Vehicle Insurance

If you own a vehicle, you will often know it’s important to have vehicle insurance. By law, you must have at least third-party motor insurance if you drive a vehicle. You must also have insurance if you leave your car parked on the street, driveway or in the garage.

Vehicle Insurance

Vehicle insurance protects your car, van, fleet or motorbike. There are three main types of vehicle insurance such as:

Motorbike insurance

There are two main types of insurance:

  • Specified cycle policy covers you to drive one specific bike
  • Rider policy allows you to drive any motorcycle, up to a certain cc rating, with the owner’s permission.
  • There is usually a compulsory excess and you may not get a any claims bonus.

Fully Comprehensive Cover

This includes third party, fire, and theft and repairs to your own car. Your policy may also cover:

  • death or injury of yourself or a family member, up to a set amount
  • cover for belongings stolen from your car
  • cover for medical or legal expenses
  • hiring a replacement vehicle.

Third party Fire and theft

This includes third party and also covers damage or loss to your own car by fire or theft.

Third-party vehicle insurance

This is the minimum legal requirement and covers you for damage to someone else’s vehicle or property or injury to someone else in an accident. This includes accidents caused by your passenger. It doesn’t cover repairs to your own vehicle.

Driving abroad

If you buy a policy from an EU-based insurer you will have third party insurance to drive in any EU country. However, you may want to arrange extra cover.

Your policy may also give you third party cover in some non-EU countries. Check before you travel.

Different types of van insurance?

Van insurance is a type of insurance that covers you against a number of different risks relating to your van in a similar way that car insurance covers cars.

Comprehensive cover, third party insurance and Third party, fire and theft (TPFT) cover still apply. However, which one you choose will depend on what you use your van for.

Standard cover

Standard van insurance generally provides basic cover for your van; however, it can also include contents cover for belongings you keep in the van.

Courier cover

Courier cover is for vans used to carry and deliver other peoples’ goods. The policy reflects the extended amount of time the van is on the road, but doesn’t usually cover the goods themselves

Goods cover

A goods-in-transit policy will cover the items or cargo you’re transporting. However, you’ll need to tell your insurer about the items, especially if they’re valuable or dangerous. You can only carry the type of goods your insurer has agreed to cover.

You can insurer your own goods or tools (carriage of own goods) or delivering for someone else (haulage or hire and reward policy), providing you have explained that to your insurer. Get more information on business van insurance.

Pick-up cover

Pick-up trucks aren’t covered by car insurance, but they can come under van insurance with pick-up truck cover.

How much is the cost of insurance?

Insurers often set a premium based on a driver’s ‘risk’. This is the probability they will need to make a claim.

Insurance firms work out your risk using the information you give them when you get a quote. There are many factors involved in this calculation but a key one is the kind of car you drive.

The make, model, age, security, value and size of your car all affect the price of your insurance.

Brand new cars can have lower insurance if they have top-of-the-range safety and security features.

The cheapest cars to insure are ‘group 1’ cars. The insurance industry uses 50 groups to set pricing levels.

Cars with particularly powerful engine sizes, old or rare cars are likely to have higher insurance premiums and you may even need to buy specialist cover.

In addition, sports cars on average are more likely to have involvement in accidents, so they’re often at higher risk. In addition, repairing a powerful car is likely to be a long and expensive process, which also adds to the cost of a premium.

Get in touch to get help finding the right insurer for you.

Black box insurance

New drivers do have the option to reduce their insurance by having a black box installed in their cars. Black box insurance involves fitting a small device to the car that tracks the owner’s driving, giving them a rating based on things like how well they brake, accelerate and corner. The driving score can then be used to calculate a lower premium or reward customers with discounts.

Young drivers can also bring down their insurance further by being a ‘named driver’ on a more experienced car. Furthermore, their insurance can be cheaper if they or add an experienced named driver on their car.

Insurance costs should noticeably drop when a driver reaches around 21 years old, as long as they haven’t been involved in an accident.

Breakdown and GAP Cover

It’s likely that your vehicle, at some point or another, will require a bit of assistance. Whether it comes down to a sudden fault or eventual wear and tear, a breakdown can leave you stranded at the side of the road.

Luckily, with breakdown cover you can have peace of mind that you’ll be rescued in such an event. Breakdown cover may appear to be fairly inexpensive, but don’t underestimate just how valuable it can really be.

As with similar policies like insurance, the cheaper the option, the less cover you’re likely to receive. A more comprehensive policy can provide additional services on top of the basics of breakdown assistance. This can include home starts, onward travel to get you to your destination and even European cover to ensure you get the same level of emergency assistance if you’re driving on the continent.

What is GAP cover?

If your vehicle is written off or stolen, your insurer may offer you the current market value of the vehicle. However, the value of any new vehicle can start to fall the moment it’s been driven off the forecourt. This means it’s quite possible that an insurance payout may not fully cover the amount that you actually paid for your vehicle in the first place.

GAP (Guaranteed Asset Protection) cover intends to make up the difference – bridging the gap, as it were – so you don’t end up out of pocket simply because of the depreciating value of your vehicle. This could help you to pay off any remaining finance debt or to buy a replacement vehicle of the same or similar specifications.

Vehicle Insurance

Vehicle insurance quotes can be one or many different types of cover lumped into one policy to make sure you’re covered from all angles.

Vehicle Quotes

Vehicle insurance quotes can be one or many different types of cover lumped into one policy to make sure you’re covered from all angles.

The cost of insurance will vary depending on what type of vehicle you have.

To get advice about which insurance is best for you, please get in touch.

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