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What You Should Know Before Buying Car Insurance

Personal_Finance / Insurance Jun 02, 2021 - 11:03 AM GMT

By: Sumeet_Manhas

Personal_Finance

Every motorist needs car insurance, but it is important that you take the time to research your options and to find the best policy that will provide sufficient protection as well as be within your budget. There is a lot of misinformation out there, so keep reading to discover what you need to know before purchasing a car insurance policy.


Third Party is Not Always Cheapest
It is easy to assume that third party will be the cheapest form of insurance, but this is not always the case. This is because those that are insured under third party only are statistically involved in more accidents which, therefore, means that more claims are made in this category which causes prices to rise. This is why you should always compare prices from third party, third party, fire and theft and comprehensive before making a decision.

Your Credit Rating is Important
It might not seem like your credit rating is important, but it can actually have a large bearing on the amount you pay as insurers have identified certain credit characteristics that help them identify how likely it is that someone will have an accident. Therefore, it is always worth checking your score and taking steps to improve your rating if necessary.

Payouts Might Be Lower Than Expected
Many people are driving around unaware that if they were to get into an accident and write the vehicle off, they might end up with a payout that is less than what they owe or originally paid. This is because insurance companies pay out what the current market value is, which could be a significant amount less due to depreciation. Fortunately, there is a good solution to this in the form of GAP insurance. So, what is GAP insurance? This would cover the shortfall between the insurance payout and the amount originally paid/outstanding on the finance agreement.

Don’t Get Young Drivers on a Parent’s Policy
Many parents decide to help their kids out when it comes to insurance by taking out insurance in their name or putting themselves as the main driver. Putting in someone else to get cheaper insurance is actually known as fronting and it is illegal - this could result in penalty points, disqualification and even fines of up to £5,000.

You Need Insurance Even if You Don’t Drive It
Another misconception is that you do not need an insurance policy in place if the vehicle is not used. The only time when a vehicle does not need insurance is if it has Statutory Off Road Notification.

Hopefully, this post will clear a few things up and help you to make the right decision when it comes to finding an insurance policy. It is vital that you find the right level of protection for your needs and at a price you can afford, which will involve shopping around and comparing to find the right policy.

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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