What is Motor Insurance and How to Choose the Best Policy for You?
Motor insurance is a legal requirement for every driver on the road. But how do you know which is the right provider and policy for you?
According to a recent report, the European car Insurance Market will be worth over 53 billion USD in 2024 and is expected to rise to over 64 billion USD by 2029. This is due to an increase in car accidents, government rules for purchasing car insurance, and car sales.
It’s also worth noting that new technological advancements in the European car insurance market provide consumers with innovative services and artificial intelligence, making choosing the right car insurance provider even more difficult.
Contents
What is motor insurance?
Why do you need motor insurance?
What are the different types of motor insurance?
How to choose the best motor insurance
What is Motor Insurance?
Motor insurance protects you, your vehicle, passengers, and other motorists from liability in an accident while on the road. If you have a vehicle, knowing what level of motor insurance you need and how you can get it is super important, especially if you’re a new or young driver.
Why do you Need Motor Insurance?
In Europe, you must legally insure your vehicle with third-party liability when registering it. This protects you against liability for injuries and damage to others, including passengers. Therefore, before you hit the road, you must choose the right motor insurance.
Gasanmamo offers both standard and comprehensive motor insurance that is simple and easy to understand. Why not get a quote today?
What are the different Types of Motor Insurance?
There are three different types of motor insurance to choose from, including:
Third-Party Cover
Third-party cover is the minimum required by law. It covers you if you injure or damage a third party, but it does not cover your vehicle.
Third-Party Fire and Theft Cover
Third-Party Fire and Theft Cover provides the same protection as third-party cover, with additional coverage for your vehicle against fire damage and theft.
Comprehensive Cover
Comprehensive cover protects your vehicle against accidental damage, fire damage, and theft and provides liability to third parties. It typically includes, but is not limited to, liability for injuries required by other people and passengers, damage to a vehicle caused by a fire or explosion, a personal accident benefit, and medical expenses.
Every insurance provider will have their version of comprehensive cover, which is why it’s so important to do your research.
Discover more in-depth about the different classes of motor insurance to help you make the right decision by contacting a member of our team.
How to Choose the Best Motor Insurance for You
When obtaining motor insurance, it’s important to keep your options open. Various factors, from your age and your vehicle type, to whether you carry paying customers, alongside numerous other factors, can affect what kind of motor insurance you need, as well as the price. This is why discussing your options with a professional insurance agent will help you understand the exact kind of insurance cover you need.
In the meantime, we have included some tips for choosing the best motor insurance for you here:
Assess the risks
Are you carrying goods or passengers? If so, you might consider opting for comprehensive cover, which offers the most protection. Although this might be the most expensive option, it provides peace of mind in case of any unfortunate accidents. That being said, car accidents can be unpredictable, so having the most comprehensive cover available means if one does occur, you’ll be back out on the road faster than you would be with minimal cover, not to mention less out of pocket.
Consider your experience and needs
If you’re a new driver, often drive long distances, or have a less-than-good driving record, comprehensive cover makes the most sense, as it’s more likely you will run into an accident. For example, if you’re a long-distance lorry driver, your risk on the road is probably higher than those doing the school run.
Discussing your options with a professional will help you make an informed decision. It may also give you an opportunity to add additional benefits to the basic third-party cover that you think you may need, such as breakdown and roadside assistance cover.
Compare Quotes
Don’t forget to do your research before you decide on a motor insurance provider. Doing this allows you to find better value deals and additional benefits. However, it’s important to remember that the cheapest deal doesn’t always mean the best. Think about your actual needs and act accordingly.
Gasanmamo provides knowledgeable specialists and additional benefits ranging from discounts for multiple vehicles to free roadside assistance, making us Malta’s most popular car insurance provider for a reason.
Get a quote today, or contact our team for a chat.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.
