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Useful Car Insurance Guide

If you drive in the United Kingdom then to have temporary car insurance is a must. There are many reasons to have this kind of insurance cover and every driver should be aware of their options. This article will go through a few different types of temporary car insurance to explain why you might need it, and what to be aware of with this type of slightly-more-unusual cover.

car insurance

Courtesy Car Insurance

Courtesy car insurance is a must when you rent a car or van. Whether it is for your own car or van that is being repaired or car rental for a holiday; courtesy car insurance steps in and takes care of you if you have an accident.

Drive Away Insurance

Driveaway insurance is for those that want insurance before they pick up a vehicle. It can be used for a newly purchased vehicle from a car supermarket, a car that has been in storage or one that has been bought through a private or Internet sale. This type of cover is immediate and works to ensure you are taken care of as soon as you have the vehicle in your possession.

Temporary Additional Driver

Whether you are loaning your vehicle to a family member or friend or you plan to drive a long distance and need someone to help you out whilst driving; temporary additional driver cover is perfect for those moments. This is also sometimes used for young people or students if they don’t yet own a car but want to borrow one temporarily.

Temporary Car or Van Insurance

This type of cover is an excellent choice for those that plan to drive for a short period of time. For instance, if you have your vehicle for sale and plan to move it to different locations or if you plan to drive a friend or family member’s car that they have loaned you. Even short term driving can cause accidents so ensure that you are in the clear with a temporary car or van insurance.

Everything You Need to Know About Performance Car Insurance

Is there any activity as exciting and invigorating as driving that speedy sports car on the motorway with the top down? The wind rushes over the windbreak and tussles your hair as the tires on your sports car scream along the road. This is the life. But, it is a motoring life that can be costly. High performance automobiles such as sports cars typically cost much more to insure than a plain, four-door family sedan. There are many reasons an insurance provider charges top premiums for high performance vehicle cover.

Risk Causes High Premiums

The very top reason insurers charge top money for cover on high performance automobiles is they possess a record of high accident incidence. Another reason is that most high performance vehicles have been modified with third-party parts that when necessary can be quite costly to replace or repair. Furthermore, many people purchasing high performance vehicles usually are risk takers in and of themselves and, according to readily available statistics, typically file more claims than other driver categories. In fact, more young men die in crashes involving high performance vehicles than any other age according to a report in the Telegraph – Driving young men sane.

Age Does Matter

This is the very reason insurance companies take into consideration the driver’s age when determining the premium rate for a high performance vehicle. The driver’s record also plays in the mix determining rates. So will any engine modifications or any other parts installed that make the vehicle faster. An older driver with a clean record stands a greater chance obtaining lower rates than even a young male with a clean record could attract.

Which Car Should We Steal?

Thieves target high performance vehicles for theft because, when stripped, these vehicles produce a storehouse of parts that are extremely profitable when re-sold. Plus, this inherent value also means that they will be more expensive to replace requiring providers to increase policy rates. The actual statistics showing high performance cars are more likely to be stolen make these types of vehicles doubly expensive. They usually cost much more than most vehicles and because they are such high cover risks, insurance policies hit the wallet making the operating costs for driving such vehicles rather costly as well.

High Performance Car Specialty Insurance

Since a high performance vehicle carries increased value, writing the car off sometimes is the better method than paying for replacement costs. Insurance companies always treat high performance cars believing these vehicles are more likely to be driven by thrill seekers looking to go faster, longer, louder and whatever else gets their blood flowing. Unfortunately, often the blood flows due to crashes. Therefore, purchasing cover to protect against financial loss may direct individuals toward specialty insurance cover.

Why Specialty Insurance?

Specialty insurance companies are in business seeking to attract a specific segment of the automobile insurance buying public. Therefore, these companies take into consideration the type of vehicle a high performance car is and how it will be driven. Often, premiums can be discounted through limited mileage cover. The provider agrees to issue cover where the policyholder maintains a certain amount of mileage limited per year. It’s almost similar to HGV insurance – if a vehicle is particularly unsual, premiums will vary massively from one insurer to another because they’ve got limited data on which to base their decisions, which means you, the driver, can get a real bargain if you shop around and compare car insurance carefully.

The reasoning is that if the vehicle is driven less, the chances for an accident occurring are reduced.

Learning About HGV and Large Vehicle Insurance

It is important for businesses transporting large quantities of heavy goods to understand the particulars when it comes to proper insurance cover. HGV insurance policies are designed to protect companies hauling not only expensive goods, but the vehicles as well. These large lorries are usually very expensive. Proper cover protects the owner from financial liability as well as employee/drivers operating the vehicle. This allows for financial protection for both, since the driver’s well being is at stake and the owner is exposed to financial responsibility.

What Conditions Involve HGV Cover?

Any heavy goods transporter needs up-to-date cover and must employ a qualified, licensed HGV driver that adheres to all government regulations and guidelines to obtain this specialty cover. In the UK, a special license is needed for each driver operating an insured HGV. There are strict rules and regulations applicable to operating an HGV with restrictions concerning prohibiting any drug and alcohol usage that are very serious. Driving a large, heavy vehicle needs special training. It is considered far more risky than driving either a van or smaller automobile. Therefore, obtaining the correct HGV insurance will demand drivers adhere to a list of qualifications. These generally deal with the different types of truck equipment installed (typically different braking systems) meeting a minimum age, having driving experience and maintaining a clean driving record. (https://www.gov.uk/vehicle-tax-hgv)

Types of Cover

There are several aspects to obtaining HGV cover that includes covering but the basics such as damage inflicted on other vehicles. Keep in mind that premiums will raise when more cover is needed. Such expanded cover would include:

Goods and Transit Insurance – covers materials when being transported as well as company assets against any loss, theft or damage. This applies to delivering either company stock or a customer’s goods. It also applies to the vehicle owner’s property when in transit to make sure these are protected from anything that may damage it in transit. The goods cover typically includes loss from theft of goods or any damage resulting from an accident, A popular feature that may be included is earnings cover when transit delays are caused by an accident as well
Additional covers may include special riders protecting any tools carried by a vehicle driver for in-transit use
Covers may depend on the proper protected overnight parking of an HGV in a secured location.

A good consideration when seeking cover is to examine a need for a new-for-old replacement. Check to see if the cover accounts for depreciation.

Always ask for a breakdown of just what the provider offers in order to determine what is and is not protected. This will also help making comparisons of quotes received from several companies that are applicable for specific needs. The value for the goods transported also determines premiums to be paid when choosing cover levels

Most HGV insurance cover will not extend to dangerous goods transported. This requires special cover for transporting such as chemicals, explosives or other volatile, potentially threatening materials on roadways in the UK. It’s also important to check the age of the driver – young drivers may not be insured very easily.

Choosing Best Business or Fleet Insurance

The recent economic downturn has forced many business owners to examine expenditures where cost savings may be found. The tough economic times has a decidedly negative impact upon businesses small and large. In order to compete in today’s market as well as simply survive, business managers need to look across the board at expenditures causing great impact on the bottom line. Even everyday people are spending a lot of time reading up tips on how to cut their car insurance costs.

Insurance Premiums Need Exploration

One area that business managers are taking a serious look at is insurance covers. This is especially true for those organisations operating vehicle fleets such as businesses with a delivery component to operations. Examining current commercial fleet insurance policies is one method toward finding possible savings. This might be an area that considerable savings could be found before drastic measures such as employee layoffs become the only alternative to economise.

Locating Correct Commercial Fleet Insurance May Be a Daunting Chore

When times were exceptionally good, most business went about operations day-to-day, month-to-month and even year-to-year never giving a conscious thought to examining current fleet cover. In fact, insurance was one of those expenditures most businesses just simply automatically continued when the policy renewal date arrived. Many business owners and managers in the UK never understand that options are available when seeking commercial fleet insurance. A little amount of self education might “steer” commercial fleet insurance buyers in the proper direction.

Insurance Information is a Money-Saving Tool

The goal is premium reduction. Therefore, fleet owners need to realize that there are several factors determining how rates are set including:

– Number of vehicles insured
– Age of vehicle drivers
– Contents carried
– Operating locations
– Vehicle safety/security features

…also fleet owners need to decide the level of cover that meets the organisation’s specific needs including choosing:

– Full Comprehensive Cover
– Third-party theft and fire
– Third-party Only Cover

Obtaining just ordinary motor cover choosing one of the above is necessary to put a fleet of vehicles on the road. Basic cover is mandatory. Most commercial fleet policies usually are comprehensive – this means that the policy covers company-owned vehicle damage. This type cover also protects the fleet owner from any legal liability concerning injury to people or property caused by one of the company’s vehicles.

Do Not Go It Alone

The daunting task for finding the best fleet insurance may put off busy owners. Do not worry. Turn to the services of a broker. This is an insurance professional who has the experience and knowledge needed to guide you to a money-saving deal. Brokers can present a number of quotes from varying companies while helping make good comparisons so an informed buying decision can be made. Many broker services can easily be found online (Internet). Make sure any insurance broker you consider is clearly authorised and is listed by the Financial services Authority or is a representative of a company that is listed (http://www.fsa.gov.uk/) and is a member of the British Insurance Brokers Association (http://www.biba.org.uk/).

When dealing either with a broker or directly with a provider, make sure to prepare by gathering detailed company information that is completely current and correct. This is important so an adequate cover proposal is prepared.

Warren Paine

Warren is the senior mortgage loan officer who has worked in mortgages and loan industry since 1995. He study in Harvard and major in Finance with a Bsc. Honor Degree. He possesses a Paralegal Certificate as well.

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