Motor Insurance UK: Compare, High Performance, Women's

Here at Motor Insurance UK, we compare the best deals available on the market today - including high performance reviews, and a look at insurance tailored specifically for women drivers.

Question: what do motor insurance companies have in common with casinos?

Answer: they both have waitresses serving free drinks to customers. No, not really (unfortunately). In fact, it’s the paradox at the heart of their business logic. It’s basically the same paradox attached to all risk-based businesses offering rewards to consumers on the basis of probability. Insurers provide a service, but that service has to have limits: if it is too ‘good’ they will not make enough money and the business will founder. It’s a fine balance, then, for insurance companies, between giving consumers what they need and generating enough money to make the venture worthwhile.

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What makes that balance a successful one or not depends, as might be argued to a greater or lesser degree of all businesses, on whether you are looking at it from the company or consumer point of view. Insurance is a fairly captive market – particularly motor insurance, which is an increasingly policed legal requirement. That doesn’t mean that you don’t have freedom of choice as a consumer, though. Here are a few key points to remember when you are taking out a motor insurance policy.

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Shop around. A variety of factors are taken into consideration when insurance premiums are being calculated, including the kind of motor, the age, sex and profession of the driver (an actor could get charged more, for example, than an accountant!). Also relevant is when and where it is used, where it is kept and, last of all, the extent of cover wanted.
As with all insurance, read the policy extremely carefully to check what you are and are not covered for. There shouldn’t be any deceptive small print, but cover is usually pretty specific: think ahead about all eventualities and ask the company whether these will be covered. There are minimum legal requirements – third party insurance in the case of the UK – but it’s a good idea to get a policy which caters for other possibilities, such as fire and theft. For mid-range and expensive motors it’s best to get comprehensive insurance which encompasses medical cover and a greater range of risks such as accidental damage to your motor.
Insurance companies do not pay out on every claim. Follow the claims procedure stipulated in the policy to the letter: the rules matter.
Nonetheless, remember that the insurer will be interested in what is least costly to them – something which can work in your favour as well as otherwise. Claims, however detailed your policy is, are not an exact science. Pragmatism and persistence on the part of insurer and client respectively can lead to some unexpected results.

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