As a motorist, it is important that you appreciate the potential hazards and costs you can face when owning a car and how to protect against them.
Insurance the obvious and best way to protect your vehicle although there are various types of insurance available that every motorist should familiarise themselves with.
The right product could not only save you money, but also provide peace of mind knowing that you have suitable protection in place.
The first and most obvious type of insurance is car insurance, which is a legal requirement. There are three different levels of cover available:
Breakdown cover is an extra to a standard car insurance policy and one which should always be considered.
This type of insurance will cover the costs of the car being towed away and taken to be repaired if you breakdown and as such can save you a lot of money.
A new car will come with a manufacturer’s warranty that will cover the costs of any faults or mechanical breakdowns that occur in the first couple of years. When this original cover expires you might want to consider an extended warranty. Vehicles can break down at any time and the cost of repairs can be high, so it may be better to be safe than sorry and extend the original warranty.
This is a type of insurance that many motorists are unaware of, but if your vehicle were to be written off in an accident or stolen and never recovered, your comprehensive insurance policy would only pay the current market value of the vehicle.
This could leave you out of pocket by thousands of pounds due to depreciation, but GAP insurance will cover the shortfall between the insurance valuation and the amount originally paid/outstanding on the finance agreement.
It is an optional policy but one which every motorist should consider, as it could save you a serious amount of money, especially for those with brand new cars where depreciation is at its highest in the first few years.
Car tyres can be expensive, and you might find that this is a cost that you face if you find your tyre tread depth approaching the legal minimum of 1.6mm (less than this can result in a fine of up to £2,500).
Tyre insurance covers against the cost of repairs and replacements, which could end up saving you a large amount. Alloy insurance is often bundled in with tyre insurance and offers the same protection for the actual wheels.
Having sufficient protection in place is important because it could save you from unexpected expense, plus it is also gives you peace of mind knowing that you are covered in case anything unexpected happens to your pride and joy.
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