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Motor Insurance

Motor insurance is a form of insurance coverage that is put into place in order to protect you when you driver.  There are actually many different types of insurance that fall within the umbrella of motor insurance, though they all can protect you from liability if you are involved in an accident and can provide you with compensation if your motor vehicle is damaged, stolen, or otherwise destroyed.

Types of Motor Coverage Insurance

Motor insurance covers the use of many different types of vehicles.  As such, there are many different types of insurance polices that fall within the scope of motor coverage.  These include:

  • Car Insurance
  • Motorcycle Insurance
  • Roadside Recovery
  • Van Insurance
  • Minibus Insurance
  • Caravan Insurance

Since each of these types of motor vehicles has its own unique characteristics, the terms of the policies may be different.  For example, driving a motorcycle presents a greater amount of bodily injury risk than driving a car.  As such, your policy may provide a greater amount of coverage for personal medical expenses if you obtain motorcycle insurance.

Meeting the Minimum Requirements

Regardless of the type of vehicle you are driving, you will need to meet the minimum requirements as established by UK law.  Currently, all drivers are required to carry Third Party Only liability insurance.  With this insurance, your policy will cover the expenses of other people involved in an accident that you cause.  By having this coverage in place, you can pay for these damages and compensate your victims for your mistakes.  If you do not have Third Party Only coverage in place, you can get into legal and financial troubles because you will still be held responsible for the damages you caused.

In order to keep your vehicle protected, you will need to obtain coverage in addition to the Third Party Only coverage.  With Collision coverage, you will receive compensation for the damages you suffer in an accident, even if you are the driver at fault.  Of course, adding collision coverage to your motor insurance policy will cause your premiums to go up, but the increase is worth it if your vehicle is still of great value.

Making an Insurance Claim

If you are involved in an accident that is your fault, you will have to pay a deductible before you receive a settlement payment from your insurance company.  The higher your deductible, the lower your monthly premiums will be.  While this is a great way to save money each month, you also need to consider whether or not you can afford to pay a higher premium amount if an accident were to occur.

In most cases, you won’t actually have to send a deductible to the insurance company.  Rather, if the insurance company decides to award you £5,000 and you have a deductible of £500, the check you receive will be for only £4,500 because the £500 deductible will be removed first.

Regardless of the type of vehicle you are driving, it is essential to have motor insurance coverage in place.  This way, you will meet the legal requirements that have been established by the UK government while also keeping yourself protected every time you hit the road.

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