehensive Car Insurance is one of the highest levels of cover available to car owners. In the event of an accident, comprehensive policies cover claims for both you car and the other party. Most other insurance policies, such as Third Party Insurance only cover the claim of the other party.

Your legal requirement is to cover the other party through your insurance, but that may not leave anything to cover your own costs. On the other hand, a comprehensive car insurance policy should provide cover for your vehicle no matter what happens. Even if it’s your own fault, or you don’t know who is responsible, you should be able to make a claim to cover your costs.

Pros and Cons

There are a number of pros and cons to consider when deciding whether or not a comprehensive car insurance policy is suitable for your needs. You can find a list of some of the main considerations here:

Pros

You should receive a full payout in the event of a write-off
Comprehensive cover is a requirement of many vehicle financing companies
Covers a wider range of accidents, including Act of God
Provides coverage against hit and run accidents
Covers damage to your own car and not just the other party
Allows you to drive other peoples’ cars, with their permission

Cons

Comprehensive cover tends to be more expensive because of the wider range of cover provided
You will likely have to pay an excess before your insurance company will payout on a claim
If you do make a claim, you can expect your premiums to increase

A third party policy is the legal minimum requirement to run a car in the UK, but it may not be suitable for everyone. Comprehensive cover policies will generally be more expensive, but they provide a wider range of cover for both you and any other parties involved in an accident.

Your risk tolerance & lifestyle determines the best policy fit

At the end of the day it all comes down to risk tolerance & lifestyle. Are you the kind of person who would rather buy a more expensive policy for peace of mind. Or, are you fully confident in yours and others driving and willing to take a risk.

If you use your car to commute to and from work and are not able to use public transport then a written of vehicle which can’t be replaced could be devastating. However, if you have a low value vehicle and don’t rely on it as an important part of your daily life then maybe it’s worth the risk.

The question is, what’s your risk tolerance? And how much does your car mean to you?

Share in the comments below, would you take the risk or go fully comp?

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