It is compulsory to have Motor Insurance if you are to drive any motor vehicle in the United Kingdom. In 1831 the first “Power Driven” vehicle was introduced to the roads. In 1930 the First Road Traffic Act was passed which insured against legal liability for injury to a third party and payment of damages. It was compulsory and applied to all users of motor vehicles.
The Road Traffic Act has gone through various changes since then as it has had to respond to the rapid developments of the motor car and its increasing significance within modern society. The 1988 Road Traffic Act is the most significant one for us as this is the one referred to when we hear of “RTA only” (Road Traffic Act only). This is the minimum level of cover required by law, providing indemnity for:
- Bodily injury or death caused to third parties (unlimited)
- Loss or damage to property belonging to third parties limited to £250,000
- Claimants cost and expenses
- Charges for emergency medical treatment
Cover has now extended to include Third-Party, Third-Party Fire and Theft and Comprehensive, each level provides different benefits.
We also sell Tradesman insurance which is a legal requirement of many companies or employers to obtain, and Home Insurance which is not a legal requirement however many Mortgage Companies will mandatorily request you to have some in force in order to obtain the mortgage agreement.
A customer is required to answer a series of questions honestly and to the best of their knowledge as the answers given will form the basis of their contract with the insurer. Based on the details given we search a panel of insurers to locate the most suitable insurance policy for them. Each insurer may rate their price on different factors or to different extents and so a variety of prices will usually be available, the lowest of which is offered to the client unless they had a specific requirement not covered by the cheapest insurance.
There is a regulatory body call Financial Conduct Authority (FCA) who oversee the insurance industry to ensure all companies work to a legal and fair standard.