Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
Insurance is a legal necessity when buying a car, and as such it is important that you know the various different types available to you. It can be expensive, especially for younger drivers or those who have only just passed, so it is well worth shopping around to find a type which works for your budget and needs. Here are some of the different types and their advantages.
Third Party
This is the most basic level of cover, and as such is the minimum level required by law. In the event of an accident, it will cover the costs for damages to the other people’s property as well as their compensation if they are injured. It does not cover damage to your own vehicle, or theft.
Although third party is usually the cheapest, it is often the case that fully comprehensive cover is only marginally more, making it a more attractive option to many drivers. That being said, third party insurance will still work out cheaper in the long run, and is especially suited to very confident drivers.
Fully Comprehensive
As the name suggests, this is the most comprehensive cover you can get, and it will pay out in most eventualities. In the event of an accident, it will pay for the same things as third party insurance, plus your own damages. It also covers a great many other eventualities, such as theft and fire, and almost anything else.
Given the level of cover it provides, it is one of the most expensive types of insurance on the market. Policies can differ between different insurance companies, though, so it is worth checking exactly what is included in each. Some include extras like breakdown cover, but they may also affect the price.
GAP
For those who have a new car, GAP insurance can be an effective option. Although not essential, it can give you a larger pay-out in the event of an accident. Since most insurers will only pay what your car is worth at the time if it is written off or stolen, you can end up receiving a lot less money compared to what you paid for the vehicle.
GAP insurance fills in the gap between what you paid for the car and what the insurer will pay. Since new cars depreciate in value very quickly, this can be a useful option as it means you get the money back which you would otherwise have lost through depreciation.
How to Choose
The level of insurance you end up purchasing will depend on a number of factors, such as how confident a driver you are and what you can afford. As with any financial decision, research is essential in gaining a better understanding of which would be the most effective option.
You should also look at a number of different insurers before choosing one, as they vary in price and types of cover on offer. Look at exactly what is included in the terms and conditions, and how much it will go down by each year (if you don’t make a claim).
Choosing car insurance need not be a difficult task, just make sure you know exactly what you are looking for before you actually purchase a policy. This will go a long way in saving you time and money, and ensure you get the right policy for your needs.
Welcome to
Automotive Digital Marketing
Please use the "Sign Up" link above to complete your registration form and become a member of the industry's leading Automotive Marketing and Internet Sales Professional Community. ADM members have access to resources, connections and private events that provide them with a competitive advantage.
Automotive Professional Network and Resource Exchange for Car Dealers, Managers, OEM and Marketing Practitioners seeking Best Practices.
June 4, 2018 at 6pm to May 31, 2019 at 7pm – USA
0 Comments 2 LikesSeptember 23, 2018 to April 30, 2019 – Conference Centers
0 Comments 1 LikeDecember 8, 2018 at 6pm to December 8, 2019 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesDecember 14, 2018 to December 14, 2019 – Sydney, NSW, Australia
0 Comments 0 LikesDecember 21, 2018 at 6pm to December 21, 2019 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesDecember 28, 2018 at 6pm to December 28, 2019 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesJanuary 8, 2019 at 6pm to January 8, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesJanuary 16, 2019 at 6pm to January 16, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesJanuary 23, 2019 at 6pm to January 23, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesJanuary 30, 2019 at 6pm to January 30, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesFebruary 5, 2019 at 6pm to February 5, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesFebruary 12, 2019 at 6pm to February 12, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesFebruary 18, 2019 at 6pm to February 18, 2020 at 7pm – melbourne, Australia
0 Comments 0 LikesFebruary 19, 2019 at 6pm to February 19, 2020 at 7pm – Sydney, NSW, Australia
0 Comments 0 LikesFebruary 20, 2019 to January 20, 2020 – Colorado
0 Comments 0 LikesFebruary 21, 2019 from 12pm to 1pm – https://digitalairstrike.com/10-ways-to-use-AI
0 Comments 1 LikeFebruary 21, 2019 at 6pm to February 21, 2020 at 7pm – adelaide, Australia
0 Comments 0 LikesGetting too many emails from ADM? Click mailbox below to control which types of alerts and updates you are sent......
Posted by Susan Daigle on September 22, 2017
© 2019 Created by Ralph Paglia.
Powered by
Oops... You need to stop "Lurking" on ADM and become a more genuine Automotive Professional by completing your membership registration. As a registered ADM Member, you can post comments, publish your own articles (be a star!) and start Forum discussions. Stop being an online "Peeping Tom" and JOIN ADM RIGHT NOW!
Join Automotive Digital Marketing