There are three kinds of motor insurance cover, namely comprehensive cover, third party cover and third party fire and theft cover.
For the young driver, comprehensive insurance cover can be very expensive. Unless the young driver is driving an expensive car and to whom money is no object (eg like it is for a premiership professional footballer), it will make more financial sense for the average young driver to take out third party cover or third party fire and theft cover. As is in the case for most young drivers, the cost of comprehensive cover far exceeds the value of their cars. For example, a comprehensive cover for an ordinary car could cost as much as £ 2,500 (depending on cost of the car, make and model) whilst the price of purchasing an economical second hand car (so that the young driver is able to build up driving experience) could be anything up to say, £ 1,200. In the latter situation third party fire and theft insurance cover would be better bargain as it would cost the young driver anything up to £ 1,700 (depending on the cost of the car, make and model) thereby saving him / her around £ 800. Third party only insurance cover would cost even a smaller amount as the young driver would not be insured for fire or theft to his car.
However do bear in mind that:
With comprehensive cover the young driver is protected even if an accident was or was not his / her fault as the insurance company will pay for any repairs to his / her car. If, for some reason, it can not be repaired, then the insurance company will pay for the replacement car. If the accident was not the fault of the young driver (second party), his / her insurance company will pursue the insurers of the other driver (third party) to recompense.
With third party or third party fire and theft cover, the young driver is only protected when he / she has caused the accident and for the repairs or replacement of the other driver's car. But he / she will not be covered for any repairs or replacement of his / her own car. However if it transpires that the other driver was the cause of the accident, then the young driver is entitled to claim for the cost of repairs or replacement of his / her car from the other driver's insurance company.
The cost of motor insurance can be very steep for a young driver and the type of cover best suited for his / her needs depends on the cost, make and model of his / her car. Motor insurance premiums differ to a great degree (there are over a hundred insurance companies to select from) so it is very important to visit a comparison website to acquire the best deal possible.