Motor car insurance
Motor car insurance is a necessity in life which few people are happy to see on their statement at the end of each month. When it comes to shopping for motor car insurance, it’s easy to become obsessed with simply the lowest price you can find and forget about what actually matters: what cover you’re getting for your money. Sacrificing certain features or privileges to attempt to get a nice cheap quote is inadvisable, so here are some things to bear in mind when it comes to shopping for motor car insurance.
Get the right level of cover
There are three standard levels of cover offered in the UK: fully comprehensive, third party fire and theft and third party only. Third party only is almost always the cheapest policy offered, but you should take some time to consider what this would mean for you in the event you need to make a claim. Having just third party cover means that your policy will pay for any repairs sustained to the other car involved in your collision, but you will have to pay for your own. If your car is particularly expensive or new, it may be worth paying the extra.
No claims discount
Accumulating a no claims discount is the best way of saving money on motor car insurance. By proving to your insurance company that you are a safe and conscientious driver who will probably not need to make a claim will knock off a substantial amount off the quote from most companies. You can acquire a no claims discount by going a year without claiming on your policy.
The voluntary excess is where many drivers like to try to save money on their premiums by drastically decreasing the amount they’re willing to pay. However, this is often because the term isn’t understood; voluntary excess means how much you are willing to pay towards repairs or replacements before the insurance company, not after. Therefore if your excess is £400 and the damage sustained in a collision is £500, you will pay the first £400 and the insurance company just £100.
Decreasing your voluntary excess is likely to increase the cost of your quotes as a lower excess means your chosen provider will have to pay more. While it may seem counterintuitive, increasing your excess can often result in a cheaper policy.
Finding cheaper quotes
With so many insurance providers it can be hard to know which one to choose, after all you’re trusting them with taking care of you should anything happen and you need their help. Thankfully, there are ways you can narrow down your search to just a few companies who can offer you just the cover you need. By going online and using a car insurance comparison website you can quickly filter out the hundreds of companies that don’t meet your requirements and then just compare the ones that do.
It’s hard to not be tempted by simply the cheapest cover but you should also consider a company’s reputation, there are plenty of websites you can use to check reviews and other customers’ experiences before deciding on which is right for you. Although the hope is that you will never have to call your insurance company except for your renewal but knowing that one company has a better customer service record can often justify the slightly higher price.