For some or other reason, owners of older vehicles often think they do not need car insurance. They simply prefer not to think of what will happen if they should be involved in a collision with a very expensive limousine. In such a case, even if the other owner has insurance, the insurer will still sue you for the amount they had to spend on replacing or fixing the other vehicle.
If you drive a very old car and you feel it doesn’t warrant the high cost of insurance, you should consider a policy that has been tailor-made for people like you: the so-called third party, fire and theft policy. If you should be involved in an accident, the insurer will not cover damage to your own vehicle. They will, however, cover the car of the other party involved in the accident. They will also pay out if your car is stolen or destroyed by fire.
The best kind of insurance, albeit the most expensive, is known as a comprehensive policy. This kind of policy covers accident damage both to your own vehicle as well as that of third parties. It also covers losses caused by theft and fire. Most banks will require you to take out a comprehensive policy when you buy a car and they finance it. Otherwise they would have no recourse if the vehicle is destroyed in an accident or fire, or stolen.
Many people don’t ever think about the fact that their cars can not only be damaged or destroyed in an accident. If you car is stolen, or it is destroyed by fire, you will be grateful that you have a policy to cover that. And if a tornado, hail or lightning cause serious damage to your car and you don’t have a policy that covers that, you are not going to be very happy with yourself.
Nobody wants to pay more for insurance than he has to. Your best bet is to get more than one quote – at least three is advisable. You don’t need to visit the insurer’s offices personally, you can nowadays easily get quotes over the phone. Just make sure that the information you provide tells the whole story. If it is later found that you lied, or withheld facts, the insurer have the fullest right to refuse to pay out.
The easiest way to get more than one quote is of course by using the Internet. You can either visit the website of every insurance company yourself and submit a quote form from there (time consuming), or you can use a so-called aggregator website where you only have to submit your information once in order to get quotes from a number of insurers.
We are unfortunately plagued by high accident rates, natural disasters and increasing car theft rates in this first half of the twenty first century. Car insurance has therefore become something that nobody who owns a vehicle should go without. Modern policies offer varying levels of cover to make provision for all needs and budgets, so there is really no need to drive an uninsured vehicle.
We’ve got the exclusive low down on the many benefits of car insurance cover now in our Insurance Assistance overview.