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Basic Car Insurance Information
Car Insurance is a legal requirement in most countries of the world and the primary purpose of car insurance is to provide financial protection for the driver of the vehicle should the car or driver be involved in an accident. Accident being the operative word, deliberately damage caused to the vehicle is not covered under any insurance that we know off.
There are 3 levels of car insurance in the UK;
Third party only
Third Party Fire and Theft and
Fully Comprehensive.
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Basic Car Insurance Information
Third Party Car Insurance
Third party car insurance covers, as the name suggests, third parties, (i.e. other people). Should the car or driver be involved in an accident only the third parties will receive financial compensation.
Third Part Fire and Theft Car Insurance
As third party but fire and theft in/off the vehicle will entitle the insured to financial compensation.
Fully Comprehensive Car Insurance.
This totality of fully comprehensive high performance car insurance cover depends on the insurance company, but as a minimum the cover should reimburse the insured for all direct costs caused by an accident/incident. i.e. repair of the insured's vehicle and repair/compensation for all other parties involved in the accident. Although the cover can stretch as far as medical expenses, hire car (while the car is being repaired), hotel expenses and so on.
Of course all this cover will only come into effect if the insured is the person at fault. If the insured is the one at fault then the third parties insurance will cover all of the insured expenses.
The minimum legal requirement for car insurance in the UK is third party only and this is also the case for most European countries.
Car Insurance Premium Calculation.
High performance car insurance premiums in the UK are free to be set by the insurer. To do this a raft of statistical data is used with factors such as age, driving experience, value of the car, miles traveled per year, area of residence, activities the car will be used for, where the car is kept overnight, level of no claims bonus, gender, type of job and insurance group of the car. These are most of the basic factors but other information could well be asked for.
No Claim Bonus.
For every insurance policy (1 year duration) that is taken out and not claimed against then the insured is entitled to a discount of the following year's insurance premium. 1 Years no claims gives approximately 30% of the next insurance policy and this amount reduces until the 5th year where the discount will be a maximum of 60% in other words 5 years no claims bonus will equate to approximately 60% discount.
Excess
This is the amount the insured pays before the car insurance company will offer any financial compensation, For example an accident that costs 1500Pounds and the insured excess is 100Pounds then the insured will receive 1400Pounds from the insurance company. A tactic to get a lower premium is to ask the potential insurer for 2 quotes, one for their offered excess, say 100Pounds and 1 for 500Pounds. The difference will vary from insurer to insurer and it is up to the consumer if the extra excess is worth the risk.
Insurance Group.
The factors that go into calculating the car's insurance group again relies heavily on statistical data, the most obvious factors taken into consideration being the value of the car, how likely it is to be stolen, the security rating (Thatcham) of the anti theft devices on the car, the power of the car and how likely it is to be involved in an accident. Cars with the lowest insurance group are low powered, tend to be small cars, have a low value and are unattractive to thieves.
The UK Car Insurance Market.
The competition in the high performance car insurance market in the UK is fierce. Shopping around for the best deals can save hundreds of pounds. Insurance companies can be found in the back of motoring papers and car related magazines.
European Car Insurance.
It is now EU law for car insurance companies to provide third party insurance for all drivers who wish to drive in mainland Europe for as long as the insurance policy is in effect. On the back on the policy document there will be a declaration stating this fact in the most popular European languages. Insurance companies often state that the maximum cover they can supply will be anything from 30days to 3 months, this may well be true for Third Party Fire and Theft and Fully Comprehensive insurance but not for Third Party only insurance. Obviously it is important to be as honest as required with the car insurance company.
Motorsport Insurance Information.
This is not usually covered on motor insurance, at least competitive motorsport, but at least one company, Herts Insurance Consultants, offer Track Day Insurance as long as there is no competitive aspect to the Track Day, i.e. lap timing.
Car Audio Insurance.
For cars which have a relatively expensive car stereo system then insurance is available to cover this equipment from theft and damage.
Insurance Scams
It's not a nice subject but unfortunately is does occur and you may not even realise it has happened to you.
This is an example of an insurance scam where a driver deliberately does an emergency stop in front of you for no reason causing you to run into the back of him. An open and shut case for the "victims" insurance company but your insurance company may be able to help you, if you suspect fraud
"You're on a roundabout, when
suddenly the car in front of you slams on its brakes - but you can't
tell, because the brake lights don't work. You hit the car…but have you
actually been the victim of a scam?
How It Works
The key to this scam is that it's difficult to prove it's a scam by the
insurance companies, and that the police generally will not investigate
or prosecute unless presented with strong evidence by those insurance
companies. It first came to light in early 2005, with a spate of similar
accidents in West Yorkshire, although the idea is thought to have
originated in the North West.
A driver, usually in an old car, disconnects his brake lights, so you
can't tell when he's braking. When being followed around a roundabout,
he slams on his brakes for no obvious reason, and the driver behind then
ploughs into them, causing damage to the cars involved and usually a
injury to the first driver and passengers, more commonly whiplash." Read
the full article at
safe
from scams
Reasons for Cars Being Stolen
There are a number of reasons for your car being stolen and the reasons will be directly related to the type of car you have, how old it is and how valuable it is.
Here are some reasons why your car may be stolen
1. Easy to steal - Cars without
alarms, immobilisers are an easy target. Newer cars are much harder to
steal than older cars but as the technology has developed so has the
knowledge of car thieves
2. "Cool" for 17-25year olds - Experienced thieves may take your car to
simply show off or to show their competence
3. Valuable - For parts or to sell the complete car on or to export the
car
4. Fast - Drivers looking for a buzz before they dump it
5. Opportunity - the right time and the right place, for example you
have left the keys in the car while you have popped into the shop
6. Transport - Experienced car thieves may steal your car simply to get
where they want to go
7. Anonymity - Criminals may take your car for use in other robberies. A
stolen car is harder to trace back to the culprits of the main crime
8. Contents - If your car has an expensive sound systems, sat nav, alloy
wheels, expensive parts such as coil overs, body kit, carbon body parts,
aftermarket seats and rare, desirable parts. Any of these factors will
make your car more of a target for thieves.
To reduce the chances of your
car being stolen try and remove the factors that motivate the thieves in
the first place. How far you go depends on how much your image is tied
to the car you drive!
Individuals Insurance Information
EVO Magazine - Speeding Insurance Cover - Financial assistance for legal cost and transportation
EVO Magazine - Another link to insurance cover for speeding penalties
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