You might think that driving without insurance will save you money in the long run. Unfortunately, you couldn’t be more wrong. Not only does driving without insurance put you at risk for serious costs, should you happen to get in an accident, it is also illegal in the UK to drive without proof of insurance.
In short, driving without insurance can get you fined. Combine those fines with the potential cost of accident payments, and you’re looking at some hefty charges.
What, though, does minimum required liability insurance look like in the UK? What kind of insurance counts as adequate insurances and how can you decide what kind of car insurance you want to have?
UK minimum required liability insurance
Drivers who are registered citizens living within the United Kingdom must have third party insurance, at the absolute minimum. This insurance protects you if you happen to get into an accident with another person, an animal, or with a non-living object.
It’s worth noting, though, that third party insurance does not help you pay for any repairs you may need to make to your car. However, it will help alleviate your immediate concerns once an accident has taken place.
The benefits of car insurance
Effectively, third party insurance will keep you from spending all of your savings on the costs incurred during your accident. That is the core benefit of this form – and many other variations – of insurance.
Without insurance, you risk spending the vast majority of your money on hospital fees, shop fees, and any legal fees that might arise as a result of getting in a wreck with another person.
Additional coverage
There is more than one type of insurance though. You’ll want to consider expanding your car insurance policy from the UK’s minimum required liability coverage for a variety of reasons. The first of which is that minimum required liability coverage is just that – the minimum. You may not have to pay as much to repair your car after an accident as you would sans insurance, but you’ll still be looking at a hefty pile of bills.
There are also different kinds of insurance that can help you in unique situations. Car insurance add-ons can protect your bank account in case you borrow someone else’s car (DOC insurance) and get into an accident, are interested in insuring car tyres, or need to replace a broken windshield.
When you talk to your provider of choice, make sure you ask an applicable representative about any of the following insurance add-ons:
Third Party Fire and Theft – This coverage provides you with the minimum financial support necessary to replace your car, car parts, or materials otherwise lost if your car happens to be robbed, stolen entirely, or the victim of a natural disaster.
Comprehensive – Comprehensive car insurance serves as the most all-encompassing variation of car insurance offered in the UK. This coverage will protect you if you happen to end up in hospital or if your car needs extensive repairs.
Uninsured Motorist Property Damage Coverage – With over one million drivers driving on UK motorways without insurance, uninsured motorist coverage of all sorts ensures that you won’t be held responsible for the irresponsibility of another party. UMPD coverage pays for any property damage caused by the driver who law enforcement representatives determine to be at-fault after ran accident. If that at-fault driver doesn’t have car insurance, your UMPD coverage will keep you from having to dig into your own accounts to pay their fees.
Uninsured Motorist Insurance – In a similar vein, UIM coverage helps cover any medical costs you may incur when getting into an accident with a driver who doesn’t have insurance. Note that while this seems to be a broad category, UIM insurance only applies to medical bills.
Underinsured Motorist Insurance – Underinsured motorist insurance works similarly to the aforementioned UIM. However, this coverage will come into play only if you get into an accident with a driver who is insured, but who doesn’t have enough insurance to see their financial responsibilities to you through all the way.
GAP Insurance – GAP policies help protect your car from losing value as you own it. If you include this add-on to your policy, you’ll be able to obtain a new car of equal or lesser value if the car you have insured gets stolen or damaged.
If you’re wondering how to get the best car insurance in the UK, keep some of the aforementioned add-ons in mind. A compatible provider will be able to meet your driving needs and then some. Keep statistics like loss ratio and consumer experience in mind, too, but know that, all-in-all, it’s the promise of road safety and coverage that makes a provider stand out from the crowd.