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Car Insurance: A Comprehensive Guide

Car Insurance

Car ownership is a vital step in the direction of independence as a working adult. With public transport infrastructure not quite meeting demand in many places, driving a car has become one of the most reliable ways to get around. But for those new to driving, there is an aspect of car ownership that does not inspire much in the way of enthusiasm – car insurance. For the uninitiated, what are the different kinds of insurance, and how can you keep insurance costs down?

The Types of Car Insurance

Third-party

Third-party describes a car insurance policy at its most basic. This type of policy is designed simply to cover costs incurred by you as the responsible party in a road traffic accident. Other drivers’ injury or car repair costs are covered by this plan, and not any injury or car repair costs on your part – hence, ‘third party’.

Third-party, fire and theft

Third-party, fire and theft is a level up from the basic car insurance policy. Not only does the above apply, but costs associated with car theft or fire damage are also covered.

Fully comprehensive

‘Fully comprehensive’ describes a car insurance plan that covers most eventualities for the driver of a vehicle. Not only are injury and repair costs covered on the part of third parties, but the driver’s own costs are also covered. These insurance policies often extend to breakdown cover, as well as coverage for the likes of fire, theft and flood.

Telematics insurance

Telematics insurance is a type of plan wherein a ‘black box’ is installed in the vehicle, which relays GPS data to the company. This GPS monitoring enables cheaper plans, on account of the insurance company having enough information to verify or deny claims according to black box data.

Key Tips for Keeping Costs Down

Drive Safely

Perhaps the most impactful thing you can do for the sanctity of your insurance premium is to drive safely. Adopting safe driving habits naturally reduces the risk of involvement in a road traffic incident, in turn reducing the likelihood that your premium or no-claims bonus will be affected. As a younger driver with telematics insurance, safe driving is extremely important for remaining within the parameters of your insurance agreement.

Choose Your Car Wisely

While the driver holds the majority of the responsibility for safety on the road – and in turn the avoidance of unnecessary insurance costs – the vehicle itself cannot be ignored as a variable. The car you choose will have its own impacts on the value of your insurance plan, with older and more expensive cars more likely to incur a higher premium. Newer cars with more extensive safety features will inspire more confidence in insurers, and hence cost less to insure.

Maintain Your Vehicle

Finally, a crucial part of keeping yourself safe on the road is car maintenance. Regular service check-ups should be a permanent fixture in your car care routine; in between check-ups, you should be checking your oil regularly and topping it up where appropriate. This can minimise the likelihood of a breakdown, and help you hold on to your premium.

In Conclusion

Insurance is not the most exciting of subjects when it comes to car ownership, but it is a nonetheless essential subject to get on top off. Knowing your stuff when it comes to car insurance can help you save money, and get the most out of your insurance company in the unfortunate event of an accident.

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