Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

What You Should Know Before Buying Car Insurance

Personal_Finance / Insurance Jun 02, 2021 - 11:03 AM GMT

By: Sumeet_Manhas

Personal_Finance

Every motorist needs car insurance, but it is important that you take the time to research your options and to find the best policy that will provide sufficient protection as well as be within your budget. There is a lot of misinformation out there, so keep reading to discover what you need to know before purchasing a car insurance policy.


Third Party is Not Always Cheapest
It is easy to assume that third party will be the cheapest form of insurance, but this is not always the case. This is because those that are insured under third party only are statistically involved in more accidents which, therefore, means that more claims are made in this category which causes prices to rise. This is why you should always compare prices from third party, third party, fire and theft and comprehensive before making a decision.

Your Credit Rating is Important
It might not seem like your credit rating is important, but it can actually have a large bearing on the amount you pay as insurers have identified certain credit characteristics that help them identify how likely it is that someone will have an accident. Therefore, it is always worth checking your score and taking steps to improve your rating if necessary.

Payouts Might Be Lower Than Expected
Many people are driving around unaware that if they were to get into an accident and write the vehicle off, they might end up with a payout that is less than what they owe or originally paid. This is because insurance companies pay out what the current market value is, which could be a significant amount less due to depreciation. Fortunately, there is a good solution to this in the form of GAP insurance. So, what is GAP insurance? This would cover the shortfall between the insurance payout and the amount originally paid/outstanding on the finance agreement.

Don’t Get Young Drivers on a Parent’s Policy
Many parents decide to help their kids out when it comes to insurance by taking out insurance in their name or putting themselves as the main driver. Putting in someone else to get cheaper insurance is actually known as fronting and it is illegal - this could result in penalty points, disqualification and even fines of up to £5,000.

You Need Insurance Even if You Don’t Drive It
Another misconception is that you do not need an insurance policy in place if the vehicle is not used. The only time when a vehicle does not need insurance is if it has Statutory Off Road Notification.

Hopefully, this post will clear a few things up and help you to make the right decision when it comes to finding an insurance policy. It is vital that you find the right level of protection for your needs and at a price you can afford, which will involve shopping around and comparing to find the right policy.

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in