Motor insurance is a legal requirement if you own a car. It provides financial protection if you have an accident, and it can also cover injuries to other drivers and passengers in your car.
There are three main types of car insurance:
- Third-party
- Third-party, fire and theft
- Comprehensive
Third party insurance is the minimum level of insurance you need to drive legally on public roads. Third party insurance only covers the other party’s damage and injuries in the case of an accident where you are at fault. Another option is third party fire and theft, which offers the same cover as a third party policy with the addition of fire cover.
Comprehensive insurance is an addition to third party fire and theft that allows you to claim for damage to your own car, regardless of who is at fault. The benefit of comprehensive cover varies between insurers. Some of the benefits that may come with comprehensive cover include driving of other cars, breakdown assistance, cover for damaged or stolen belongings, windscreen cover, replacement or care hire if your car is damaged.
The new Bank of Ireland Insurance wallet offers a secure place to store all your policy documents on your device (phone, ipad, PC) should you need them in case of an emergency. The wallet also contains all the information you need to make a claim, along with other useful contact numbers.
Tips on reducing your premium:
- Keeping your license free of penalty points will help you save significantly on motor insurance.
- Having a car alarm will reduce the premium.
- Parking in a secure place such as a garage or driveway - rather than an exposed area - will reduce the premium.
- Insurer discounts. Many insurers will offer discounts if you have other polices with them, such as home insurance.
- Adding another driver such as your spouse to your policy can reduce the premium.
- Older cars and those with bigger engines tend to cost more to insure.
- Third party, fire and theft is a cheaper option if you have an older car.
For information on Motor Insurance arranged by Bank of Ireland, click here.
