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The cheapest insurance you can find may not cover your needs
It can be tempting to buy the cheapest insurance you can find but it may not cover your needs. Here's what to look for in the small print.
Cheap deals will have strings attached. If you have an accident, the company may charge you a big 'compulsory excess' – that's the amount you have to pay if you make a claim.
You may find the insurance doesn't cover certain things, like windscreen damage, or driving outside the UK, or the policy might pay out less than other companies.
Make sure the company is authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the independent watchdog that regulates financial services.
An excess is the amount your insurance company will withhold from any claim. Typically, it's £100 or £150 but many insurance companies increase this to drive down the price of their policy
Apart from this compulsory excess your insurance company may invite you to agree a voluntary excess. While this will bring down your insurance premium it increases the amount the insurance company will withhold in the event of a claim.
(12 August 2013)