The UK Car Insurance Market - How Does It Work? Part 2
Online insurance brokers typically work with many insurers to offer customers access to the best value insurance products. Some pass on discounts that they have negotiated with the insurer on behalf of the consumer, and others share their commissions with their customers to make their insurance quotes more competitive and therefore more attractive.
Then there are car insurance comparison websites. Today these businesses are major players and the number of UK motorists buying directly through insurance comparison websites has rocketed. This is really a great way to save money on your next motor insurance quote, and is also a fantastic way to save hours of your precious time.
Insurance specialists also help by working with motorists to make sure they have the legally required insurance protection, including liability, and the necessary protection for the individual’s circumstances.
There are several types of car insurance, including comprehensive, collision, liability, medical, and uninsured and underinsured protection that covers the costs where the other driver is not adequately insured. A FCA regulated insurance specialist balances the desires of the consumer for low cost premiums, with recommendations of important coverage.
There are some things that motorists can do to help obtain ideal premiums for certain protection plans. Essentially, a motorist’s premiums are based on a risk assessment from the insurer that takes into account characteristics of both the driver, the area of the UK in which the applicant lives, and the vehicle that is to be covered. Drivers that have an established record of safe driving and that are looking to cover vehicles with optimal safety features, such as industry accepted car alarms etc., typically receive the lowest premiums.
Savvy consumers should also know that many insurers offer various other discounts. For instance, combining the policies of two drivers or combining multiple insurance products with the same insurer like motor and home cover, can result in discounts. Other insurers offer special discount incentives for online purchases. Motorists should take the time to look around and explore car insurance plans and prices before making a buying decision.
Pitting car insurance companies against each other forces them to present potential buyers with better offers. There are some great online insurance specialists who present learning tools and resources, offer quick search product comparisons, and excellent service for insurance customers.