Sometimes knowing more about car insurance and how premiums are calculated can help you justify the price you pay and also give you an upper hand in making the cost as cheap as possible. A good place to start is what car insurance actually provides.
What Does Car Insurance Provide?
Car insurance provides monetary protection against damage caused to the vehicle caused by traffic collisions, accidents or any liability incurred through an accident. Car insurance can also provide cover in the event of theft or vandalism.
Car insurance is linked to the car itself as opposed to covering an individual to drive any car. However some insurance policies can cover an individual on other people's cars with a stipulation on the cover only being at third party only level.
What Types of Car Insurance are Available?
Third party only is the minimum cover required in the UK by law. Third party only as the name suggest only covers liability to third parties, it provides:
· Liability for injury to others
· Damage to property and vehicles caused by an accident
· Liability whilst towing a caravan or trailer
Third party fire & theft includes the cover of third party only but provides additional cover for:
· Fire damage
· Theft of your vehicle
· Damage to your vehicle as a result of theft
Fully comprehensive insurance is the highest level of cover available; it encompasses all of the cover of third party only and third party fire and theft but also includes a number of other advantages:
· Loss or damage to the vehicle
· Windscreen cover
· Cover for personal effects
· Accidenatal damage
· Medical expenses
How Can I Make My Car Insurance Cheaper?
When evaluating the cost of your car insurance quote it is wise to find the right balance between the cost and the level of cover. Try to avoid under insuring yourself trying to get the cost down it is very important that you have the correct level of cover that you need. With this in mind there are many ways to decrease the cost of your car insurance; here are some ideas to consider:
Shop Around - with a number of insurance providers and insurance comparison sites available it's important to try and gather as many like for like quotations you can. Providing they are the same in terms of cover you can try and narrow your choice down.
Insurance Group - Even before you come to insure your car be mindful of the cars insurance group. Smaller cars tend to provide smaller insurance premiums due to their insurance grouping - whilst bigger cars tend to be more expensive. So if you are looking at a buying a new car, look at the insurance group and make a decision from there.
Annual Mileage - The more mileage you do the higher your insurance premium is likely to be. Make sure you are as accurate as possible with your annual mileage.
Driving Qualifications - For younger drivers pass plus is an additional driving qualification that can lower your insurance premium.
Security - If you car has good security then the risk of theft is considerably lower. Fitting your car with approved security devices can lower you r car insurance.
Excess - You have the option of increasing your excess to receive a lower insurance premium. You may pay more in the event of an accident however.
Additional Drivers - Having more than one additional driver on your policy can increase insurance costs and having drivers under the age of 25 may also increase the costs.
Cover - Different types of cover may be suitable for different cars. For older cars third party fire & theft may be the most suitable and cheaper than fully comprehensive.
Drive Carefully - Building up your no claims bonus will help to reduce your insurance quote, as well as having a clean licence so if you're are a careful driver you are more likely to get a cheaper insurance quote.
Anthony Saxon is financial content writer currently working in the insurance industry for http://www.tiger.co.uk. Tiger is one of the leading car insurance comparison sites in the UK and our focus is to find the right insurance policy for the right price. You can compare over 140 of our insurance partners to find the best deal and save money.
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Saxon, A. (2012, February 22). . Retrieved February 28, 2012, from http://ezinearticles.com/?Knowing-About-Car-Insurance-Can-Help-You-Make-It-Cheaper&id=6897587Chicago Style Citation:
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