Private Motor Insurance can be obtained on motor vehicles that are personally owned.  There are three levels of cover that you are able to select from as follows;

• Comprehensive – this policy provides full cover over the vehicle including accident damage, theft as well as third party property damage in case you have an at fault accident and cause damage to another vehicle, building etc.
• Third Party Fire and Theft – Cover over the vehicle is restricted to losses caused by fire or theft not accident damage.  This policy still includes third party property damage if you have an at fault accident and cause damage to other property.
• Third Party Property Damage – Under this policy there is no cover on the actual vehicle, it simply covers damage that may be caused to other property in an at fault accident.

A lot of marketing hype and emotion surrounds the term “no claim bonus” with insurers offering variations on what a maximum No Claim Bonus is ie 50%, 60% or 65%.  The issue here is much the same as “Sale Prices” the focus should be on the actual bottom line cost rather than the size of % factor.

With comprehensive insurance you have the option to have an agreed value or market value policy.  An agreed value policy generally costs more than a market value policy but delivers a level of certainty as to what you will be paid in the event of a writeoff.

With a market value policy, in the event of a total loss the vehicle is assessed at that time for its current value which determines the claim payout figure.

Care should also be taken to review the excess levels on policies, particularly the additional excesses that apply to young or inexperienced drivers.