Nature of car insurance

The thought of car insurance premiums do often make motorists go into panic attacks- simply due to the high cost of vehicle insurance in the country.

Apparently, this fear is caused by the indiscriminate rise in motor insurance premiums nationwide. car insurance premiums didn\’t just become expensive over night. The last decade has seen them rise indiscriminately up to the point of no return. However, though premiums are ever increasing, it\’s still a compulsive requirement for every UK motorist.

Can we really afford to drive without a policy?

Motor insurance policy is considered mandatory for every motorist in most countries. 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::

Provide safeguared against claims from third parties attempting to claim from you if you are the cause of the accident- but because you\’re covered against third claims, your policy will will pay out instead of leaving you out of pocket .

Getting an insurance policy for a vehicle is a civil responsibility for every motorists in the England and Wales, however- driving without a valid insurance policy is a driving offense and punishable by variety of means depending on the severity .

What to expect when you drive without a valid insurance policy on your vehicle

Avoid driving if you cannot afford an insurance cover on your vehicle. These are the consequences for driving without a valid motor insurance policy:

1. Endorsements are points added to your license for breaking any of the road traffic offenses- this also not having an insurance cover to drive a particular vehicle- endorsements can also hinder one\’s inability to work for an organisation that requires a clean license.

2. Driving without an insurance premium do lead to driving bans if convicted by the local authorities.

3. Offenders do get minimal or massive fines which will depend on how severe the offense might be- some offence may carry up to a maximum fine of £3000 if it endangers life or property.

4. A threath of prison sentence is enough to stir motorists in the right direction to get their vehicles insured.

Cardinal rules to observe when taking out a policy

It can be rather confusing for new and young drivers trying to buy an insurance policy for the first time. An insurance policy document can be a bit complicated for new drivers attempting to buy a policy on their own but for more experienced drivers, it\’s easy and straight forward. Notwithstanding, there are vital components to analyse before settling for a particular policy. These are primary factors to consider:

1. 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.

2. Your level of excess is a major determining factor on your premium- the higher your excess, the lower your premium respectively.

3. Avoid settling for the first quote that comes your way, otherwise, you\’ll lose out on cheap deals. Compare as many quotes possible.

4. Make it a point of duty to look at the special conditions that apply to your policy to avoid getting breaching the terms of your policy which can inevitably void your policy.

Lower your premiums with these 5 handy tips

One major fact motorists fail to acknowledge is the non-existence of a cheapest motor insurer. Basically, there are overwhelming variables that can influence the cost of vehicle insurance coverage: a few of these factors are- who you are, where you live, what work you do, the type of car you drive, your driving record for the last couple of years are all major components that would determine what price tag an insurer place on the policy. So your goal will now be to find the cheapest motor insurance quote on offer by:

1. Getting a car that\’s categorised to fall within the low insurance group. Some examples of cars within the low insurance group bracket includes: Vauxhall Corsa, Fiat Punto and Nissan Micra because of their small engine sizes. Typically, vehicles with small engine sizes all fall within the low insurance groups- the bigger the engine sizes the higher premium you\’ll end up paying.

2. 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, stict with an amount you\’re comfortable with.

3. Leaving your car in a locked up garage at night can help lower your premium as it reduces the risk of theft and damage from thieves and burglars. Lowering the risk of theft, burglary and criminal damage to your car can be highly rewarded with cheaper premiums by insurers.

4. Installing security gadgets like tracker, alarm and immobilisers often reduce or prevent theft of vehicles as such insurance companies reward drivers with such security measures with discount premiums on their policy.

5. Comparing car insurance prices also means shopping around for the best deal on offer, price comparison websites allows you compare quotes from 110 car insurance companies within minutes- saving you valuable time and money.

Final thought

It cost more to drive your car without adequate insurance protection than when you have a valid cover : Bearing the cost of not having a vehicle insurance while in a major collision can be astronomical, especially when you get sued for damages as a result of your negligence which resulted in the accident.

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. Avoid driving a vehicle that is uninsured.

James Blunter is a vehicle insurance specialist with www.cheapcarinsurancex.org. You can find his latest motor insurance articles at: www.cheapcarinsurancex.org/cheap-car-insurance/green and www.cheapcarinsurancex.org/cheap-car-insurance/short-term/pay-as-you-go.

James Blunter is a motor insurance expert with http://www.cheapcarinsurancex.org/. You can find his latest vehicle insurance articles at: http://www.cheapcarinsurancex.org/cheap-car-insurance/green http://www.cheapcarinsurancex.org/cheap-car-insurance/short-term/pay-as-you-go .

Author Bio: James Blunter is a vehicle insurance specialist with www.cheapcarinsurancex.org. You can find his latest motor insurance articles at: www.cheapcarinsurancex.org/cheap-car-insurance/green and www.cheapcarinsurancex.org/cheap-car-insurance/short-term/pay-as-you-go.

Category: Finances
Keywords: car insurance, motor insurance,cheap car insurance, vehicle insurance