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Car Insurance FAQs

How much car insurance cover is required by law?

According to the Road Traffic Act of 1988, all drivers in the UK must carry third party cover to recompense other drivers if they are injured or suffer property damage as a result of an accident deemed to be your fault. Third party car insurance pays out to cover bodily injuries, vehicle damage or damage to fixed structures, such as fences or walls. If you are a business owner and you use vehicles in the course of your work, you must carry commercial vehicle insurance.

What are the consequences of driving without car insurance?

Uninsured drivers face severe fines and penalty points on their driving licence. An uninsured driver may also be held financially responsible for the consequences of an accident. You must either hold a policy or be named on another driver’s policy for every car you drive, even if you are only borrowing or test driving a vehicle. Temporary car insurance is available for short term use of an automobile.

Am I required to carry insurance to cover my own car?

Although it’s not legally required, your lender may require that you carry comprehensive car insurance, which provides more extensive protection, if you’ve purchased a car on a loan. Comprehensive car insurance pays out to cover damages that occur in an accident or a fire. Auto theft and break ins are also covered under a comprehensive policy.

What type of car insurance cover is best for me?

The type of vehicle you drive, your driving habits and your budget will determine which type of car insurance is best suited to your needs. If you own a high value automobile and you wish to protect your investment against accidental damage, theft or fire, comprehensive cover offers the extensive protection you need. If you own an older vehicle, a cheap third party policy may be all you require. Third party fire and theft protection is a cost effective intermediate solution if you require more protection than third party cover, but you don’t wish to pay for a comprehensive policy.

Where can I buy car insurance?

Car insurance policies are available from banks or other financial institutions and at some major supermarkets. Insurance is also available through independent brokers, who represent multiple insurers. Shopping for car insurance online gives you the opportunity to receive quotes from several providers within a very short time.

How do I know that a car insurance company is reliable?

To find the most reliable car insurance, look for car insurance companies that are regulated by the Financial Services Authority, or FSA. This independent organisation monitors the activity of car insurance providers and other financial services providers in order to maintain high ethical and professional standards. An insurance company that is affiliated with the Association of British Insurers, or ABI, maintains the high standards of this trade association.

How much does car insurance cost?

The cost of car insurance varies considerably based on the extent of the cover you require and the rates determined by your car insurance provider. The more comprehensive protection a policy provides, the more costly your cover will be. Comparison shopping is one of the most reliable ways to find the most competitively priced policy.

How do car insurance companies calculate my rates?

Car insurance companies consider your age, gender, driving history, claims history, address and the type of car you drive when they calculate your rates. The higher the probability that your automobile will be involved in an accident or stolen, the higher your rates will be. Insurers use a rating system to classify your car in certain insurance groups, or risk bands. The greater the risk you present, the higher your car will rate on a scale of 1 to 20.

How can I cut the cost of car insurance?

Buying a low risk vehicle that’s easy to maneuver and secure against theft will help you achieve lower premiums. When you make no claims for a certain period of time, you can claim a no claims discount, which will reduce the cost of your cover. Housing your car in a locked garage rather than parking in the street will also help you achieve lower rates.

Can I share a car insurance policy with other members of my family?

If you are the policyholder, or the regular driver, you may add up to 4 additional drivers to the policy you carry for your car. Adding other motorists may result in higher or lower premiums, depending upon the other drivers’ records. The additional drivers are known as “named drivers,” and they will be listed on the Certificate of Insurance. Multiple car insurance policies are available for households with more than one vehicle.

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