Third party cover 'not right for everyone'

Modified car policy holders  may want to think carefully before taking drastic steps to cut the cost of their cover, if the comments of one price comparison website are anything to go by.

According to uSwitch, a significant number of motorists are downgrading from comprehensive to third party policies in a bid to save money in the face of the recession.

However, the online resource warned this could end up costing drivers more in the long run.

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

The group made these comments in light of research that showed six per cent of third party insurance customers had reduced their cover over recent months in a bid to save money.

Despite the website's comments, this type of policy could be a cost-effective choice for motorists with relatively low-value used cars.

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