There’s no escaping it, sorting your car insurance is about as thrilling as queuing for fuel on a bright sunny day, but set off with these three simple tips and you’ll be ready to hit the road, knowing you’ve got all the cover you need…
- Know Your Choices
The three main types of car insurance are:
- Fully comprehensive – the highest level of protection available, covers you against any damage to your own vehicle and damage to a third party in the event of an accident.
- Third party, fire and theft – protects against damage you cause to other road users and allows you to claim for loss or damage caused by (you guessed it!) fire or theft.
- Third party only – the minimum legal insurance available, this covers only damage you cause to other people and their property, but offers no protection for any losses of your own.
With protection against third party, fire and theft included automatically, most comprehensive insurance packages will also provide you with protection against personal injury, windscreen damage, personal belongings and, often, driving other cars too.
- Know What You’re Paying For
You’d be forgiven for thinking that fully comprehensive insurance would be the most expensive option but that’s not always the case. In the past, many high-risk drivers have taken out low levels of cover to reduce the price they have to pay. Now insurance companies are wise to this and recognise that drivers buying third party, fire and theft or third party only policies are more likely to make a claim than drivers who opt for fully comprehensive insurance. The result? Comprehensive cover is often less expensive than lower level policies.
- Protect Your No Claims Bonus
Being a safe driver always pays off. Having a no-claims bonus makes insurance providers happy and pays dividends when it comes to getting a competitive price on your car insurance. Every year you don’t claim on your insurance will knock pounds off the price you have to pay for cover. Typically you will see the following reductions on your premiums:
- One year -30%
- Two years -40%
- Three years -50%
- Four years -60%
- Five plus years -65% (or more!)
If you have an accident and make a claim against your policy you can expect to lose two years no claims and your premiums will rise. Have more than one accident in a year and you could lose your no-claims bonus altogether.
If you currently have any no-claims bonus it may be worth protecting this with a ‘no claims discount protection’. This lets you make a claim against your car insurance without losing your bonus.
Costs and terms will vary widely but using an expert broker could save you a whole heap of time and money. Online Money Advisor works with independent insurance experts who can find the best car insurance offering the no claims discount protection at the level you want for the most competitive price. Leaving you ready to hit the open road without delay.