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YOUR ADDRESS & WHERE THE VEHICLE IS KEPT<br />
You must always be honest with your insurer and<br />
provide the correct address where the vehicle is<br />
kept. Insurance company records show that some<br />
post code areas have a higher claims ratio than<br />
others.<br />
If you park the vehicle in a driveway or locked in<br />
a garage, this reduces the risk of theft.<br />
YOUR PROFESSION<br />
Some professions carry a higher risk of large<br />
claims than others. It is important to truthfully<br />
declare what you do for a living, if you are not<br />
paying a premium commensurate with the risk<br />
you pose to the insurer they may refuse to pay<br />
your claim.<br />
MILEAGE<br />
The more time you spend on the road the more<br />
likely you are to have, or to cause, an incident,<br />
meaning that your premium will increase the more<br />
you drive.<br />
As with all the risk information you supply, you<br />
should be as accurate as possible when telling<br />
your insurer what your annual mileage is.<br />
CLASSES OF USE<br />
SOCIAL, DOMESTIC & PLEASURE<br />
This provides cover for the named drivers for<br />
social, domestic and pleasure use only, so a trip<br />
to the shops or a friends is covered.<br />
SOCIAL, DOMESTIC, PLEASURE & COMMUTING<br />
This covers the drive to and from a permanent<br />
place of work including to a train station or park<br />
and ride venue where the driver continues their<br />
journey on public transport.<br />
BUSINESS & COMMERCIAL USE<br />
If you intend to use a vehicle for more than<br />
simply commuting to your work, then you will<br />
require either a commercial policy or cover for<br />
business use. It is best to speak to a broker or<br />
your insurance company about how you will be<br />
using the vehicle so they can arrange the correct<br />
level of cover.<br />
OTHER KEY INSURANCE<br />
TERMS EXPLAINED<br />
NO CLAIMS BONUS/DISCOUNT<br />
A No Claims Bonus (NCB) is a discount given by<br />
an insurer to policyholders who do not claim on<br />
their policy. The NCB increases annually and<br />
reduces the cost of your premium.<br />
The NCB is earned by an individual, not a vehicle,<br />
and cannot be transferred to another person.<br />
Typically when you have earned 5 years NCB you<br />
can protect it by paying a little extra. It is well<br />
worth the money if should you be involved in a<br />
collision.<br />
EXCESSES<br />
The excess is the amount you pay if you are<br />
making a claim from your own policy. You will pay<br />
this to the insurer before they pay the remainder.<br />
WHERE TO BUY INSURANCE?<br />
BROKERS<br />
There are many Insurance brokers operating in<br />
Northern Ireland who compare the market for you<br />
and can provide impartial advice.<br />
DIRECT INSURERS<br />
This is where you get a policy directly from the<br />
insurance company. If you get a quote this will<br />
be only from this insurance company, so it is best<br />
to compare with alternative insurers.<br />
AGGREGATORS<br />
Aggregators compare the prices from a range of<br />
insurance providers on an online website once<br />
you enter your details you will be offered a range<br />
of options with the cheapest quote appearing at<br />
the top. You will need to be very careful when<br />
using aggregators as the terms and conditions of<br />
each policy will differ. Make sure you are<br />
comparing policy’s that are like for like.<br />
page # 47
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