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The Financial And Legal Perils Of Not Insuring Your Motor Vehicle
from:There are many penalties - both financial and legal - if you
venture onto the UK's roads in a motor vehicle without adequate
insurance. If caught in an uninsured vehicle, as well as facing
hefty fines, the owner risks having their car crushed. This may
seem extreme to some, but the problem of uninsured drivers on
the roads is one of the UK's biggest motoring issues.
During 2007 the Motor Insurers Bureau (MIB), an organisation
that pays out when uninsured or untraceable drivers cause damage
to third party vehicles, needed over ¤60million to pay for
claims. That sum is ultimately paid for by imposing a levy on
those drivers who do possess valid insurance.
Legislation was first introduced in the UK in 1930 which
required every person using a motor vehicle on public roads to
be insured against damage caused to third parties, and also
required those vehicle owners to ensure that anyone else who
drove their vehicles was also insured. Various Road Traffic Acts
since then have modified the legislation, but the legal
requirement for all vehicles to be insured has remained in force.
But, apart from the legal requirement to be insured there are
other reasons to insure your motor vehicle, not least of which
is the need to protect your investment. Modern motor vehicles
are expensive to buy, especially from new, and if written off or
damaged in a road traffic collision, motor insurance provides
the funds for replacement or repair.
Not every car insurance policy is the same. Most insurance
companies offer three types of cover; third party only; third
party fire and theft (TPFT), or fully comprehensive. As its name
suggests, cover under third party only policies extends only to
accidental damage to a third party vehicle, liability to
passengers in the policyholder's car and injury to third parties.
Third party, fire and theft cover usually offers the benefits of
third party only insurance, but with additional cover for fire,
lightning and explosion, attempted theft and theft. In addition,
taking the vehicle without consent (TWOC) is also usually
covered under such motor insurance policies
A fully comprehensive car insurance policy offers all the benefits of third
party, fire and theft plus additional cover that include damage
to the policyholder's vehicle. Because of the levels of cover
offered, the amount paid in premiums also varies, with third
party only insurance being the cheapest and fully comprehensive
that most expensive.
The most important thing to remember is that cheapest car
insurance quotes may not always the best. You must check exactly
what cover is on offer. Some insurers offer discounts for
accepting a higher additional voluntary excess on the policy,
but you should always be aware of the compulsory excess which
varies from insurer to insurer.
If you think that any car insurance is too expensive then bear
in mind the severe penalties that await you if apprehended on
public roads or worse still involved in major accident.
About the author: Isla Campell
As a fan of article content and as a professional working for a digital marketing agency, Isla Campbell hopes you enjoyed her article but urges you to treat it as corporate content with
business interests.
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