If you are the owner of a car then you have to get insurance - It’s a legal requirement! It is a serious offence to drive without insurance and you run the risk of getting points on your licence and being fined. If you didn’t get insurance in the first place you’ll end up paying considerably more when you come to get it because you’re deemed a higher risk after avoiding buying it and being caught and fined!
Insurance will pay the costs, dependant on your level of cover if you are in an accident and your vehicle is damaged. Other people’s property will also be covered against any damage you may cause. Other road users and pedestrians, as well as your property are protected by car insurance and this is the main reason we have insurance.
Since last year the average car insurance premium has risen by 8% to £822* so remember to keep your costs down by shopping around with MoneyExpert. Yes car insurance is a legal requirement but this isn’t a reason to pay over the odds!
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How does MoneyExpert’s Car Insurance service work?
MoneyExpert finds competitive and accurate quotes for you in minutes. Just one form to complete and we do the hard work for you. Your details are entererd on other insurers and broker’s sites and you get the same prices quoted back as if you had gone to them all direct. We can find the best price quickly and easily saving you time and money
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Read our guides and get tips on reducing your car insurance costs, as well as jargon busting and handy hints
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* Average car insurance from AA website 14th September 2007
Why do we need car insurance?
It’s a legal requirement. If you are the owner of a car, van, motorbike or any other motor vehicle then you will need insurance. Driving without insurance is a serious offence – You risk being fined, getting points on your licence and when you then come to get insurance you’ll be paying considerably more than had you had insurance in the first place.
If you are in an accident and your vehicle is damaged, providing you have the right level of cover, insurance will pay the costs. You will also be covered for any damage your may cause to other people’s property. Ultimately, the purpose of insurance is to protect your property and those around you (other road users and pedestrians)
But just because you have to have it doesn’t mean you have to pay over the odds for insurance. The average car insurance cost is £822*, which is up 8% on last year, so it makes sense to keep your costs down.
How does MoneyExpert service work?
You enter your details once on MoneyExpert and we take that information and fill in your details on other insurers and broker’s websites to find the most competitive and accurate quotes possible.
It will save you time and money by finding the best price as quickly as possible.
The service is free to use.
Save yourself time and money by comparing multiple quotes from leading insurers and brokers with MoneyExpert’s insurance service.
Our handy car insurance guide will give you hints and tips on reducing the cost of your car insurance as well as advice on making a claim, what to do if you’re unlucky enough to be in an accident and much, much more.
* Average car insurance from the AA 14th September 2007
MONEYEXPERT INSURANCE GUIDE
Let’s start with …what is a car insurance policy?
A policy is the document which details the conditions under which your car and you are protected in the event an accident or theft.
Here are the basics...
You need proof of insurance. The key items you want are
Certificate of insurance
Cover note
Insurance schedule
Policy Booklet
Certificate of insurance
This is proof of insurance required under the Road Traffic Act. If you’re asked for evidence of your insurance this is the document to show. Keep it safe – that should mean not keeping it in your car.
Cover note
This is sometimes provided by a broker until the certificate comes through. It acts as temporary proof until your certificate can be issued
Insurance schedule
It details all the terms and conditions of your policy. It should be read alongside the policy booklet.
Policy booklet
This is the standard booklet issued to all policy holders by insurers. It will set out what your policy will and will not cover you for.
What do you have to do?
With any insurance policy you must ensure you fully disclose any relevant details. This is commonly referred to as your ‘duty of disclosure’. For car insurance that means you have to let your insurance company know about any information that will affect how they work out your premium. If you do not disclose relevant information it could ultimately result in a claim not being paid and your insurance being cancelled.
Always check the small print of your policy. You need to ensure you understand it and that what you agreed with the insurer is in the policy. You need to make sure that the information you have given is correctly shown on your documentation.
Don’t be afraid of asking questions. If you don’t understand ask. It’s worth being embarrassed if that means you’re properly insured.
Understanding the insurance policy
Your policy will use technical language which might not at first glance sound that clear. Here are the key phrases you need to know in order to get the best out of your policy.
Excess – compulsory and voluntary
Excess is the amount of money you’ll have to pay towards the cost of a claim. If for instance you take an excess of £100 that means in the event of a claim with £1,000 total cost of repairs you’ll pay £100 and the insurer will pay £900. You’ll usually need to pay this once your car had been repaired. If your car is beyond economical repair your excess will be deducted from the amount you’ll receive in settlement of any claim.
A compulsory excess can apply if you have a particular type of car (a convertible or higher performance car for example) but there may also be a compulsory excess for young or inexperienced drivers. There will also usually be a compulsory excess if you claim for windscreen damage.
A compulsory excess is imposed by your insurer. A voluntary excess is one you choose. Taking a voluntary excess can save you money on your premium.
However remember that when you have to claim the compulsory excess may be added to the voluntary. That can mean a compulsory excess of £100 and a voluntary of £100 being added together to make £200 in total. Make sure you know what the total excess on your policy will be.
Driving Other Cars
Your policy may cover you to drive other cars with the owner’s permission. It is possible that your policy will cover you to drive another car as long as it’s already insured by the owner. Check the wording on your certificate to see if you have this extension before you drive or you will risk driving without insurance. The ‘Driving Other Cars’ extension only gives limited cover and is not something you should depend on if driving