What are the Different Types of Car Insurance Available?

The world of car insurance can be large and complicated, with so many different potential policies. As a legal requirement you need to take out car insurance, but it can be difficult working out which option is best. Whether you’re new to driving and searching for your first policy or want to find a much cheaper choice that covers all your needs, these are the main types of car insurance available.

Third Party Car Insurance

In the UK, third party insurance is the minimum cover you legally need to be able to drive on the roads. This covers you if you have an accident so that any damages to other vehicles and treatment costs related to injurers for the other party or passengers will be taken care of. However, you will have to pay for any repairs to your own car if you have an accident, any injuries to yourself and can’t be compensated if it’s damaged or stolen at any other time.

Comprehensive Car Insurance

Limitations of third party insurance is why many people opt for comprehensive car insurance instead. Even if you cause an accident, you will still be able to claim the cost of repairs and for injuries, along with for any third parties. For this reason, many insurers insist on comprehensive cover for expensive cars to provide them with the best protection.

GAP Car Insurance

All cars depreciate in value and if you have an accident and make a claim you will only get a maximum pay out of its worth at the time of the incident. With GAP insurance the costs of depreciation are covered. This means you don’t lose out on the amount still owed on a car loan if it’s written off or stolen, while GAP insurance covers the difference between its initial price and value at the time of a claim.

Classic Car Insurance

If you own a classic car then classic car insurance will be required. These are specialised policies designed to cater for the unique needs of vintage and classic car collectors. That’s because they’re usually highly valuable but don’t get driven as much, are more expensive to repair and shouldn’t depreciate.

Specialist Auto Insurance

There are many other specialised variants of car insurance, with each one catering for a specific need. These range from towing and labour insurance, that covers the cost of removing your vehicle from the road if your policy doesn’t cover it, to uninsured motorist insurance, which protects you against being in an accident with an uninsured driver.

Choose which one or more of these types of car insurance suit your driving needs and begin researching available options today.

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