UK Private Motor Insurance: Distribution and Marketing
Private motor insurance is a mandatory personal lines product customers are required to purchase in order to protect themselves while traveling by car on public roads. It covers expenses for a range of circumstances, including damage to the vehicles of the owners involved in a collision and financial compensation to cover any injuries to other drivers, passengers, and pedestrians. There are three common types of cover available, each with their own benefits and price tags: third-party only; third-party, fire, and theft; and comprehensive. Third-party provides the most basic level of protection, only covering incidents where there has been damage to other vehicles, injury to another person, and damage to property. A third-party, fire, and theft policy retains all the attributes of a third-party policy but with added protection against the car catching fire or being stolen. Comprehensive cover offers all the benefits of a third-party, fire, and theft policy along with additional coverage for damage to the driver’s own car – even if the driver is deemed the at-fault party. Comprehensive polices can also cover for windscreen damage and the option to use a courtesy car while the damaged vehicle is being repaired.
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