Like most things in life, the best car insurance deals are usually the more expensive ones. As much as cheap insurance is advertised, when it comes to having enough cover to suit your vehicle, needs and other details, the cheapest option is rarely good enough. Not everyone has a money orchard in their back garden though. Before you give up and just opt for the cheapest option there are ways to secure a great insurance deal, whether your budget is in the triple or quadruple figures.
On A Budget: Third Party Only
Many factors impact upon how much your insurance will set you back, with the value of your vehicle being a major one. The more expensive the car, the more expensive the insurance. So if you’re working on a budget it’s likely (and advised) to have a motor with a lower value.
Third party insurance is the minimum legal requirement which is a good option if your car isn’t worth much more than £1,000. You will be covered in case of an accident and causing personal injury or damage. While it doesn’t cover repair costs for a serious incident, this would likely cost more than a new vehicle anyway.
Mid-range: Comprehensive Cover
For those with more valuable vehicles and thus a bit more to spend on insurance, comprehensive cover from AXA is the best option. This includes third party cover along with cover for fire, theft and malicious or accidental damage to your car and repairs to go with it. A cheaper option is to go for just third party with fire and theft attached, which cuts out any damage insurance. This is worth it as your no claims discount does not disappear for making a claim due to fire, theft and glass breakage with AXA’s policies.
Luxury Driver: Specialist Cover
Drivers of flashier cars or just those looking for broader insurance cover should look at the extras insurance companies offer. These include protected no-claims discounts, injury to driver and replacement car plus (giving you a nicer replacement vehicle).
Owners of classic or high performance cars and ones with many modifications are best going to specialist insurers or setting up a specifically tailored contract. They will take into account the costs for replacing original parts and maintenance which is likely to cost a lot more than for standard vehicles. With just third party cover you would end up spending a lot extra in the event of an accident.