Virgin Money Motor Insurance Profile by Cheapest Motor Insurance UK

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Virgin Money - Find the car insurance that's right for you

Who needs car insurance?
If you intend to drive your car on a public road or even just park it on the road, you must have car insurance.

Types of cover
Essentially, there are three levels of car insurance: Third Party, Third Party Fire and Theft, and Comprehensive. Third party insurance only covers damage to other people's property, not any damage to your own car; third party fire & theft adds cover for loss and for damage to your car if it is the result of a fire or theft. Comprehensive insurance also covers accidental damage to your own car and some policies will provide you with a replacement car while yours is being repaired.

Think about what could happen
Comprehensive cover is more expensive but it does mean you can get your car fixed fairly quickly following an accident, regardless of who was to blame. Taking third party fire & theft may be a false economy, particularly if your car is quite new or valuable, or if you would have difficulty coping without it for a while following an accident.

You should check the terms and conditions of the policy to ensure that it meets your needs.

How premiums are calculated
The cost of your private motor insurance depends on several factors:

The type of car you drive
Where you live (rural areas attract lower premiums than inner cities because the risk of accident or theft tends to be lower)
Where you park your car on the road, on a driveway or in a locked garage
Your age and driving experience
Whether you have any no claims discount (built up by having insurance in your own name and not making any claims)
How many people drive your car (and their ages)
Whether you use your car for business
The amount of excess (this is the amount the insurer asks you to contribute to any claim)

Watching the costs
You can keep costs down by restricting driving just to yourself or yourself plus one or two named drivers over 25. You can also choose to pay a certain amount towards any claim you make this is known as 'excess'. The more you're prepared to pay if you make a claim, the more you can save on your premium.

If you have driven under your own insurance without making a claim for one or more years, you will have earned a no claims discount of up to 65%. You may lose some, or all, of this discount if you claim. For a charge of around 5% many insurers will allow you to 'protect' this no claims discount so that you will not lose it if you make one or two claims.

It's usually cheaper to pay for your insurance in one lump sum as most insurers will charge interest or an admin fee if you pay monthly.

Virgin Money - Motor Insurance

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Virgin Money - Find the car insurance that's right for you