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With Tips and Tricks On How To Reduce Your Costs!!
fortunately for us) everyone in the UK who owns a motor vehicle must have insurance, and to someone who is fairly inexperienced
to motor insurance the task of finding the most appropriate
policy can be daunting.
How To Obtain Motor Insurance Cover.
There are more and more ways of obtaining motor insurance,
through an insurance broker, directly with an insurance company,
through online comparison sites, even through a supermarket,
but which is the best way to obtain insurance?
By going directly to
an insurance company like Direct Line
for example, they say they can reduce costs by cutting out the
the middleman, this may be so, but they can only ever quote
themselves and in most instances they are not going to be the
cheapest option anyway.
Comparison or aggregator sites work in a similar way to
insurance brokers in the fact that they compare quotes through a
panel of insurance companies. That's about where the
similarities end. With comparison sites you are responsible that
the information you input is correct. The sites check for the
cheapest policies, but the cheapest policies are often
inadequate or have various restrictions or clauses like much
higher excesses for young drivers, maybe no courtesy car or
legal cover, limited mileage restrictions, or no European
cover, these sites will not tell you about these clauses, it
is basically down to you to ensure the policy is adequate, most
times you wont know about these restrictions until you come to
make a claim and suddenly you find you're not paid out for it..
Insurance brokers will search a large panel of selected
insurance companies and although they will look to find the
cheapest policy for you, they will explain any restrictions a
policy may have like full policy excesses etc or clauses to
ensure you are aware of them and that the policy quoted is right
for your needs as a motorist. If you have any problems or
need to make a claim you can speak to someone in the UK and a
broker will be able to provide you with advice on mid-term
changes or claims. At the renewal time they will also
automatically search the market again for you to ensure your
current insurers are still the most suitable option for you.
A direct company or aggregator site will not provide this level
So we advise, use a
The Right Level Of Cover
Basically speaking there are 3 levels of cover you can choose
Only. This is the basic minimum level of
cover you can have for motor insurance. In the event of an
accident this policy will pay for any damage to someone
else's property, or injuries to others, including
passengers. You will have no cover for damage caused to your
own vehicle, although if you are in the right in the accident
this damage can normally be recovered from the third parties
Fire & Theft. This is the same as third
party only cover, but includes cover for theft of your car
or if the vehicle is damaged by fire.
Comprehensive. Also know as 'fully comprehensive
or 'fully comp' this cover will provide the same cover as
per third party fire & theft and will also pay for any
damage caused to your own vehicle irrespective of whom was
to blame. This cover will also include cover for windscreen
or window damage and also damage to personal effects in the
(to a set limit). A hire car can normally be given to
you as well whilst your vehicle is being repaired.
A rough rule of
thumb is to insure a vehicle of £ 500 or less just Third party
only, between £ 500 - £ 1,500 either third party only or Third
party fire & theft, and over £ 1,500 either Third party fire &
theft or Comprehensive.
We would say if you would struggle to replace a car of similar
condition if you went out, hit a hedge and wrote the car off,
then insure it Comprehensive.
You're better off getting a quotation on all 3 covers as quite
often third party fire & theft cover is cheaper than third party
only as there are more insurance companies doing this cover and
sometimes comprehensive can work out cheaper than third party
fire & theft as certain discounts like age of vehicle, age of
driver etc can reduce the premium.
Why Does Motor Insurance Cost So Much
These are some of the things which an insurance company will
take in to account when working out the price of your insurance
and why some people are more expensive than others.
drivers and learner drivers are less experienced and are
therefore considered more likely to be involved in an
accident. Discounts will be given the older you get, but
once you get to around 70+ your discounts will start to
decrease. As you get older your reactions often start
to slow and stats show an increase in accidents arises in
this age group.
Group. Cars are given an insurance group between
1-20 (or 1-50 for European companies). This will normally be
based on the performance of the car and likely repair costs
if that vehicle is involved in an accident. Prestige
and performance related cars will normally be higher rated
because of this.
If the vehicle has a standard alarm or immobiliser,
insurance companies will not normally give a discount for
this as it's normally included within the group of the car.
If it has an aftermarket Thatcham approved system then
additional discounts can often be given. If the
vehicle is kept in a locked garage or even off road then
additional discounts can given.
Live. Being based in Cornwall we have one of the
lowest rated areas in the country because of the low traffic
density and lower theft risk. Larger cities are more
expensive because the likeliness of having an accident is
greater and normally a higher crime rate. Move out to
the country to reduce your premium.
If you have been involved in an accident or made a
previous claim, fault or non fault, your insurers must know,
stats show persons who have an accident are more likely to
be involved in another one within 3 years. Motoring
convictions will also increase your premium, even just one
speeding conviction, so drive steadily.
How To Cut The Cost Of Your Motor
Insurance, Hints and Tips
Below we give you a few ideas on how you can reduce
your premium without cutting your cover.
and Learner Drivers. Taking a 'Pass Plus'
course can help to bring your insurance premium down by as
much as 35%. Check with your insurers first as
currently only a few companies give a discount and often
their starting prices are much higher than the more
Look at adding a parent to your policy as a named driver as
most companies do give a discount if your mum or dad is
named on the policy as well.
If you are learning and looking to soon pass your test,
check to see if the insurance company you are going to use
increase the premium once you have passed your test, some
do, some don't.
Parking. If you
have a garage and can fit your car in it, do so as you could
save yourself up to 10%. Stipulations can be put
in to force though with some companies, so if it's left in
the open even once, they may not pay a claim if it's stolen
from outside your home.
you only drive say 4,000 miles a year, make sure your
insurers know, as again, big discounts can be given.
Obviously if you are on the road less, there is less chance
of you having an accident. If you don't drive to work,
tell your company, insurers give discounts if you don't
commute to and from work.
If you want an excuse to get married, tell the other half
you can make savings on your car insurance. Married
drivers statistically have lower claims than single people
so attract lower premiums.
If you don't drive to work, tell your company, insurers give
discounts if you don't commute to and from work. On
the other hand if you drive to more than one place of work,
make sure you have business use on the policy as standard
Social, Domestic & Pleasure cover will cover you.
quotes on all 3 types of cover as quite often third party
fire & theft cover can be cheaper than third party only and
also comprehensive cover can be cheaper than third party
fire & theft cover. Make sure you ask.
Drivers. Normally the less amount of drivers you
have the cheaper the premium. Don't have Any Driver
cover if there are only a couple of drivers who will ever
drive it. If you are married though don't just insure
yourself, add your partner on as this will normally reduce
If you have to make a claim, this is the amount you will
have to pay towards the damage to your own vehicle.
Nearly all car insurance policies will have a compulsory
excess, usually starting at £100. In addition to this
you can have a voluntary excess on top, the higher you go,
the more your premium will reduce. Be wary though,
quite often increasing the excess by £200-£300 may only
reduce the premium by a few quid, so if you have an accident
you will be a lot worse off. On top of this again you
will find increased excesses for drivers under 25 and
inexperienced drivers, so make sure you find out the 'total'
excess before taking out a policy.
Bonus & Protection. All insurers will give a
discount for having a claim free driving experience, most
insurers will give a 30% discount off for one year, followed
by about 10% extra each year until you have about 60-70%
discount. Some insurers give discounts up to 9 years without
claim. Once you get to 4 years it is worth paying a
bit extra (normally about 10%) to protect the No Claims
Bonus, so if you have to make a future claim you wont lose
any of this bonus which you have built up. Most insurers
will allow you up to 2 claims in a 3 or 5 year period before
it starts to knock the bonus off.
Insurance. If you can you are better off paying
for your insurance in a one-off payment. Nearly all
insurers will charge up to 15% extra for paying your
insurance monthly by direct debit. We can accept
payment over the 1st 2 months of a policy without any
If you want to add an alarm or immobiliser to your vehicle
make sure it is a Thatcham approved system. This is the only
type of system insurers will give a discount for.
Discounts can also be given for Tracker systems up to 10%.
Providing you answer the questions on a quote form fully
or when speaking to an advisor over the phone and don't try
to hide anything just to get your premium a few quid cheaper
then you should have no problems when a claim arises.
Often people conveniently forget to tell insurers about that
speeding conviction they had a couple of years ago, or the
change of alloy wheels they made a few months ago, and then
wonder why their insurers refuse to pay out when they have
an accident. Be honest and your insurers will be
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