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Car Insurance for Beginners
For many first time buyers, car insurance can be the straw that breaks the camel's back in making the process of buying a car seem more trouble than it's worth. It's all very well having companies boast about “no claims discount” benefits, and “third party fire and theft”, but if you aren't familiar with the terms surrounding car insurance the whole industry resembles a bit of a nightmare. Before searching for a car insurance quote, it is essential that you understand all of the terminology that is used by the insurance brokers – if you don't know what you're signing up for then you could be losing out. This guide to some of the terms most frequently used in reference to car insurance should help ease the stress.
Comprehensive
One of the main types of car insurance policy, comprehensive cover basically means that your policy will cover you in most eventualities, but will therefore be a bit more expensive. If you have the extra money to spare, however, it is worth it just for the added peace of mind. Kwik Fit Insurance offer £150 Personal Belongings Cover with their comprehensive car insurance policies
Excess
Perhaps one of the more baffling elements of a car insurance policy, an ‘excess' is the amount of money you must pay when you make a claim on your policy. For example, The Co-Operative Insurance helpfully offer an example policy on their car insurance website which states that an excess of £100 applies to each claim except for liability claims and certain windscreen claims.
Market Value
This term is used when your policy contains a ‘new for old' clause, and applies to the value of your old vehicle as compared to the market today. The make, model, age and condition will be taken into consideration, as well as how much you bought the car for – if it was for less than in most UK trade guides, then the market value will be reduced.
No Claims Bonus
Not really relevant to new drivers, but nonetheless useful to understand, your “no claims bonus” comes from not having made any claims on your insurance policy, and thereby proving yourself to be a reliable driver. If you have a good no claims history then you can expect your annual insurance premium to be significantly lower. Many companies, including Rias - who specialise in car and home insurance - offer to protect your no claims discount.
Premium
Put simply, the premium is the amount of money you pay to your insurance company to maintain your policy each year. Generally it will decrease over the years, unless you make a lot of claims in which case you risk your annual premium costs hiking up considerably. You can an eye on changing rates by checking a comparison website like Beat That Quote, who pool together quotes from the internet on loans, investments and importantly, insurance.
Third Party Fire and Theft
This is the other main type of car insurance quote that you will come across, and covers the essentials but not quite as much as a comprehensive policy. The main differences can be found in the provision of things like medical expenses, replacement of children's car seats and accidental damage to the car.
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