Car Insurance Savings
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Welcome to our Car Insurance advice website designed specifically to help you with everything you need to know and understand to help you gain a clearer understanding of what car insurance actually is, and how you can get the best insurance policy for you.
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It is against the law not to have Car Insurance. Being the driver it is your responsibility to know that you need car insurance and it is a mandatory requirement, but, because of the jargon insurance brokers use or being a new driver yourself, it can be hard to understand what it is and why it is a lawful requirement for you to have it.
Everything down to the vehicle you drive, your past as a driver right down to your earnings, there are many different things you must take into account before you even think about purchasing an insurance policy.
Every car owner is required to make sure they have insured their vehicle. Simply put, this adds a financial cover if you have an accident/crash/event which causes injury or damage to someone else, their car, home or pet.
The only time you are not lawfully required to have insurance for your vehicle is if it has been deemed not road worthy.
When you purchase a new policy. You will need to make sure that add you information as best exact as you can. Not doing this will void your insurance policy and make them not pay out any monies if you try to claim, they also have the right to cancel your insurance policy entirely.
The answers you need to provide will be spread throughout the application, these help the insurance providers determine how much you need to pay to cover yourself.
Car insurance policy types:
- TPO – This type of insurance covers other than yourself, for the second and third party as their injury or injury’s they may have sustained, this cover insurance will also cover any other vehicle damage and personal property.
- TPF&T – This type of insurance also covers yourself, second and third multitudinous coverage, not just that it also includes vandalism, destruction to your car during mischief or damage due to a fire.
- Comprehensive – This has all the features TPO and TPF&T has. It also features cover for medical, belongings, accidental, windscreen and if your car is lost or damaged in any way.
When you receive your papers it’s mandatory to keep your policy information valid. i.e. your car is taken without your knowledge (theft), you should contact the insurance provider straight away.
Having no Vehicle insurance when driving is illegal, with a max fine of £5,000, 6 to 8 points on your licence and possibly you being disqualified. The different Insurance policies are:
- 3rd party, fire and theft
- 3rd party only
It’s worth knowing what the difference is between the covers and what they provide you to make sure your car and most importantly you are protected in case you are in a crash or accident of any kind.
Comprehensive car insurance
Comprehensive is the highest level and protects you from damage to your car, even when the accident is your fault. As with all policies, terms and conditions are different which means that one comprehensive package will be different from other packages.
3rd party, fire and theft
3rd party, fire and theft cover the costs if your vehicle needs repairing due to damage, damaged by fire or stolen.
Third party only insurance
This policy is the minimum legal requirement, which covers the cost for damage to other people’s property or pays compensation for injuries people or pets incur, in an accident deemed to be your fault.
It does not cover repairs to your vehicle and will no cover your vehicle if it is stolen or damaged by fire. So you will have to pay for the repairs your self.
Other insurance policy types
Insurance companies have other insurance types also to meet vehicle owners individual needs. There are an array of different types:
- Multicar cover– When there are multiple cars on the same insurance policy under the same address which all use the one insurance provider, this usually gets discounts.
- Classic car cover– Vintage cars (the age of the car can sometimes play a factor if its to old).
- Temporary cover– only lasting for 28 days.
- Test-drive cover – Cover that protects you while you give a new car a test drive to see if its the one you want to buy/lease.
Making a claim will be hard if you’re in an accident with a driver who is uninsured and you’re not at fault.
If you’re in a car accident you need to take note of the list below at the scene:
- The other person’s vehicle make and model, and registration number.
- The person’s name and address.
- The damage to the person’s vehicle.
- Where the accident took place, including road markings, weather conditions, if their car had their lights on and indicators.
- The person’s contact details and statements from anyone around who witnessed the incident and try and get their contact information to give to your insurer.
Take loads pictures of the scene from every angle and also send these to your insurer.
You do not need to call the police unless the vehicles are causing an obstruction, someone is hurt, or if you’ve hit someones home/shop etc, such as a fence. Call the police if the other driver doesn’t have any car insurance because you will need to acquire a accident report so you can claim through the MIB (Motor Insurers’ Bureau).
What to do if you’re in an accident with an uninsured driver
If you purchased fully comprehensive insurance, you will be able to claim from your insurer, although it may affect your no claims bonus, unless it includes an uninsured driver promise. Or, you can claim via the MIB and they might compensate your insurer for your claim – if they do your insurer will reinstate your no claims discount and cancel any premium increase.
Uninsured driver promise
This means if you’re in an accident with an uninsured driver, your excess will be refunded and you will keep your no claims discount.
Putting a new named driver on your car insurance policy is simple and can even save you some cash.
When you get a new car insurance policy, you have an extra option of adding more named drivers to your policy. You need to have a good think about this and decide carefully – below you will see a guide on how to add a new driver to your policy, how the whole procedure works, and in what way it changes your policy for you.
Placing new a named driver on your car insurance policy does not mean you will pay more for your insurance, but on the upside, it might help you achieve a lower premium rate.
What is a named driver?
This is a new driver that you wish to put on your car insurance policy, someone you give complete permission to drive in your car. Meaning if the new driver has an accident he/she will be fully insured and covered if the car gets damaged. The named driver receives the exact amount of insurance cover as the main driver does, but if the second named driver has an accident while driving, your no claims discount will be affected.
Who can be added as a named driver?
Anyone you decide can be named as a second driver. You might be adding your son or daughter, your husband or wife or even the mother in law (hmm nope). Then again partners should put each other as named drivers on both their insurance policies so they can drive both vehicles.
How much does adding a named driver cost?
You may be charged an admin fee if you place a new named driver on your policy mid-year. Adding a named driver can also affect your annual premium this is because of the new risk profile that comes with the new driver. An experienced driver could lower your premium but a young driver will usually increase your premium.
Information about the named driver
Adding a someone new to your policy will require you to provide some information about them. These details are usually just the basics like their name, address, date of birth etc. Sometimes the insurance provider will need you to add their occupation and any driving offences/convictions they have incurred also as if they have had any of these in the past it might increase your premiums.
How often can a named driver drive the car?
The new named driver would normally only be driving occasionally, not regularly as they have been added and this is not there vehicle. If they are driving the car more than the main driver then this really should be their insurance policy and this could be seen as fronting which is fraud.
The meaning of Excess?
Paying some money towards any claim you make. Even if you’re looking at TPFT (Third Party Fire and Theft) or Comprehensive, you must pay excess towards the claim. Excess means you have agreed to be responsible for some of the insurance risk, as you are willing to help pay some of the cost towards any claims you make.
This excess is mandatory, but you can also opt to give more money, which is a voluntary excess which helps lower your premium.
What is total excess?
A combined amount of compulsory and voluntary excess that you will have to pay for a claim made within your current policy period. This varies between different insurance providers and which policy you chose to take with them. If your total excess for your insurance is too much and you cannot afford it, you can try and lower your voluntary excess, but doing this can increase your premium overall.
What is compulsory excess?
Compulsory excess is an amount you have to put towards your claim regardless of the damage/situation. It is mandatory and the amount is set by your insurance providers. You may notice that young or newer drivers have a much higher compulsory excess as they pose a much higher risk on the road.
What is voluntary excess?
This is the amount you decide to add towards your claim. It is not the same as compulsory excess as you decide how much you can pay, if you increase this amount your overall premium can reduce.
You need to remember that you have to pay both the voluntary plus the compulsory or your insurer will not be able to deal with your claim so make sure you agree to an amount that you can afford.
You can also get the voluntary excess back if the accident has been deemed not your fault.
How much excess should I pay for car insurance?
You should only agree to a amount you can logically afford. Do not add loads of voluntary excess to your claim just to make your premium lower and then not pay it after an accident, voluntary means a amount you agree to add towards a claim, it is something you are going to have to pay.