Many car owners don’t view motor insurance as something they want to spend any time on, it is simply a legal requirement and every policy is basically the same, right? Well, motor insurance is a legal requirement, but policies are not the same and it is worth investing a little time to get the best and most suitable policy for you.
The right policy, from a reputable insurance company, can provide you significant protection in the case of an accident. Also, the claims and aftermath of an accident can be dealt with smoothly, with the least amount of stress.
Most motor insurance companies are now internet-based or can at least be contacted via the telephone, making policy comparisons easy for the buyer. The following are some of the key points to keep in mind when shopping for a motor insurance policy.
Prices can vary substantially from company to company; however, before comparing prices, make sure that you are comparing ‘apples with apples’. Look at what the policy is covering you against and for what amounts, when in doubt, ask the insurance company for clarification.
One item that will alter the cost of a policy is the excess. The excess is the amount of the claim that you have to pay or what is termed ‘out of pocket expense’ before the insurance coverage kicks in. Normally, the higher the excess, the lower the premium.
No claims bonus or no claims discounts is another area that will save you money, if you are a careful driver. If you have already had motor insurance and have not submitted a claim, you will be eligible for a no claims bonus when your policy is up for renewal. If you are switching insurance companies, make sure you show them your old policy and they can verify your claims history.
Many insurance companies now also offer ‘women only’ motor insurance. Statistically speaking, women drivers are more careful, maintain their cars better and cause less costly accidents. If you are a young female driver, you will be able to save up to 50% of your premium, when compared to a male counterpart in the same category. It makes monetary sense to seek out specialist insurers, if you are a woman.