A Guide To Car and Motor Insurance
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| A Guide To Car and Motor Insurance |
Whether you’re buying clothing or shopping for
car insurance, you always want to get the best value for your money. So, what’s
the secret to finding reliable, affordable car insurance?
Shop around for the best deal. Get several car
insurance quotes from different insurance companies before you buy or renew
your policy. Insurance companies vary, so you could get a better deal somewhere
else.
Don’t be afraid to switch. You can switch
insurance companies whenever you want, even if it’s in the middle of your
car insurance policy term. If you find a
better rate, switch and save.
There are three types of Car Insurance:
Third party, which covers your legal liability
if you damage someone else’s physical property (walls, vehicles, gates etc.)
due to a driving accident.
Third party, Fire and Theft offers third party
cover and adds on two useful pieces of cover - fire damage to and theft of your
car, including damage caused by a theft or attempted theft.
A fully comprehensive policy includes Third
Party, Fire and Theft and in addition will pay for damage to your own vehicle
in the event of an accident. There are many extras, too, for example it will
also give you cover when you drive other people's cars - useful if you borrow
someone's car and their insurance does not cover you.
The following factors affect what you pay for
your premiums.
Your age, your job, your driving record.
The car you drive. The higher the value of the
vehicle, the higher the premium. High performance vehicles are also more
expensive to insure than their stock standard equivalents.
Then there's the location of the car. You'll
pay more if you keep the car in a high-crime area or park it on the street at
night.
What you use the car for. You'll pay more if,
for example, you plan to use the car for business delivery purposes.
Then there is the excess structure that you
choose. The higher the excess the lower the premiums.
Gear Locks, Satellite Tracking - will help
reduce your premiums
If you are buying a new car ? Don't forget to
shop around for Insurance!
For a first-time car buyer, the process can be
a difficult decision. Many buyers are not aware of the fact that they need to
have insurance before driving their new car off the showroom floor. The
financial institutions providing the finance for the purchase will insist on
this, in order to ensure that their new asset is protected.
Don't just accept the first offer that is given
to you, get at least 3 quotes before making your decision. "Many banks or
finance institutions are affiliated to an insurance company or brokerage firm.
New buyers therefore may find themselves feeling pressurized to take insurance
cover through the bank's preferred supplier. It is important to know that this
cannot be enforced and the decision lies with the client. This makes it
essential to shop around for competitive quotes, to ensure that you are offered
the best deal - from the perspective of both cover and price. For young
drivers, this becomes imperative, as they are often penalized for their age and
lack of driving experience, translating into higher premiums and
excesses."
Cash buyers are not exempt from the need to
insure their new car. Thefts and hijackings are still a reality and the growing
number of cars on the road puts all drivers at increased risk of being involved
in an accident. Choosing an insurance product that is suitable in terms of
budget, value adds, cover and excess payable is a careful decision that, with
the right advice, can be made sensibly and safely.
Many young, first-time buyers find that
purchasing insurance through a direct insurer is actually a simple process.
They are likely to receive a tailored insurance
solution catering for their specific needs - with direct insurance, clients
don't pay any additional charges for getting what they want. Any driver about
to embark on purchasing a new vehicle would do well to consider the time- and
cost-saving benefits of direct insurance."
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