Insurance scams have been around as long as insurance companies. However, rather than individuals committing the fraud, dedicated gangs are now involved. Insurance fraud gangs are now costing insurance companies 4 million a week.
The fraud involves two gang member vehicles, and an innocents vehicles. The first car would place itself in front of the victims car, while the second would accelerate past both vehicles.
The second vehicle will then deliberately pull in front of the first gang car, causing it to break sharply. The vehicle belonging to the innocent driver would crash into the first gang members car. The accident is therefore caused by the victim, as the last car to hit is usually at fault in a pile up.
(more…)
Sometimes when it comes to cheap car insurance it isn’t always the best thing for you when it comes to all of your needs. You need to read the small print first and we will show you how.
Anything that screams “cheap” has a catch. In the event of an accident the company could charge you a bill for compulsory excess. This is how much you have to shell out if you make a claim
You may notice that the insurance only covers specific items, or the policy may cover less than other companies. You definitely want to make sure that the agency is licensed and authorized by the FSA.
When shopping for car insurance, think of the following questions.
1.The difference between third party and comprehensive insurance?
The only thing that third party insurance covers is any type of damage or injury to the person that you harmed. You will have to pay for any damages to your own car.
Third party fire and theft TPFT comes into play when your car is lost by fire or stolen. Then it will cover you.
When it comes to comprehensive coverage it does include damage to your vehicle as well
2.Are you limited to a certain mileage?
UK drivers on average drive a little over 8,300 miles a year roughly. When you purchase insurance how much you drive will come into play. You insurer can lower the claim if you drive over the average amount of mileage or you have an accident.
3.Are there any strings attached?
When it comes to your age, experience, and the car that your drive, there are agencies out there that pay a larger contribution toward the claim.
Its better to leave valuable personal belongings in your home. Some companies may not cover them.
4.What is an excess?
An excess is the amount on which the insurance company will keep from a claim. Its usually around 100 pounds.
5.Legal and medical expenses limit.
It really depends. You have to make sure that it meets your specific needs.
(more…)
To locate companies offering affordable short term car insurance is not an easy deal as you would need to do a lot of underground research, inquiries e.t.c The type of short term insurance you need will also affect your choice for an insurance broker. Below are some important tips to be taken into consideration before choosing the short term cover that is best for you.
(more…)
Legal Requirement
By law, in the UK, it is a requirement for all motorists to be insured, so that you have a policy to cover you liability to other road users. This includes injury to others and damage to property. It is an offence to drive your car or allow others to drive it without insurance, and you can be fined and/or sent to prison for failure on producing a valid insurance certificate. This has been law since 1930, and was updated in the Road Traffic Act 1988. Also in order to get you car taxed, the post office will want to see your insurance certificate and MOT before they issue the car tax to you.
(more…)
Most car owners, especially on newer models, will have a fully comprehensive motor insurance. Should the car be stolen, or damaged beyond repair then the insurance company would pay out some form of compensation. However, the value of car determined by the insurer is based on the trade value. This is usually lower than the retail value. This difference is greater for brand new cars, as through deprecation, the trade value and the retail value could differ as much as 50% to 75% in the first three years. So if a finance agreement was taken out for the purchase of the car, the motor insurance settlement may not be enough to repay the finance.
(more…)
ABI Group – Association of British Insurers group. Association responsible for assigning a risk for each make and model of car. Each car is then assigned a group from 1 to 20, the highest risk being 20.
Act of God – Natural events that cannot be forseen. Polices may sometimes not cover claims made by such events.
Any driver - Allows any driver to drive the vehicle, not just the named driver. Note that driver must have the policy holders permission and that are legally allowed to drive the car.
Approved repairer – A list of garages that the insurance company requests you have your vehicle fixed with. Typically the vehicle is repaired and the cost is settled directly with the insurance company.
(more…)
In the UK, there is a legal requirement to purchase car insurance if you own a car. You can face a hefty fine or even face prison if you are found to not have insurance while driving a vehicle on UK roads.
This law was introduced to protect the consumers from large financial losses, as result of an accident where they are liable for to the repair cost of the vehicle they hit. So while the law does not dictate the types of insurance you must take, the insurance policy, must at least, pay for the damage done to another party.
(more…)