How To Get The Best Car Insurance Deal
It’s that time of year, your car insurance is up for renewal again. So, how do you go about making sure you get the most value for money
from your policy?
Our latest blog identifies the different types of car insurance and what they mean in the event of a claim, as well as tips on how to get the
best car insurance deal.
BEHIND THE JARGON – WHAT’S THE DIFFERENCE?
There are 3 main types of car insurance policies available:
- Third Party, Fire & Theft
- Third Party
Each policy will give you varying levels of cover and will have higher or lower monthly premiums that correspond to the level of cover you
Knowing the difference between these policies can help you make an informed decision on the right option for your lifestyle and budget.
This type of policy covers your car against accidents (regardless of who is at fault), fire, theft and other insured events, as well as third party
claims and windscreen and glass repairs. Being the most extensive form of cover available, it is often also the most expensive choice in
terms of monthly premiums… but could end up saving you much more in the long run.
Most cars purchased on finance will require mandatory comprehensive insurance cover.
Your vehicle can be insured for either private, business or professional use.
THIRD PARTY, FIRE & THEFT
If your vehicle is older or fully paid off, you might choose to save money on your car insurance by opting for Third Party, Fire & Theft cover only.
This type of policy will cover you against any third-party claims, as well as theft or damage caused by fire. If you have an accident on this type
of policy, damage caused to the other vehicle will be covered but you are responsible for any damage to your own vehicle.
THIRD PARTY COVER
The most limited form of cover, with the lowest premiums, third party policies cover damage caused to the other car in an accident, and any
injuries to or the death of the third party in the accident – i.e. the driver of the other car. Your own car will not be covered against any
accidental damage, and you will not be able to claim for theft or hijacking of your vehicle.
This can be a suitable option for you if your car is not used often, or if the value is significantly lower than average.
HOW TO GET THE BEST DEAL
So, now you know about the types of cover available and which kind of policy best suits your needs. Now, how do you make sure you’re paying
any more than you need to?
This is where an insurance broker can help, by making sure you get the best value for money from your car insurance.
Insurance brokers offer objective, impartial advice on the level of coverage that fits your needs and your budget.
Working with a range of insurance providers means brokers are able to suggest the right insurance product for you, based on their knowledge
of a range of insurance providers and products, as well as your individual circumstances and requirements.
Brokers can also advise on factors that could affect the price of your car insurance policy, which include:
- The age of your car – newer cars are usually more expensive to insure
- Your age – younger drivers are considered to be a higher risk for insurers
- When your last accident was – careful driving is often rewarded with lower premiums
- Where your car is usually parked – access-controlled parking is less risky than on-street parking
Here are some other factors to bear in mind when choosing your own policy:
- Excess – lower premiums may come with a higher excess, which is payable by you before any payout is made in the event of a claim.
- Annual adjustments – it pays to have a chat with your insurer when your renewal is due. Your circumstances are likely to have changed
in the past year and your car’s retail value will also need to be adjusted to keep your premium accurate.
The most important thing when choosing car insurance is to get the appropriate level of cover for your needs, and remember to read the fine print.
An experienced insurance broker will help you navigate the policies available and make sure you’re fully informed and sufficiently insured.
Our team can guide you through all aspects of car insurance to make sure you get the appropriate levels of cover for your needs.
Get in touch with your broker today if you have any questions.