Many drivers today purchase car insurance because they understand that it is a requirement for all drivers. However, when your budget is tight, it may cross your mind to cancel your car insurance policy to save money. Your car insurance premium is, after all, a fairly large expense that you are responsible for. However, there are actually five good reasons why you need to buy UK car insurance and keep your policy active.
1. It’s the Law
First, you should be aware that all drivers in the United Kingdom are required by law to purchase and maintain a minimum amount of car insurance. In fact, the law is a European Union law, so you will need to maintain your car insurance policy even if you move outside of the United Kingdom to another European Union country. Unfortunately a lot of driving convictions whereby the driver does not have car insurance are usually young people as their quotes are significantly higher than those with many years of experience behind them. However, many insurers now offer competitive quotes specific to the type or model of car. For example, insurers offer Audi car insurance, BMW car insurance etc which take into account of the car’s specification.
2. Car Repairs
Your car insurance policy may be a legal requirement, but it actually does benefit you in certain ways too. For example, UK car insurance will pay for your car repairs after you have an accident or if your vehicle is damaged due to natural events, vandalism or other related issues. Car repair expenses can mount quickly, so paying for your policy regularly can actually result in considerable savings if you need to file a claim.
3. Medical Expenses
Some car insurance policies will pay for your medical expenses if you have a car accident. A car accident may require you to pay for ambulance services, an emergency room visit, x-rays, lab tests and even a hospital stay and physical therapy. If others in your car were injured, you may need to pay for their expenses too. Your car insurance policy may pay for these expenses on your behalf.
UK car insurance can reduce your liability on the road as well. All car insurance policies have some amount of liability cover in place. You may be aware that you are legally liable for any damage you cause to others while behind the wheel, and this liability may result in you being sued for damages if you do not have the financial means to pay for the expenses on your own. However, because car insurance includes liability cover, your exposure to risk is drastically reduced by your car insurance policy. You can add on Excess Protection and claim back your excess for accidents, theft, fire and malicious damage.
5. Car Hire
Car hire is a cover option that you can choose to pay for, and it can come in handy for many drivers. After a car accident, a flood or another similar event, your car may be out of commission for several weeks while it is being repaired. Car hire cover can pay for most or all of your car hire expenses during this time.