Congratulations! You have made the decision of buying your favourite luxury on wheels and I bet it has not been easy. Today dozens of automobile makers are incorporating the very best of technology to produce a unique blend of modern day cars that are masterpieces on their own – and that makes it really hard to choose the one.
I know you all know what uncle Ben said, “with great power, comes great responsibility” and that’s so true when you know you are the one behind the wheel taming these mechanical horses. It’s crucial to understand various other aspects of owning a vehicle and the one that checks all the boxes of being a responsible car owner is – car insurance.
In general, an insurance policy covers loss of or damage to your vehicle, other vehicles that you might damage, others property involved in the accident et cetera. It can go further and also include a cover for your personal items, and medical expenditure. Let’s take a deeper dive and understand what’s what?
There are mainly three types of insurances:
As the name suggests, it is an insurance that covers you against the damage caused by you to a third party. it is a basic level of cover that includes a cover to the other driver, their vehicle as well as any other accidental damage. However, the third party does not cover the cost of repair on your own car and you have to bear that expense all by yourself.
Third Party, Fire, and Theft
Again, quite self-explanatory by the name itself. It is a third party insurance cover with added protection against fire and theft. So it is a better cover since it will pay for your car in case of any loss caused by fire or theft besides the regular third party insurance.
Comprehensive car insurance
This is the best insurance coverage available in the market for your car. It covers your vehicle against any damage besides providing a third party cover, theft and fire damage. It provides a protection against any injuries caused to people, their vehicles. It also includes medical expenses and different kinds of accidental damages.
Road Traffic Act 1930 in the United Kingdom makes it compulsory to have at least a Third party insurance to drive your vehicle, however, what good is it when you have to bear all the repair cost? Specially if we talk about the likes of Lamborghini or Ferrari you must have a comprehensive insurance cover as it provides you a 360-degree coverage in case of a mishap.
Similarly, if you are using your vehicle for the commercial purpose there are insurances providing appropriate cover for that as well. A Hire and Reward insurance is best suited for individuals who carry other people and/or their goods for earning. If you want to receive a competitive quote from your insurance provider, you must talk to them in details about your needs and get a specifically designed insurance cover for you. Such personalized insurance covers are full of additional benefits as per your requirements.
In order to get the perfect insurance for yourself on a lower cost, you should consider a few factors such as drive within speed limits, honour the traffic rules and avoid any violation. Do you that you might have to pay a higher premium if you are a risky insured individual i.e. if you have history of violating traffic rules, have been issued multiple speeding tickets or even have fewer years of experience as a driver. This all adds to a higher premium in comparison to an experienced driver with a flawless driving record.
You might also want to know if and how your policy covers you for overseas trips. Usually, a sports car insurance is higher than usual cars and you should consider this before making the purchase. Since there are so many price comparing websites, you might decide to compare the insurance prices online before making the purchase. Alternatively, you can check this top UK car insurance policy provider online and get the best insurance quote for yourself.