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What types of insurance are there?
Third Party Only
*MoneySuperMarket data showing the average quoted premiums for each policy, between October and December 2018.
Third party: The lowest level of cover, it will insure any damage to another person’s car or injury to them. However, you and your car are not covered if you should need to repair or replace your car.
Third party, fire & theft: This will cover the same as third party only, with the added protection that if your car is damaged or destroyed in a fire, or stolen, then you are covered.
Fully comprehensive: This is complete cover for you, your car and other drivers. It includes everything covered in third party and third party fire and theft, but also covers you for accidental or vandalism damage, any repairs, and loss of any gadgets in the car.
How much does car insurance cost?
The average price for fully comprehensive car insurance is £514 according to MoneySuperMarket data from October to December 2018. However, car insurance is priced on various factors, so premiums will differ considerably depending on your circumstances.
For example, young drivers are considered much more risky than older drivers, simply because they have less driving experience. Because of this, young people pay a lot more than more experienced drivers, and the same goes for people with points on their license and criminal records.
Do I need a credit check?
If you want to pay for your car insurance monthly, the insurer will do a credit check to see if you’re able to make the payments. That’s because agreeing to pay monthly is technically a credit agreement: you’re borrowing the cost of the annual policy and repaying it over 12 months.
As with any credit check, a record of this search will remain on your file – and your credit rating will affect the amount of APR that you’re charged. If you have a poor credit rating, you may be charged up to 20% APR. And if you’ve struggled to pay credit in the past, or if you have a CCJ to your name, then you may be denied the option to pay monthly. If you think you’ll have issues with your credit rating, you can read our guide on improving your credit score.
If you choose to pay annually, you won’t be subject to a credit check.
Is car insurance cheaper annually or monthly?
Car insurance is usually cheaper when you pay annually, because insurers add on a fee for monthly payments. Some insurers may not offer monthly payments, but because it can be an ever-increasing lump sum each year, many motorists see it as a way of helping spread the payment.
If you choose to pay in monthly instalments, it’s important to be aware that most insurers will do a credit check to see if you are able to pay this monthly instalment.
What factors impact car insurance?
Car insurance is categorised on statistical risk, so there are several different factors taken into consideration when you get a quote for cover. This is why everyone pays a different price for their policy.
Age: This is a factor because, generally speaking, older and more experienced drivers are less of a risk than a young person that has been driving for less than five years. You will find that more experienced drivers will usually get much cheaper insurance premiums.
Gender: Even though insurers are no longer allowed to discriminate on gender, men still often pay more for their insurance. This is simply due to the cars they drive being statistically more powerful and that they drive more hours than women, amongst other factors.
Type of car: If you have an expensive or powerful car then you are seen as a higher risk for a number of reasons. If it’s expensive, it has a higher risk of being stolen. If it’s powerful, it’s deemed more at risk of getting into an accident driving at speed. If you want to see how your car impacts your insurance, you can check which insurance group it’s in for an indication.
Location: The location of your car is also factored in, because if the area has a high crime rate, then you are statistically more at risk of your car being stolen, damaged or vandalised.
Occupation: If you have a job where you drive more hours, then you are riskier in the eyes of insurers because you are literally on the road more. Or if you have expensive equipment as part of your job, it could be stolen from your car, therefore you present an increased risk.
Level of service
We aim to show you car insurance quotes from as many insurance companies as possible, so that you can find the right policy for you. Unfortunately, we can’t promise to show quotes from every insurance provider, because not all companies want to be included on comparison websites. We won’t offer you advice or make a recommendation, but we will provide you with all the information you need to help you decide which is the right policy for you. You can find out more about how we work here.
MoneySuperMarket can help you find great deals on your car insurance. From single to multi-car deals, satellite-based telematics policies to insurance for classic cars, we search the market to get the best combination of protection and price. Check out our news and guide pages for more information.
Our commitment to you
Here at MoneySuperMarket, we want to help you find great ways to save money on your household bills - everything from car insurance to credit cards, from your mortgage to your broadband. And lots more besides.
So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.
But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.