Car insurance can be incredibly expensive, especially if a driver falls into the high risk category, has a valuable car, or is very young. Despite this, there are a few ways to find cheap car insurance. The most important is to do research.
Insurance and Cost
Insurance cover is primarily made up of two related costs: the premium and excess. The premium is one's monthly payment. The excess is the amount of money a driver must pay before the insurance company will begin to pay out on the policy; the excess is only paid when a driver has an accident and files a claim. These two costs are related: the higher the excess, the lower the premium. Thus, one way of getting a cheaper premium is to increase the excess. But motorists should be cautious about doing so; they need to ensure that they can afford it first.
Third Party Cover
The minimum insurance required by law is third party cover. As this is the most basic cover, it's very cheap. It covers injuries suffered by third parties and damage to their property; it's meant to cover harm done to others. It doesn't insure the driver's own property or personal injury. In an accident, he or she would have to pay for those. So while such policies are quite cheap, the savings can be wiped out with a single accident. Motorists can also purchase third party theft and fire. These policies cover the driver's car in case of theft, damage from attempted theft, and damage from fire. They are often cheaper than third party only cover due to insurers' belief that third party only is insufficient. Still, while both types of cover are cheaper, comprehensive cover is the safer route since it insures the driver's own car, as well.
Comprehensive cover is more expensive, but drivers can find a range of discounts. Motorists should be sure to build up their no claims bonus and protect it. This can give discounts from 30% after one year to up to 60 or 70%. Young drivers can take driving courses to get a percentage off their premiums. Limited mileage policies offer discounts to those who don't drive very far. Many insurers offer discounts for purchasing online. There are others, so drivers should check with their insurers.
Comparing quotes online is the single best thing drivers can do to find cheap insurance. There are multiple sites where drivers can input their information once and get quotes from a variety of insurers. Comparing these policies will show the range of prices as well as the benefits and exclusions applicable. In today's competitive insurance market, it's much easier to find cheap insurance, so motorists should take advantage of the resources available to them.
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