The first pictures of Lotus’s new roadster – codenamed Project Eagle – have emerged to much acclaim, with the likes of Jay Kay and rugby ace Gavin Henson signing up for a test drive.
The Eagle is the first entirely new model from the Norwich-based car company since the launch of its iconic Lotus Elise in 1995. With a £60,000 price tag the sporty number will certainly lighten the wallet, and with a top speed of 160 mph getting car insurance will definitely require more than loose change.
If you’re in the market for eye-catching motor then some of the new car insurance policies that protect your premium as well as your paintwork might be in order. MoneyExpert.com gives some top tips.
Bubble-wrap your bonus
A no claims bonus (NCB) has become a key factor in determining car insurance premiums; indeed some insurers such as esure won’t even offer you a policy unless you’ve got one year’s worth already in the bag.
If you’re able to build up a decent run of claim-free years, normally between five and ten, then you could be eligible for a discount of up to 75% – equivalent to quite a hefty sum, given current premium levels.
It’s no wonder, then, that drivers are so keen to protect their NCBs and that doesn’t mean just sticking in the slow lane. A number of insurance providers allow you protect your bonus meaning that it will remain intact even if you make a claim. Your insurer will add a small charge to your annual premium but if you’ve built up a considerable NCB then taking the option may well be worth it.
You’ll need to bear in mind, though, that if you have two accidents in close succession you may no longer be able to protect your bonus, and even if you have only one your premium may still go up.
It’s a surprising statistic but over two million motorists are now believed to be driving uninsured. Unfortunately there’s little you can do to totally protect yourself against the consequences of an accident with one of them but some simple guidelines could help.
Ultimately the best protection against an uninsured driver is a fully comprehensive car insurance policy. Whereas third party cover will only pay out for other drivers affected by an accident, comprehensive policies will cover the cost of your damage no matter what.
Unfortunately there will be the excess to consider, which you will have to pay unless you can trace the uninsured driver and retrieve the cost of the damage. You can always choose to have a lower excess on your policy but this may increase the overall cost of your insurance premium.
Finally you may well lose your no claims bonus, unless you’ve opted to protect it of course (as above). If you haven’t, or if you’ve only taken out third party cover then the last resort will be to apply to the Motor Insurers’ Bureau for compensation. You’ll have had to have reported the accident to the police and will need the other driver’s registration number. If you have these details then the process, though lengthy, can certainly be worth the effort.
Protecting against bad deals
The number of car insurance providers has shot up in recent years with online companies often offering the most competitive premiums. Prices can vary massively from one provider to the next so there’s really no excuse for not getting online to root out the best deal.
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