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Chasing After Cheap British Car Insurance Rates
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Just like in any other Western country, it is compulsory for any driver or motor vehicle operator in the UK to own a car insurance.
The Road Traffic Act mandates all motorists to take insurances against their liabilities for an injury to other people or any damages to properties of other people.
However, getting a cheap car insurance rate in the UK is also just as hard.
Taking a car insurer’s view
In pursuing or targeting a low car insurance rate from UK motor insurance firms, it will help if one will understand and take the perspective of these companies.
The following are the primary data the insurers look at upon initial processing of insurance applications:
o Age/Sex. Younger drivers are considered less experienced and more prone to accidents. On the other hand, statistics also show that women drive more safely compared to men.
o Cost of vehicle. Performance and classic cars will cost more to repair, so higher car insurance rates are applied to them.
o Size of engine. Cars with powerful engines are more likely to get involved in high-speed accidents.
o Applicant’s occupation. There are jobs that require a person to travel more or drive a lot. People with these jobs should, therefore, pay more on premiums because they are more prone to car accidents.
o Address. Higher car insurance rates are imposed to people living in high-density traffic areas and in neighborhoods with high theft or crime rates.
o Driving history. Accidents that occurred in the past determine how a person is as a driver. Thus, people with previous driving accidents will likely get higher car insurance rates.
Shopping around for car insurance
In the UK, there are four available options when seeking for cheap car insurance rates. A driver can, first, deal with insurance brokers, who offer one, two or more policies from different insurance companies. However, these agents also make premiums higher because of the commissions they collect.
Second, an insurance applicant can directly deal with insurers. This will eliminate commissions paid to middlemen and consequently, result in a lower car insurance rate.
If credibility and corporate reliability is important to an applicant, he or she can approach branded insurance providers. Recently, banks, post offices, car dealerships and even your most convenient retailers have started offering car insurances.
Lastly, the most convenient option is to get quotes and buy insurances through full search providers that are usually online. One will just have to access the Internet, search for a provider’s Web site, enter several personal and car information, and within seconds or minutes, quotes from a number of car insurance firms are given.
Adding benefits to a policy
Different car insurance companies offer varied benefits to customers. Be informed that the more benefits you add to your policy, the higher your premiums will get.
The most common benefit applied to by British insurance applicants is the addition of a free courtesy car in the event that his/her car is under repair or non-functional. Legal protection is the second most-sought after benefit in policies. This will insure that litigation costs due to accidents will be covered by the insurance company.
To lower one’s car insurance rate, it is advised that he/she avoid making claims at least within five years. Did you know that by dosing so, one will save up to 65% on premiums? Several insurance policies allows one to pay additional costs so that when an accident happens, one does not lose his/her no claims bonus.
Also try to set a higher ‘compulsory excess’ charge, which refers to the cost you are willing to pay for repairs or accidents. If you set a £200 excess, your insurance will cover only £100 if the total accident repair cost reaches £300. If the cost reaches £2,000, you still have to cover £200, and cover everything if costs reaches only below £200.
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