The amount of excess you pay can keep the cost of car cover down
20/12/2007
Not only are there different types of car cover available which can determine the cost of insurance, but there are also many other factors that have to be taken into account when it comes to searching for and buying car insurance. You can make life a lot easier for yourself if you go online with a specialist motoring website as not only will you be able to make a search with some of the top lenders, but you will also benefit from the resources and information available.
Factors which can determine the cost of car cover and the amount you are asked to pay in premiums include your age, the make and model of the car, the level of cover that you wish to take out and how much no claims bonus you have. Of course there are things you can do yourself to reduce the cost of your car cover such as parking your car in a garage rather than on the street and installing the latest security alarms.
The amount of excess that you pay will also reduce the cost of your car cover and it is important to realise there are different types of excess. All car insurance comes with some compulsory excess attached; this means that you have to pay a certain amount of the cost of repairs before the insurance takes over. For example if you have a claim that would cost £500 and your excess is £200 then the insurance company would pay out £300 towards the cost of repairs.
You can however choose to pay voluntary excess to keep the cost of your car cover down, this means that you will still pay the compulsory amount of excess stated in the terms and conditions but also pay out extra. For example if your compulsory excess is £200 and you choose to pay additional at £100 then the total amount of excess you would have to pay would be £300, so if you made a claim for £500 then the insurance policy would only have to payout £200. While the amount of excess would keep the cost of the premiums down you do have to remember that you would have to find the total amount of excess you agreed upon in a lump sum should you be unfortunate enough to have to make a claim.
While paying extra excess is a good way to keep the cost of car cover premiums down there are many others and a specialist motoring website will not only be able to find you the cheapest premiums but will also give you information and advice free of charge on ways you can keep down the cost. As with any type of insurance you have to read the small print that comes with an insurance policy, this is where you can find what is and is not covered in your policy and also any additional costs that might be added onto the insurance. The key facts can vary between insurance companies just as the cost of the cover does, so it is essential that when comparing quotes you also compare the key facts.
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