You rely on your vehicle to get to work, to the kids’ school, to the shops… but what happens if you have an accident or your vehicle is stolen?
Vehicle Insurance will help you to repair or replace your vehicle, should the worst happen.
Many people opt for comprehensive Vehicle Insurance, which covers everything from your own vehicle being stolen or damage you cause to someone else’s vehicle, right through to a chip in your windscreen.
But if you think your own wheels aren’t up to much, you can opt for third-party cover, where the insurer will pay out only for damage to another person’s vehicle. This is helpful if you’re worried you might go bankrupt if you were to crash into a high-end Mercedes.
Third-party fire and theft is a little more generous, and also covers you for theft or fire in your own vehicle.
You can usually choose between an agreed value policy – where you agree with the insurer what the vehicle is worth and what the insurance company will pay if it’s written off - and a market value policy, where the insurer will pay what the vehicle is worth if it were being sold at the time that you claim.
There are some obligations that come with Vehicle Insurance that it’s worth keeping in mind – for example, you are usually required to take reasonable care to avoid getting into an accident or having your vehicle stolen.
Vehicle Insurance is a relatively straightforward product but there are some things that make it a little trickier – such as if you have a type of vehicle that can be highly modified. You may also pay more with some insurers depending on where in the country you live. Quality insurance advice can help you work out where you can get the best protection at the best price, or other ways to save money, such as paying for your insurance annually to cut down the premiums. We welcome you to contact an Insurance Link adviser today.