Motor Insurnace: An Expensive Necessity

2007-03-08 10:33:40

( Insurance )



Whether you like it or not, it is necessary that you get a motor insurnace if you own a vehicle. For most countries, it is illegal not to have the basic insurance cover for your car. And, in case of accident, an insurance cover is a great relief!

While the task of shopping for a motor insurnace is a painstaking one, it will be to your advantage if you give this particular task extra time and attention. Getting the right insurance company, the right cover and the best deal will truly be worth your while.

Luckily, you can tap on online searches to help you in your shopping. There are numerous motor insurnace companies offering different deals and these online searches can enable you to easily compare vehicle insurance quotes across companies. You can also log on to company websites, if you want further details. Most websites also offer motor insurance online quote when you key in the necessary details.

However, don’t just compare the quotes. Check whether what they are offering matches what you need. The very basic insurance that you should get is the “third-party liability”.

The “third-party liability” insurance covers liabilities arising from injuries to other people (including passengers) and for damages to other people’s property. You can also opt for a “third party fire and theft’ insurance which will compensate you in case your vehicle is stolen or set on fire.

The more expensive insurance cover is the comprehensive car insurance policy. This covers “third party fire and theft”; damages to your own vehicle; and loss of, or damage to, personal effects in the car.

If you use your vehicle for your business, consider getting commercial vehicle insurance.

There are ways to reduce your motor insurance cost. Most insurance companies offer discounts if you get an online motor insurance. If you can, opt to pay your premiums annually, instead of monthly, since companies charge additional fees when you pay your premiums monthly.

You can also do away with the extra benefits that usually come with comprehensive car insurance like the courtesy car as this comes with a cost. Build up a "no claim bonus". Each year that your car is insured and no insurance claim is made, you build up a “no claim bonus” which can mean substantial discounts on your premiums.

Lastly, don’t speed since the more speeding offences you have, the more expensive will be your motor insurance.


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