Motorists `forced to choose lower insurance cover`
15 June 2009
The current economic climate is forcing many motorists to choose a reduced level of insurance cover, according to new research from uSwitch.com.
According to the comparison site, one in five people (20%) who opt for a third party level of cover do so because they cannot afford fully comprehensive insurance in the current climate.
Indeed, 6% of third party policy holders have recently downgraded from a higher level of cover in order to save money.
uSwitch.com warned that 34% of motorists do not understand the level of cover provided by a third party insurance policy, with 7% incorrectly believing it covers damage to their own vehicle.
A spokesperson for Think Insure said: "In the current climate, car insurance may be an area in which people consider cutting back - but this has the obvious drawback of reduced cover in the event of an accident.
"However, people may find that with the right guidance from an insurance expert, they may be able to find a higher level of insurance at the right price."
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