Is No Frills Car Insurance Quality The Risk?
With the cost of owning and insuring a car rising, more and more UK motorists are seeking ways to save money on their car insurance. Some motor insurers have responded to this by offering no-frills policies that ever make available comprehensive cover to insure the basics but exclude many of the extra’s that conventional car insurance provides as standard.
The most recent insurers to enter this growing niche of the car insurance market are Tesco using their Value Insurance policy and Norwich Union who have branded their policy Easy Cover up.
You possibly will be wondering, though, if these no-frills car insurance plans are just a marketing gimmick to win new customers or whether they essentially can save you money with no affecting your cover significantly. If you are a careful driver, aren’t too bothered about some of the policy extras included on several standard car insurance and you be able to afford to pay a higher excess ought to the worst happen, then a easy car insurance policy may save you cash.
On the surface, it appears to boil down to be willing to accept extra liability in case of an accident. If you be able to enhance your voluntary excess, meant for example, then you will have to pay extra out of your own pocket must you find a cracked windscreen, or have a minor crunch in a car park. On the other hand, a higher excess be supposed to result inside a much lower monthly premium which can result inside big savings ought to you not need to make a claim.
So what else may you be missing out on if you choose a “no-frills” policy? No-frills car insurance is about cutting away the little extras and simply leaving the most important cover to keep you on the road. This might mean that things are a tiny extra inconvenient must you have an accident, however. In case of damage to your vehicle, you can have to go to an approved garage meant for the repairs rather than to your own local garage. You may possibly also have to provide up the tiny extras like a courtesy car ought to your vehicle be off the road meant for a few reason, again causing the expense to fall to you be supposed to you require it. Some no-frills policies do offer these options at an extra cost, but let you to pay less if you don’t require them.
Inside the end, each insurance is about risk and saving cash on no-frills car insurance comes down to whether or not you are willing to take the risk of paying more should you have an accident or need to claim for a cracked windscreen or car park crunch. As with any insurance, ensure you read the small print and be aware of some hidden extras that may perhaps really end up costing you more than a standard motor policy. If you’ve been lucky adequate to avoid a collision so far, it’s also valuable to actually think the hassle and expense that be able to follow and whether a basic policy will provide sufficient support and protection when you need it most.