You might think you can get away without car insurance. You save money, right? WRONG! It’s the law to have car insurance and it protects you and other drivers. Without insurance you’ll pay more for repairs to your car and to another driver’s motor if you’re in a collision.
Besides, if the police find you driving without insurance, you’re really in trouble. They can confiscate your licence, slap you with six penalty points – minimum! – and fine you up to £5,000. The police can perform spot checks, and have your car crushed! so get covered!
“The insurance on my first car, a [Ford] Fiesta 1.3 Freestyle, was £2,000. As a young footballer, I was loaded with extra premiums. Fortunately, my mum was able to help me out and I was able to pay it back, monthly,” says Manchester United and England star Rio Ferdinand.
Before you buy, check out comparison websites, get several quotes and read reviews. You can choose from four types of insurance:
The most expensive insurance, and the best. As the name suggests, fully comp covers the lot: you, your car – repairing or replacing it if it’s in a collision or is stolen. It also protects you against claims by another driver after a bash, even if it’s your fault.
Third party, fire and theft
Costs less but it won’t pay out for damage to your car in a crash. It only protects you against claims from another driver in a collision. It does pay for damage to your car in a fire, or if it’s stolen.
Cheaper still but the most basic. It only covers you for claims by another driver if you’re in a collision and damage their car or injure them. It doesn’t cover your motor at all. Legally you only need third party insurance.
You can be added to your parents’ or other adult’s car insurance as a named driver, but check for restrictions: it might limit how often you can use the car, for instance.
‘Fronting’ If you own your car, then you need to buy insurance for it. Although at the time, it may seem cheaper for your parents to insure your car adding you as a named driver. If your worst nightmare happens and you crash the insurance will become null and void. Fronting is a form of fraud. The cost of the collision / repairs / compensation claims can come down to you / your parents which could be thousands.