Car Insurance
Car Insurance was first introduced in the UK in 1930, where by the government at the time made it a compulsory / mandatory requirement for cars being used on the public roads.
Present day, Car Insurance law is now regulated by the Road Traffic Act 1988, modified back in 1991 to cover the driver of the vehicle up to a value of £500,000.00 against accidental injury to other people including passengers, person and/or property.
The £500,000.00 Car Insurance cover back then was lodged with either The Supreme Court Accountant General, and would be paid out should an accident happen to persons, property or to a public highway or byway, but would not cover use on public land, for racing, rallying, hire or reward including competitions.
Different types of Car Insurance available today include, but not exclusive to:
- Car Insurance (Regulation)
- Multi Car Insurance (Introduced in 2007/8)
- Business Car Insurance (For Business Use Only)
- Car Rental Insurance (Daily Car Hire and Rental Insurance)
- Taxi Insurance (Private Hire, Hackney Carriage and Chauffeur)
- Fleet Car Insurance (For Companies With Over 10 vehicles)
- Breakdown Insurance (Home, Roadside and Recovery)
- Young Driver Insurance (Between 17 and 25 Years of Age)
- Female Driver Insurance (Women only Insurance )
- Convicted Driver Insurance (Drink Driving or Points Accumulation)
- Third Party Only insurance (The basic level Insurance Cover)
- Third Party Fire and Theft (TPFT – Middle Level Insurance Cover)
- Fully Comprehensive Insurance (Top Level Insurance Cover)
- Protected No Claims Discount (None Fault Cover and Now Fault Cover)
- Monthly Car Insurance (Monthly Payments for Spreading Insurance Cost)
- Personal Contents Insurance (Personal Possessions)
- Loan Repayment Insurance (Payment Protection on Car Loans)
- Gap Insurance (Finance Balance Protection)
Once a policy has been taken up, you will be supplied with either a certificate of motor insurance along with a schedule, or if you have purchased your car insurance through a motor insurance brokerage, they will sometimes supply you with a cover note until the schedule and motor insurance policy arrives.
Car Insurance valuations are calculated on categories issued by the insurance ombudsmen, which takes into account vehicle replacement cost, annual mileage and convictions on your driving licence, should you have any.
The last parts of any car insurance calculation is based on how many years of accident free driving you have achieved as well as your sex, age and occupation. High risk occupations which could inflate your car insurance premium can include: working with Alcohol, Bar and Club Owners, Entertainers, Media and Journalism, HM Forces and Police Officers.
The above information is only for information purposes only and can change periodically. It is always advised to seek accurate up to date information from your Car Insurance broker or Car Insurance company.