Motor Insurance
Driving your motor vehicle without insurance nowadays may be likened to life and work in a city without any form of police protection. It is also illegal to do so. Its one of those things you’d like to ignore but can't afford to, since driving without insurance would amount to breaking the law, it cannot then be overstated that finding the right policy is paramount. The right Sort of policy should be a policy that gives you the protection you need without clearing out your bank account or forcing to labor more than you have to, so as to cover costs.
I am going to list a few of the things you need to know when getting a policy.
• Shop around before you commit to buying any policy, you'll find that the amount you pay will vary from premiums may vary for similar cars.
• It is probably better for one to get as many quotes as is possible before you make a final decision
• If you are not able to do the shopping around on your own or you are just unsuccessful in your guest for an affordable policy, it may be a good idea to hire a broker or use a broker's services.
• It is probably a good idea to have and use a car immobilizer and vehicle theft alarm in your car. If you have a secure parking space like a locked garage, put it to good use and ensure that your insurer uses this information while setting your premium. Installing tracker devices, like the GPS system can also help.
• Motoring organizations sometimes organize discounted insurance. If you are a member, ask and take advantage of it if available. Join in if it is reasonable for you to do so and you are not already a member.
• If you are in a relationship, you may find that obtaining the cover on the woman's name might fetch you a lower premium.
• Limit the number of drivers on the policy to one or two. For example, you may include your spouse's name while leaving out your adult children who may be away at university for months at a time.
• A fixed mileage policy may be an option for you if you make limited use of your car.
• Many insurance agencies offer discounts for online policy purchases, so it may be a good idea to buy online.
• New drivers should take an advanced driving course, as insurers recognize the benefits.
•Depending on the value of your vehicle and other considerations you may get a third party cover.
• As most insurers offer no claim bonuses, it may be a good idea to avoid claims whenever possible if your policy offers no claim bonuses. This practice can reduce your premium by up to 70 percent.
• If your insurer requires a compulsory excess or your policy already includes one, you may choose to increase your compulsory excess to get lower premiums.
• You may opt for a one time payment or use direct debit payments, whichever gives you access to discounts.
Useful insurance terminology
Compulsory excess: is an amount which you must pay in a claim. Whatever is left (above) this amount will be paid by your insurer.
Comprehensive cover: this type of cover gives you full cover; your vehicle is covered in the event of accidents, fire or theft and other damages regardless of which party is at fault.
Third party cover: This type of cover helps you pay damage claims in the event of an accident where you are the party at fault. This however, does not allow you any damage claims for your own vehicle. You also have no access to claims in the event of theft and fire. Third party is the minimum legal requirement for any vehicle on the road.
Third party fire and theft: This covers you if your vehicle is stolen or damaged in a fire in addition to the cover for any damage you cause on other person's vehicle or property.