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Breaking down the benefits of motor covers

There are many benefits to having motor insurance, including financial protection in the event of an accident, theft or damage to your vehicle. However, with so many different policy options available, it can be difficult to know which one is right for you. 

Here, we break down the benefits of motor covers to help you make an informed decision.

1. Financial protection in the event of an accident: 

If you are involved in a car accident, your motor insurance will cover the cost of repairs to your vehicle as well as any medical expenses incurred by you or your passengers. In some cases, it may also cover the cost of legal action taken against you if you are found to be at fault for the accident.

2. Theft or damage to your vehicle: 

If your vehicle is stolen or damaged, your motor insurance will cover the cost of repairs or replacement. In some cases, it may also cover the cost of a hire car if your vehicle is not drivable.

3. Windscreen covers: 

Most motor insurance policies include windscreen cover, which will reimburse you for the cost of repairing or replacing your windscreen if it is damaged.

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4. No-claims bonus: 

If you have a no-claims bonus, you could be entitled to a discount on your premium when you renew your policy. A no-claims bonus is a record of the number of years in which you have not made a claim on your policy and is typically only available on comprehensive cover.

5. Discounts for safe drivers: 

If you have a clean driving history, you could be entitled to a discount on your premium. This is because insurers view safe drivers as less of a risk and are therefore more likely to offer them lower premiums.

6. Personal belongings cover: 

If you have personal belongings cover included in your policy, you will be reimbursed for the cost of replacing any personal belongings that are stolen or damaged while in your vehicle. This could include items such as your mobile phone, laptop or handbag.

7. Breakdown covers: 

If you have breakdown cover included in your policy, you will be covered for the cost of repairs if your vehicle breaks down. In some cases, you may also be covered for the cost of a tow to a nearby garage.

8. Excess: 

An excess is the amount of money you will have to pay towards the cost of any repairs if you make a claim on your policy. The amount of excess you will have to pay will depend on your insurer and the level of cover you have chosen.

9. Premiums: 

Your premium is the amount of money you will pay for your motor insurance policy. The cost of your premium will depend on a number of factors, including your age, driving history and the type of vehicle you drive.

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10. Cover: 

The level of cover you choose will determine the benefits you are entitled to and the amount of money you will have to pay if you make a claim. The three main types of cover are third-party only, third-party, fire and theft, and comprehensive.

11. Benefits: 

The benefits of motor insurance vary depending on the type of cover you choose. However, all policies offer financial protection in the event of an accident, theft or damage to your vehicle. Some policies also offer additional benefits such as windscreen cover or breakdown cover.

12. Policy options: 

There are a number of different policy options available, so it is important to compare the benefits and premiums of each before deciding which one is right for you.

13. Tips: 

When choosing a motor insurance policy, it is important to consider your needs and budget. It is also worth comparing the benefits and premiums of different policies before making a decision.

14. Read the PDS: 

Before buying a motor insurance policy, be sure to read the product disclosure statement (PDS) to make sure you understand the cover and any exclusion that may apply.

Conclusion:

Motor insurance is a type of insurance that provides financial protection in the event of an accident, theft or damage to your vehicle. There are a number of different policy options available, so it is important to compare the benefits and premiums of each before deciding which one is right for you. Be sure to read the product disclosure statement (PDS) before buying a policy, to make sure you understand the cover and any exclusion that may apply.

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