Nature of car insurance

The thought of car insurance premiums do often make motorists cringe- because of exorbitant nature that insurance for vehicles have become. This fear is not based on the renewal time looming- but instead, how they'll pay up another monthly installment. 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. No matter how pricey car insurance premiums can be- they are still vital for driving any vehicle on the road. 


Why we need car insurance policy

Motor insurance policy is considered mandatory for every motorist in most countries. In particular here in England, every driver must have an up to date vehicle insurance policy for the car they drive. Two of the major benefits of having a valid cover includes:

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. 

Secondly, it is against the law in the UK to drive a vehicle without a valid insurance cover- offenders can have endorsements on their licence, get a fine, be disqualified from driving, or even imprisoned for severe and unique cases.

Disadvantages of having no insurance cover when driving

Do not drive a vehicle which you do not have a valid insurance policy on. You risk the following if you're caught driving without a cover: 

  •   Having points on your driving licence can prevent you from some driving jobs- most employers in the UK require a clean and points free licences to take up various positions in the organisation.
  • Driving without an insurance premium do lead to driving bans if convicted by the local authorities.
  • 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. 
  • It might be astonishing, but people do get imprisoned in some special situations.

Things to consider before taking out a policy

New and young drivers can find it overwhelming trying to secure a policy on their own. With all the 'jargon', '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. Nevertheless, there are still important things to consider in a policy before even considering to buy it. Below are a few important ones to look at: 

  •   Decide on your level of cover (comprehensive, third party fire & theft, third party only). 
  • 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?
  • Always observe the special conditions that applies to your policy- whether you're protected when you drive within other European countries, are you entitled to a courtesy vehicle should your car be out on repairs? are you allowed to drive other cars with the owners permission? 

Lower your premiums with these 5 handy tips

Apparently, there is no cheapest car insurance provider. There are basically too many conditions that influence the price of motor 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 objective will now be to get the cheapest car insurance deal possible by:

  •   Getting a car that's categorized to fall within the low insurance group. For instance; Nissan Micra 1 litre, Vauxhall Corsa, Fiat Punto all fall in this group because of their small engine sizes. In actual fact, the smaller the engine size of your vehicle the lower your insurance premiums are and bigger engines attracts bigger premiums.
  • 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.
  • 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. 
  • Install security devices that minimizes the chances of the vehicle getting stolen.
  • Shopping around for cheaper quotes are made easier by using prices comparison website like http://www.cheapcarinsurancex.org which helps motorist compare prices from 110 car insurance companies all around the UK to give you the best quote for your situation.

Where to compare affordable premiums

Knowing the insurance company that can offer you the cheapest quote is like finding a niddle in a haystack. The best way to find these elusive low- cost premiums will be to compare quotes from one insurer to the next and adhering and implementing the above tips.


Final thought

It's less costly driving with a valid policy than driving without one: The consequence of not having an insurance policy on the car you drive can be quiet costly when involved in an accident. 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 for not having an insurance policy.

However, you only get peace of mind and confidence when you drive with the right type of policy cover as your covered by your insurance company for insurable risks. Avoid driving a vehicle that is uninsured.