In the UK, a basic level of car insurance is a legal requirement for drivers. The risk with having only ‘basic’ cover – which in car insurance terms typically means Third Party Fire & Theft – is that it does not insure you or your vehicle in the event of an accident. If you want to cover yourself for injury and your car for damage, then you need comprehensive insurance.
How Much Does Comprehensive Car Insurance Cost?
The cost of comprehensive insurance varies depending on your individual details and the provider you insure with. However, premiums can be more expensive than for third party cover because of the higher level of protection. But in return you’ll have the peace of mind of knowing that if your car is damaged, the repair bill will be met, and if it is written off, you will be given the market value of a direct replacement on a like-for-like basis – worth considering if your car is worth thousands of pounds (or, indeed, any value that you can’t afford to replace).
But there are ways to offset some of this extra expense. Paying an excess means that you agree to pay a fixed amount of any claim (typically between £100 - £500), and in return, the insurance provider is likely to reduce your premiums. And the more excess you agree to pay, the more of a reduction the insurance company will give you. The idea is that if you have an accident and the bill is less than your excess, then you will pay it yourself and not bother the insurance company. You can read more about car insurance excess here.
Another way to reduce your motor insurance bill is to build up a No Claims Bonus (NCB). For each year that you have car insurance without making a claim, insurance providers will reward you with a year's No Claims Bonus (sometimes called No Claims Discount), which can be used to reduce next year’s car insurance premiums. Savings of up to 75% are possible if you manage to build up five years of claims-free driving. You can find out more about No Claims Bonus'.
Benefits of Comprehensive Insurance
Many insurance providers offer drivers extra incentives to take out a comprehensive car insurance policy with them. Benefits can include:
- Courtesy Car – for you to use if your own car is stolen or off-road for repairs
- Breakdown assistance
- Windscreen replacement
- Car-seat replacement – if a child’s car seat is rendered unsafe following an accident
- Key loss – cover for their replacement if lost or stolen
The above are just examples and are not provided by all insurance companies. Always read the policy small print to see exactly what you’re covered for and what benefits you may be entitled to.
Comprehensive Insurance Exceptions
Despite its name, ‘comprehensive’ cover does not insure you against all eventualities. For example, wear and tear brought about by the vehicle’s regular use will not be covered (tyres, spark plugs etc) and you will be expected to meet such replacement costs yourself. Again, always read the policy small print so you understand exactly what is/isn’t covered.
For more information on comprehensive cover, read the complete Confused.com Car Insurance Buyers Guide.
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