Unlike many other types of insurance, car insurance is a legal requirement and thus there are numerous policies on the market as insurers fight for our custom. To distinguish themselves from their competitors, insurers have developed their core cover to also include unexpected niche covers, these, along with heavily advertised pricing strategies are all designed to catch our eye in an already saturated market.
You may know the standard covers and endorsements under a comprehensive motor policy such as ‘unlimited covers for glass & lock replacements’ and ‘excludes any loss, damage or liability directly or indirectly from biological or chemical contamination’, but did you know about these?
Driving other cars – Many comprehensive policies allow the policyholder to drive other cars (with the permission of the owner) but did you know that your excess increases –normally to £1,000. Depending on your insurer you will either be covered, while driving others cars, on a fully comprehensive basis or it may be limited to third party only.
Identity fraud – This is not found on your standard ‘compare the market’ type policy, however some high end motor insurance policies cover your expenses incurred as a result of identity fraud. While you would hope this would never happen, it’s reassuring to know that your car insurance provides some level of cover – normally around £12,500.
Increased Excess for young drivers – Most insurers have a standard excess increase for young/inexperienced drivers, however a few insurers, (like Aqua Underwriting) only increase the excess during certain hours of the day e.g. During the hours of 8pm Friday and 4am Saturday; and 8pm Saturday and 4am Sunday, over which the excess for the young driver will be double the amount shown in the schedule.
Child seats – These are covered by higher end policies in any accident or theft, even if the child seat does not appear to be damaged in the incident. Insurers will replace the seat as a precautionary measure and if the exact seat is no longer available, they either provide a comparable seat or pay you directly the value of the existing seat.
Road Fund licence – If your vehicle is written off, some insurers cover you for the vehicles unexpired proportion of road tax if you are unable to recover it from the licencing authorities.
Inappropriate Fuel – Have you ever had that nightmare moment when you’ll picked up the wrong pump at the garage and started filling up with diesel? To drain the engine can be an expensive job, especially if you’ve turned the ignition key. Some insurers will cover the damage (or complete loss) of your vehicle caused by an inappropriate type or grade of fuel being used.
Each insurer will offer different covers and limits so be sure to speak to a broker to find out what exactly the limits to your cover are.
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