Basic concept of vehicle insurance
No doubt the mention of "car insurance premium" can make some motorists cringe. This fear is not based on the renewal time looming- but instead, how they'll pay up another monthly instalment . Over the last couple of years, motor insurance premiums has seen a sharp rise in the motoring industry. It's now become the 'norms' for drivers to search for cheap and affordable policies- in order not to experience the consequence of not having one. However, though premiums are ever increasing, it's still a must for every motorist have.
Can we really afford to drive without a policy?
Most countries practice compulsory car insurance for every motorists that drives a vehicle. Most importantly here in the United Kingdom, it is an essential requirement for every driver to have a valid cover for the sort of vehicle they are driving as regular checks are carried out daily by law enforcement agencies. Two of the major benefits of having a valid cover includes::
To protect you from any third-party claims that may arise as a result of your negligence- should you be the cause of an accident in which the third party has incurred a significant loss or damage to their property.
It's always advisable to always be on the right side of the law- driving without a valid insurance would lead to your vehicle being impounded or you may even risk a driving ban for not adhering.
To protect you from any third-party claims that may arise as a result of your negligence- should you be the cause of an accident in which the third party has incurred a significant loss or damage to their property.
It's always advisable to always be on the right side of the law- driving without a valid insurance would lead to your vehicle being impounded or you may even risk a driving ban for not adhering.
What to expect when you drive without a valid insurance policy on your vehicle
Do not drive a vehicle which you do not have a valid insurance policy on. These are the consequences for driving without a valid motor insurance policy:
- You may incur endorsements on your licence which may hinder your ability to secure a job that involves driving or even risk losing your licence all together.
- Drivers who consistently attempt to beat the law by not having an insurance policy on the vehicle they drive often get a driving ban when caught- the number of years for bans can vary from months to years.
- Most times, offenders do get away with minimal or even massive fines for not driving with a valid insurance cover.
- It might be astonishing, but people do get imprisoned in some special situations.
Things to consider before taking out a policy
It can easily become overwhelming for new drivers attempting to get an insurance policy for the very first time. New drivers usually find it difficult to comprehend the terms or wording of their policy document- experienced drivers would be in a better position to interpret it in a simpler language for them. Nonetheless, there are very important components to look out for when buying a policy. Below are a few important ones to look at:
- Make up your mind on the type of policy you want- all policy are not equal and the 3 main types are third party fire and theft cover, third party only cover and comprehensive cover.
- Most insurers in the UK require excess- level of excess is the amount you contribute towards repairing your car when you're involved in an accident. Voluntary excess is not mandatory while compulsory excess is .
- Is the premium quoted by the insurer affordable to you?
- There are special conditions contained within your policy that allows you to do certain things- for instance, the ability to drive other vehicles, having a protected no-claims bonus, driving within the EU and so many other. Do endeavour to check and acknowledge your capacity as an insured.
Lower your premiums with these 5 handy tips
Apparently, there is no cheapest car insurance provider. There are too many factors that influence the price of car insurance premiums: what you do, where you live, the type of car you drive, your previous driving history, who you are all determine what amount of quotes you're given for your policy by insurer. Your major challenge will now be to search for the cheapest car insurance deal possible by:
- Obtaining a vehicle that is classed within the low insurance groups. For instance; Nissan Micra 1 litre, Vauxhall Corsa, Fiat Punto all fall in this group because of their small engine sizes. The higher the engine size the more expensive your premium, vice versa.
- Two types of excess: compulsory excess is amount you've agreed with your insurer to pay in the event of an accident, voluntary excess is amount you're willing to pay - the higher your excess the cheaper your policy, vice versa.. Resist the temptation of inflating it, stick with an amount you're comfortable with.
- Having a garage where you park your vehicle at night comes handy in reducing your premiums because of lesser risks for theft and burglary. Minimizing the risk of criminal damage, burglary and theft should enable your insurer offer you cheaper premiums in return.
- Fitting security systems to your vehicle helps prevent the risk of your vehicle from being stolen which insurance companies value so much and are ready to reward drivers with discounts off their policy .
- Using price comparison websites to shop and compare quotes helps you save money and valuable time- websites like http://www.cheapcarinsurancex.org enables you to compare up to 110 companies within a few minutes, all done by filling one quote form.
Where to get cheaper premiums
Discovering affordable premiums can some times become mission impossible. Good number ways you can find discover these elusive low cost quotes will be to minimize your perceived risk factor to the insurance company and compare insurers.
Insurers offer different types of vehicle insurance packages with different quote forms where you can obtain quote for your particular product of interest like- http://www.cheapcarinsurancex.org/cheap-car-insurance/green's green car insurance, http://www.cheapcarinsurancex.org/cheap-car-insurance/short-term/pay-as-you-go, student insurance for cars and the list is endless.
Insurers offer different types of vehicle insurance packages with different quote forms where you can obtain quote for your particular product of interest like- http://www.cheapcarinsurancex.org/cheap-car-insurance/green's green car insurance, http://www.cheapcarinsurancex.org/cheap-car-insurance/short-term/pay-as-you-go, student insurance for cars and the list is endless.
Final thought
Driving whilst under insurance protection is a lot cheaper than driving without one: The essence of being insured is to cover against any liability or litigation that may arise as a result of a loss or liability resulting from accident caused by the insured. Examples of risk motorists face for not having appropriate insurance cover on their vehicle includes- the risk of their cars been seized or destroyed by local authorities, fines, claims from other third parties and so on.
On the other hand, insuring your vehicle only gives you peace of mind and away from trouble.
Always make sure you insure your car with at least the most basic level of cover before you drive on the road.
On the other hand, insuring your vehicle only gives you peace of mind and away from trouble.
Always make sure you insure your car with at least the most basic level of cover before you drive on the road.