Fully comprehensive vs third party cover

I own an old car, the value of which is approaching write off status if it should be involved in even a minor accident. Problem is, I really love it, and everything is rust free and works as it should. I don't want a new car. Reading some replies to questions about cars being written off, leaving unhappy owners, I sympathise and worry a bit. So I thought, would it be better to change from fully comprehensive insurance, to fire/theft and third party cover? But then I remembered, doing a comparison on another website of fully comp versus third party only, I was surprised to learn there was virtually no difference in the premium. Do you agree? Even if the premium is similar, it might still be worth it to prevent the stress of arguing to avoid having the car written off. Or, am I missing some information?

Asked on 4 September 2017 by lisa beck

Answered by Tim Kelly
Insure the car fully comp, you may as well. It's probably cheaper than third party fire and theft, and gives you additional cover. The intent on buying a policy is to never claim, so you may as well have more cover than less, and then it is your choice whether you do. If the vehicle is subject to an insurance claim that provides cover, the type of cover does not affect the market value. If your car is low value, then it is just that, it makes no difference what cover you have.It is worth what it is worth. If it is worth £500, then in the event it is a total loss, that is what you would get.Subject to excess. What it comes down to is your choice of whether to claim or not, and whether it is viable to repair your car. If the repair cost is more than the market value, you may have to accept that situation for what it is.
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