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| Car Insurance in the UK -
Frequently Asked Questions (FAQs): What is 'third party, fire and theft' cover? This class of insurance covers you if your car is stolen or catches fire. If you damage another vehicle or person(s), you are also covered. Injury to yourself or damage to your own vehicle is not covered but if you are not at fault, you would hope to claim these costs from the insurance of the driver responsible for the accident. While this cover is cheaper and may be considered for an old car of minimal value, fully comprehensive cover is advisable, not least because there are numerous uninsured drivers on our roads. How many quotes should I get? We would suggest that you obtain no less than three. Insurance companies assess many aspects of risk including age, make and model of your car, your age and location, where the car is parked, and the presence of car security features and their risk assessments vary. Shopping around could save you in the region of £200. What is the 'excess'? This is the amount you pay when you make a claim. You may be able to reclaim this amount from the other driver's insurance if the accident was not your fault. If you take out 'Legal cover', your insurer will help to reclaim this money. Young drivers (who are high risk and therefore expensive to insure) can benefit from increasing their excess to reduce the annual premium. What is 'legal cover'? This is usually an optional extra available with most policies. When you opt for legal cover, the insurance company will assist you to reclaim uninsured losses such as loss of earnings or medical costs/damages. At minimal extra cost, this could save you a large legal bill later. What safeguards do I have? Insurance contracts are covered by the Supply of Goods and Services Act 1982. The provisions of this Act require the insurer to excercise reasonable care and skill in carrying out the service. Insurance Services are regulated by the Financial Services Agency and if complaints are not resolved by individual insurers, then you can contact the Financial Services Ombudsman. |
 I have an old car. Should I choose third
party, fire and theft?Even for older cars, where 'writing off' a vehicle is of less concern, third party, fire and theft can still represent a significant level of risk to the driver and his/her passengers. In addition to lack of cover if the fault lies with the insured driver, if an uninsurered driver - of which there are over a million in the UK - is responsible for the accident, the driver, and any friends / family travelling in the vehicle will have no cover for losses. Even if you pride yourself on your safe driving, you never know what could be around the corner.  How can a young driver reduce the premium? Younger drivers are more likely to have accidents and are treated as high risk by the industry. You may wish to consider taking a higher 'excess' to reduce your premium. Do I need legal cover? The small additional cost of legal cover is well worth the expense. In the event of an accident, legal costs can run to thousands to claim for uninsurered losses such as loss of income. |
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