Understanding All Aspects Of Car Insurance
No-claims discount: One of the essential points of your insurance cover is the no claims discount (NCD). Depending on your insurers, you could get a discount of up to 57.5 percent or as little as 27 percent for one year’s claim free driving
For 4 years of accident free driving you may reach a NCD of 60 to 70 % A higher maximum is sometimes offered to older drivers. If you make a claim your NCD could be less, however, this is upto individual insurers. In the best cases your no claims discount could be reduced by 3%. Should you be below 50 years of age, this could belowered by up to 22%. You could geta larger reduction if during a period of 3 to 5 years you need to claim again .
Protected noclaims discount: With some Insurance Companies, following a 4 or 5 year period , you can protect your NCD. This will cost between 10 and 15 percent of your premium. Having protected, your NCD , making one claim in a year will have no effect on premiums..If you make 2 claims with some insurers it will not affect your NCD while others may reduce it as little as 45%.
Driving other cars: Some insurance companies permit the policyholder to drive other cars with thirdparty cover,during an emergency.Some insurers will allow the policyholder to drive other cars in emergency situations, with thirdparty cover.
Named drivers: Named drivers can be added to partner’s policy. They can drive that person’s car but cannot drive other cars with insurance cover. Some insurers will also agree to named drivers building their own NCD.
Choice of repairer: Beware! Insurance companies will not pay for repairs if you do not use their chosen repairers
Courtesy car: Most insurance companies will provide you with a courtesy providing you have use an approved repairer.It is very helpful if your car is off the road for quite a while. However, some insurers only provide a courtesy car if you have had an accident, not if it is stolen. Other insurers will charge an extra premium for providing a courtesy car after theft.
Personal belongings: Should your personal belongings be taken, only some insurers will replace them with new ones. Most of them factor the age and state of each item before they make a decision on how much to pay.The majority of insurers factor the age and condition of the items, before deciding how much to pay out.
Medical expenses and legal protection: As the result of an accident , should you require dental treatment or physiotherapy, some insurance companies will cover this. The legal expenses incurred as a result of a car insurance claim are covered be motor legal protection.
In car audio equipment: The majority of insurers will limit the amount of cover for equipment not fitted by the manufacturer. It could be as little as 110 pounds ,although this can vary between insurers.
Sat navs: Check to see if your sat nav is covered by the insurance. Even if it is covered it may not be worth claiming.Even though it is covered it may not be worth claiming. Cheap sat navs cost around 100 pounds, so if your excess is 100 pounds its not worth it. When you make a claim you lose your no claims bonus and this in the long run will turn out to be more expensive.It could well be cheaper to purchase a new sat nav rather than losing your no claims bonus.
Age limits: They is usually a lower and upper age limit with policies. If taking out a new insurance policy the upper limit tends to be lower.
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Brokers Online aims to provide its clients with a huge resource of financial information including helpful articles and Frequestly Asked Questions. If you cannot find the answer to your question feel free to post a question on our weblog.
This article has been written for publication by Brokers Online. Brokers Online offers uk residents access to many different kinds of financial products including life assurance and personal loans.