If you own a motor vehicle, you must have at least third-party motor insurance. If you park your vehicle on the street, in your driveway, or in your garage, you must have insurance. Police can inspect your vehicle to see if it is covered using the Motor Insurance Database. They can take your vehicle away if it’s not insured. To get your car back, you will need to provide a certificate or insurance and pay the charges. The police will take your vehicle away if you do not provide proof of insurance within 14 days. You can get your money back if they sell it.
Types of motor insurance
There are three types of policies.
- Third party
This is the minimum legal requirement. It covers damage to another person’s vehicle, property, or injuries sustained in an accident. This covers accidents that are caused by you or your passenger. This doesn’t include repairs to your vehicle.
2. Third party, fire, and theft
This covers third-party damage and loss, as well as damage to your car from fire or theft.
3. Comprehensive cover
- This covers third party, fire, theft, and repairs to your car. This may be covered by your policy as well:
- Death or injury to yourself or a member of your family, up to a certain amount
- You are covered for any belongings that are stolen from your vehicle
- Coverage for legal or medical expenses
- Renting a replacement vehicle.
There are two types of insurance.
- Specific cycle policy – This policy covers you to drive a specific bike
- Rider policy – Allows you to drive any motor bike up to a certain rating cc with the owner’s consent
You may not be eligible for a no-claim bonus as there is usually an excess
- Insurance costs
Insurers can no longer charge different premiums for men and women if they renew or purchase a policy. You can use your gender to determine how likely you will be to make a claim. However, they must share the cost of this risk among all customers. This means that young women may have to pay more for car insurance than in 2012 because she is at risk of being involved in an accident.
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How to choose a policy?
Get quotes from multiple insurers and then compare them.
What each policy covers, and what exclusions are made and how much excess is allowed. Any discounts
Any discounts offered
- The no-claims bonus and the value of the discounts each year if your policy isn’t claimed
- Any policy restrictions, such as the exclusion of named drivers, are not covered
- You must provide as much detail as possible about your vehicle and yourself to your insurance company when asked. They will likely ask about:
- Medical conditions that could impact your driving ability
- These details will impact your premium and your insurer’s ability to pay out on a claim.
A policy of insurance should be held in the name of the principal driver. If you have insurance under your name, an insurer may refuse to pay.
If you are asked, tell your insurance company immediately about any changes in your life such as a move or a job change.
You will need to insure the vehicle if you finance it.
The majority of policies last for one year. Your insurer does not have to send you a renewal notice. However, most do.
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You will receive a cover note when you renew or take out a policy. This is valid for 30 days, while your policy documents are sent. Driving without a policy is an offense.
When you sign up to insurance, make sure you read the terms and conditions. Some companies may require that the policy be automatically renewed every year. If you cancel your policy after renewal, this could result in a cancellation fee.
If your vehicle is stolen, sold, or written off, you can cancel your insurance. To see if your premium can be refunded, you should review your policy.
Your insurance might not cover you
- You may not be covered by your policy or you could only have partial coverage if you:
- Driving was not covered under the policy
- You can charge passengers for a lift unless it is on a cost-only basis
- Your car is not roadworthy
Even if you didn’t know it, you have bought a stolen car
Driving someone else’s vehicle is a crime. It’s a criminal offense to allow someone to drive a vehicle that doesn’t have insurance.
- You don’t hold a valid driving license
- Your insurer believes you are partially to blame for the accident
You may be eligible to get these costs back from your other driver if you have incurred additional expenses, such as vehicle rental.
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Your insurer is no longer in business. You may be eligible for compensation through the Financial Services Compensation Scheme
You can drive in any EU country if you purchase a policy from an EU-based insurance company. You may need additional coverage.
You may also be covered for third-party injuries in certain non-EU countries by your policy. Before you travel, make sure to check.