Moneynet - Motor Insurance

About Moneynet

Moneynet (www.moneynet.co.uk) is a privately owned company, set up with the aim of providing independent, impartial and comprehensive information on the UK personal finance sector.

In todays climate of fierce competition, the personal finance market has become increasingly complex and confusing to the consumer. At Moneynet they believe that the process of buying a house, finding the best home for your savings or looking for the best terms for credit should be a simple one. Moneynet's aim is to help to achieve this by presenting financial data in a clear and easy to understand format.

By using Moneynet you now have access to the type of information that has previously only been available to the broker or professional adviser. The interactive search facilities mean that the information you are viewing is tailored specifically to meet your own individual needs. In other words you will not waste time looking at information that is not applicable nor will you get confused by considering deals which are not available due to your own personal financial circumstances or requirements. Furthermore the details published are updated daily so, unlike most conventional media, the rates viewed really are the most up to date available.

Moneynet currently publish detailed information on mortgage products available from over 100 lenders and savings and investment information from over 110 product providers.

Moneynet Motor Insurance - Frequently Asked Questions

Why should I insure my car with you?
This is a new customer service organisation dedicated to giving first priority to your needs. Technological advances over the past 5 years or so have transformed the way customers expect insurance companies to perform. Old habits die hard and many insurers have struggled to deliver the kind of service and insurance products that you, the customer, want and demand. Moneynet combine technological advances with in-depth market experience and secure and reliable underwriters to produce a low cost of operation. Come with Moneynet now as they haul motor insurance into the 21st Century.

What information is taken into account in assessing how much I have to pay?
Basically the type of car (car groupings), area (post code), details of main driver (age, occupation, experience, any claims and convictions), cover requirements (comprehensive, third party fire and theft or third party only), any excess required, no claims discount earned, use of the vehicle, details of other drivers. All the questions asked when applying for a quotation are relevant to calculating the price.

How can I cut the cost of my motor insurance?
Choose an efficient insurer. Many traditional insurers spend up to £35 in their running costs and expenses from every £100 of premium. An efficient insurance organisation will require less than £20 of every £100!

Avoid high car groups - especially if drivers are under 25 years of age.

Think carefully before including any drivers on your policy with a poor accident record or driving convictions or lack of experience. If you ask for 'any licensed driver' cover the cost will be higher! Generous discounts are usually available when restricting the driving of your vehicle to named and approved drivers.

Consider taking a discount for a voluntary excess. However check whether your policy includes any compulsory excesses as they will apply in addition to any voluntary excess. Some quotations you receive do not always reveal every compulsory excess that applies (for example many policies have compulsory excesses for young and/or inexperienced drivers, claims for windscreen and window glass and fire, theft and malicious damage claims.

Would I be covered for driving any other vehicles?
If the policy is comprehensive cover then you would be covered but only for Third Party risks. There are some occupations - called professional drivers (i.e. taxi driver or travelling salesman) and some high performance cars where this cover is not offered.

I would like to include a learner driver on my policy. Is this possible?
Yes, this can be done but could incur a very high premium and excess and would need to be referred to your insurance company to assess individually. Broadly speaking, be cautious before including young and/or inexperienced drivers - there will be an additional premium to pay and, naturally, the possibility of an accident is higher possibly prejudicing your no claims discount.

Can I have named drivers on my policy?
Yes, you can normally have a maximum of 4 drivers plus yourself. Any more than that and it would have to be an 'any licensed driver' policy but would often be restricted by age (such as all drivers over 25 years old).

What happens if my car is damaged beyond repair?
Your car may be considered a total loss after an accident if a) the repair cost exceeds the market value of the car (called constructive total loss) or b) it is too badly damaged for any repairs to be completed safely. If this were the case the car would be 'written off'. This means that the DVLA is notified by your insurers - the log book (V5), current MOT, car keys and purchase receipt have to be returned to the insurer. Moneynet will then send you a cheque for the value of your car and pass the damaged vehicle to a recognised salvage operator who will dispose of the car safely.

Are my personal belongings covered if stolen from my car?
As long as the car is secured and locked. If the vehicle is a convertible or cabriolet they must be locked in the boot. They are normally covered for a limited value eg. £300 maximum claim limit.

Do I get a discount if my car is garaged?
With some types of car (high value or high risk vehicles such as convertibles) it will be a condition of the policy that the car is garaged at night. Your premium will be calculated on the address at which the car is kept and whether it is 'garaged', 'parked on a private drive' or 'on the street'.

Would my car alarm/immobiliser have to activated whilst the vehicle is not in use?
The alarm/immobiliser must be used at all times when the vehicle is not in use or is left unattended (i.e. petrol station forecourt).

I was in a traffic accident and my car was damaged. I've lost my no claims bonus but it wasn't my fault. Why?
A No Claims Bonus (Moneynet call it a 'no claims discount') - is a discount from your premium if there has been no claim made against your insurance company. It is not a 'no blame bonus'. So, as your insurance company had to pay for the repairs to your car then they are entitled to reduce your no claims discount. If the person causing the accident had paid for your repairs then there would have been no claim against your policy and your 'bonus' would be intact. (See also, Protected no claims discount).

I have been driving a company car for the last 10 years. Would you accept this as no claims discount?
If you could provide proof from your employer, on headed paper from a senior manager or director, that you had been insured to drive their vehicle and had not had any claims in the stated period then Moneynet would be able to accept it as proof and allow a no claims discount.

How to Complain
Moneynet aim to provide a high level of service and to not give you the need to complain, however, there will be times when Moneynet will make a mistake and you will wish to complain. Moneynet welcome these calls as only through receiving this feedback can Moneynet improve their service.

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109 Station Road,
Sidcup,
Kent
DA15 7ET

http://www.moneynet.co.uk