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UK Car Insurance Cover
Several types of car insurance cover are available, though the vast majority of people choose to purchase comprehensive cover. This type of cover is more extensive than the minimum legal requirement, but given the competition in the insurance market, motorists can find good deals online.
UK law requires every driver to have insurance – at minimum, third party only cover. This type insures third parties for injury and property damage should a motorist cause an accident. Another type – third party theft and fire – combines third party only with insurance in case the motorist's car is stolen or damaged by fire or thieves. But neither third party option insures a motorist's own vehicle or bodily injury, making third party cover quite cheap. Any monthly savings, however, might be negligible when compared with the bills from an accident. It's also notable that third party theft and fire is often cheaper than third party only. Insurers often consider third party only an insufficient amount of cover.
More expensive than third party cover, comprehensive is still the choice of the majority of motorists. Comprehensive covers both third parties and one's own car and bodily injury. It gives drivers more peace of mind. Of course, they do pay for it, sometimes significantly more depending on driving history and other characteristics. Comprehensive often comes with optional extras, everything from breakdown cover to handbag insurance, allowing motorists to tailor their cover to their needs.
The insurance premium is the monthly payment each driver makes. Motorists want the lowest premium possible, so it may be helpful to know what factors insurers consider. Each insurer has its own method of calculation, thus why different insurers will offer different rates. These companies consider many factors including driving history, age, gender, occupation, geographic location, vehicle type, parking location, annual mileage, and so on. Some factors are within a motorist's control and others are not, which makes getting discounts quite important.
The no claims bonus is the most recognised discount available. It rewards drivers for going a year or more without making a claim. It can reduce insurance premiums by 30% in the first year, with increases for each year after that, sometimes up to 60 or 70%. It's quite important to build up one's no claims bonus and protect it. But there are also other ways to get discounts. Young drivers can take extra driving courses. Motorists who don't drive much can choose limited mileage cover. Those who pay online or in a lump sum may also qualify for a discount. It's important to check.
The Internet makes purchasing car insurance cover quite easy, but motorists must do their research. Quote comparison sites are essential – they give motorists many quotes from a variety of insurers. This type of shopping around is the single best way to lower the cost of cover.
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