Car Insurance
It is a legal requirement in the UK that all car owners must have the minimum cover, or third party insurance, when they drive their motor vehicle, including motorised cycles, on public roads. Third party insurance is the absolute minimum requirement, but covers liabilities against injury to a person other than oneself in an accident and is restricted to the damage repair cost of the third party only. Any damage to ones own vehicle is not in any way covered.
For most people, the fully comprehensive insurance is the best option. This form of cover ensures that whoever is at fault in accident, the insurance company will cover the cost of repair, and this will include both parties. Many companies will include a replacement hire vehicle whilst the damaged one is being repaired, and will arrange to have the vehicle taken to an authorised repairer and get you home. Often a car may be stolen and the insurer will reimburse the cost of a replacement. There is however a risk that should be borne in mind with a brand new car for instance. The fast depreciation of the value of the vehicle may mean that the insurer will only pay what the second hand, or "book" value of the car would be.
Insurance premiums are based upon risk and this is most applicable in car and motor cycle insurance. The premiums will depend on a number of factors, age, experience and sex of the driver, past history of claims, the annual expected mileage, the model and make of car can influence the premium too. There are insurers who specialise in covering high risk drivers, which can include the young or very inexperienced. Other companies prefer to offer their product to older or retired people. Insurance brokers can be most helpful in choosing the best and most competitive product in these differing circumstances.