Finding a Cheap Quote for Car Insurance

Looking for a cheap quote for car insurance? Well, I'm sure by now you have made a few phone calls to the regular insurance companies that most of us know and are appalled by the prices offered to you – especially if you are a young driver. Apparently, the average annual insurance premium in the UK right now is £780.

In the 1930's the UK made it law that all cars on the road must be insured. This was further solidified by the 1988 Road Traffic Act, which was amended in 1991 with new by-laws. According to this Act, all cars on the road must be insured according to various stipulations. The only other recourse for drivers is that they can make a £500,000 with the Accountant General of the Supreme Court.

The three main types of insurance cover offered by insurance companies in the UK are Third Party Only (TPO), Third Party Fire & Theft (TPFT) and Fully Comprehensive (Fully Comp). The only other type of insurance offered, which is quite rare, is Road Traffic Act insurance. This is similar to TPO except it has a limit of £250,000 – meaning that that is all that would be paid out in an accident, and no more, regardless of medical costs or repair costs. Emergency treatments are also not covered in this kind of insurance. Basically, it covers the bare basics of the Road Traffic Act and for many reasons insurance companies don't see it as viable and no longer offer this kind of insurance.

Here is each type of insurance covered in more detail:

TPO

TPO is the cheapest kind of insurance and covers the following.

1) Damages to the third party's vehicle ONLY in an accident.
2) The third party's medical costs, as well as their passengers' costs.
3) Any passengers in your car's medical costs, but not you yourself.

Costs to your own vehicle are not covered, and your car is not covered in the case of theft either. Young drivers will generally be more interested in this kind of insurance because of the fact that they don't have an expensive car or a very deep pocket.

TPFT

TPFT is the “next level” of insurance and covers all the above, with the inclusion of theft or damages done to the car outside of an accident.

Fully Comp.

Fully Comp. is the 'highest level' of insurance and covers all the above while including all of your own costs in an accident, and some extras depending on the policy.

Finding a cheap quote for car insurance

Many online companies have emerged in recent years offering much cheaper insurance. A quote of £750 can be dropped to £455 through many of these companies. Because they are generally smaller they need your business more than bigger companies, and they also tend to be more progressive than many of the bigger companies.

These online companies can be found through various searches on the internet, as well as through price comparison websites, blog sites, and so forth. It requires some effort finding them – you need to shop around – but once you do the end result is worth it.

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