Motor Insurance

Arranging motor insurance is vital for every motorist - not only because you are legally obliged to do so, but because accidents can and do happen every day on UK roads. Being in an accident not only puts you at risk of paying for your own vehicle repairs, but you may have to pay for another driver's repairs as well. Being legally obliged to carry motor insurance doesn't make you equally obliged to pay too much for it, but many people could secure a better deal on their insurance by shopping around, and some studies suggest that many of us do not bother to do so and pay too much based on a low initial premium. As the UK's premier financial data comparison site, Moneynet.co.uk can direct you to the best insurance providers and policies to meet your needs. Though many insurers claim to have the cheapest deals going, Moneynet.co.uk makes it easy to see which deals best suit you and your vehicle.
What kinds of motor insurance are there?Comprehensive insurance Comprehensive car insurance covers any damage to your vehicle - it is, in effect, an all-risk policy. The only exclusions to the policy will be those you agree on with your insurer, and which may or may not be items like breakdown coverage, medical or legal fees. Comprehensive coverage is popular because it not only covers damage caused by accidents, but also by more minor events like scratches or damage by other motorists when your vehicle is parked. There will be some exceptions to what the policy will cover, such as regular wear and tear. It's important to check a policy carefully for a full list of exclusions before you sign the contract. Despite its convenience, comprehensive insurance coverage is not the best option for everyone. For example, if you drive a second-hand car that is not worth very much money, and if you are in a higher-premiums category (ie. if you are young), you may pay out more in comprehensive insurance than your car is worth. Third party insurance Third-party-only car insurance is the minimum level of insurance permitted under the Road Traffic Act, and covers only your liability to other drivers - it does not cover damage to you or your vehicle. Some policies may also cover your legal fees in case of litigation following an accident. For slightly more than the third-party-only option, you can cover yourself for third party, fire and theft, which will also pay out if your car is stolen or destroyed in a fire. Specialty insurance Specialty vehicles such as sports and kit cars, classic cars, 4x4 vehicles, motorcycles and other less common vehicles may command much higher premiums than regular cars. If you find you are being quoted more than you expected to pay for a new sports car, for example, you may wish to check a specialty insurer such as Adrian Flux for a quote. Similarly, motorcyclists and caravan enthusiasts should check dealers such as Swinton, and classic car owners may find a more appropriate quote from classic car specialists Lancaster.
What does vehicle insurance cost?There are likely as many possible quotes for car insurance as there are vehicles on the road. However, certain factors will ensure you pay more to insure your vehicle - some of which can be avoided, and some that cannot. Two factors which are entirely out of your control are your age and gender. Young drivers are statistically at a much higher risk of having an accident than those who have been driving for longer - the combination of inexperience and youthful impetuousness leads to more accidents, and more insurance claims. Being added to a parent's insurance policy is the best way to keep young drivers' insurance down, but if they have their own car then they will need to buy - and likely pay much more - for their own policy. Young drivers can keep costs down by sticking to third-party-only insurance, buying an inexpensive and/or second-hand car, and keeping a driving record clean of speeding and other violations. You may also find better quotes from specialist providers such as 4 Young Drivers. Older drivers, on the other hand, are generally given preferential rates due to their experience and extra caution on the roads. Specialist insurers such as Senior Car Insurance or Saga may offer the best rates. Having an extra X chromosome may seem an unfair way to keep vehicle insurance costs low but statistically, women take fewer risks than men, are more cautious and drive more slowly, resulting in less expensive insurance claims. As a result they are generally offered lower premiums and are catered to by a large number of specialist insurers such as Diamond, Girl Motor, Diva Female Car Insurance and Women on Wheels. As with other types of insurance, the cost of your premiums will also be highly dependent on whether you have made claims in the past. However, in the case of vehicle insurance, you may have had to make a claim even though the loss or damage was not your fault. Some insurers, such as Bell, aim not to penalise drivers for such claims. Many factors that can affect the cost of your vehicle insurance are well within your control, however. A more expensive car with modifications will cost more to insure, as will one that is parked on the street instead of in secured parking. Paying attention to security within your car, via the use of alarms, immobilisers or steering locks, will help keep premiums lower. Using your car to commute will increase your premiums, as will having a job in certain 'higher-risk' industries such as entertainment or the media. You also have some control over the cost of vehicle insurance premiums even if you don't drive a car. Motorcyclists can keep costs down by keeping the size of their bike down; a smaller, less powerful bike is unable to accelerate as quickly as a large one, and cannot reach the same speeds overall, so is deemed safer. Drivers of 4x4s can, oddly, keep insurance costs down by not going off-road, and it is extremely important for owners of these vehicles to check their coverage to see if they are covered off the public highways before they venture into the woods. Finally, no matter what you drive, one simple way to keep your premium costs down is to keep your speed down. Not only are you less likely to have an accident, a speed conviction can double or even treble your insurance premium. Not all insurance providers will necessarily charge more for a convicted speeder, though, so it pays to shop around.