In this article we are going to be looking at the basis of having an insurance policy for beginners, why every driver must be insured, the perils of not having a policy, what to look out for when obtaining a cover and most importantly- how to lower your premiums significantly.
Nature of vehicle insurance
No doubt the mention of “car insurance premium” do make some motorists cringe. Not because of the stress of renewing their policy on expiry, but rather how they’ll ‘fork out’ their next instalment. Over the years, car insurance quotes and premiums have been on the increase. It’s now become part of ‘household’ expenses and getting a cheap policy is fast becoming an illusion than reality for both young and new drivers alike.
In most or all countries car insurance is mandatory. Especially here in Great Britain, it is a vital requirement for every motorist to have a policy on any car they drive. The two primary benefit of having a policy include:
Protection against third party claims- In the event of an accident, any third party involved could exercise their legal obligation for your negligence, damages or any other liability they incur as a result of the collision.
Staying on the right side of the law- It is your civic responsibility to insure the vehicle you drive.
Driving without an appropriate insurance cover is an offence. You risk the following if you’re caught driving without a cover:
- 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.
- It’s common for persistent offenders to get couple of months or even several years ban for not having an insurance policy on the car they drive.
- Most times, offenders do get away with minimal or even massive fines for driving without a valid insurance cover.
- There have been known cases of severe offenders doing time for the amount of damages they’ve caused as a result of not having a policy.
It can easily become overwhelming for new drivers attempting to get an insurance policy for the very first time. With all the ‘jargons’, ‘lingo’, terms and conditions contained within the policy, new drivers might often need experienced drivers to explain the policy to them in plain and simple English.
However, there are vital factors to look out for in a policy before you decide to buy. These are just a few of the many to consider:
- Decide on your level of cover (comprehensive, third party fire & theft, third party only).
- Consider the Level of excess you’re comfortable with- Should in-case you’re involved in an accident, you’ll be required to pay the excess you chose at the beginning of your policy.
- Is the premium quoted by the insurer affordable to you?
- Special conditions (European coverage, Are you allowed to drive other cars, courtesy car)
What most drivers do not realize is that, there is no cheapest car insurer. There are simply too many variables affecting the price of a motor insurance policy: who you are, what you do for a living, where you live, the type of car you drive and your driving history, all contribute to the amount of premium you pay for your policy. So your objective will be to get the cheapest car insurance deal possible by:
- Buying a vehicle within lower car groups. For instance; Nissan Micra 1litre, Vauxall Corsa, Fiat Punto all fall in this group because of their small engine sizes. The higher the engine size the more expensive your premium will be and vice versa.
- Increase your excess: Apparently, the higher your level of excess the lower your policy and the lower your excess the higher your premium. Avoid over inflating your excess as the amount will be required of you should you be involved in an accident.
- Parking your vehicle in a garage overnight can help lower your premium. Lowering the risk of theft, burglary and criminal damage to your car is highly rewarded by insurers.
- Install security systems like alarms, immobilisers and even trackers.
- Shop around, compare quotes, use car insurance comparison sites like cheapcarinsurancex.org to compare over 100 insurance quotes from selected low cost insurers.
It’s more expensive driving a vehicle without an insurance cover than one with a valid policy. The cost and penalties you incur when you drive without a policy can be astronomical. For instance, settling third party claims that can amount to thousands of pounds, your vehicle written off as a result of collision, legal claims and other unforeseen liabilities you could incur.
But driving with a valid insurance cover only gives you peace of mind because your insurer deals with any other issues that may arise as a result of you getting covered.
So, be insured before you drive any vehicle on the road. And if you’re looking for cheap vehicle insurance quotes, you can compare over 100 prices from low-cost UK insurers now. Just click on the ‘get quotes’ banner to unveil affordable policy ideal to you.