It tends to be the young driver who is paying the most for their car insurance so, perhaps, you would think that they go to the trouble of making sure they know exactly what they are covered for. Well, according to a YouGov PLC survey carried out of 2,117 adults here in the UK in May 2018 for Swinton Group, a significant percentage of young motorists who are insuring their cars did not know – 29% were not too sure what they were covered for.
Some young drivers will be paying more for their car insurance each month than they are paying in monthly car loan repayments so you would have thought that they would want to make sure what they are insured for.
It is concerning that 24% of young drivers would not bother to arrange motor insurance had it not been that they were legally obliged to do so. As you are no doubt aware, as a minimum, you must have third party car insurance unless your vehicle is declared SORN (Statutory Off Road Notification) and kept off the public roads.
Another interesting statistic was that around 19% were of the opinion that if they had fully comprehensive car insurance on their own vehicle they could drive another person’s car. Of course, they would only be insured for third party cover and to be fully covered with comprehensive insurance they would need to be stated as an additional driver on the policy of whose car it is and that policy would have to be for comprehensive cover.
Nobody likes to be involved in a road traffic accident but if you happened to be involved in a collision and discovered that the driver of the other vehicle was uninsured would you know what best to do? Well, 47% of those taking part in the survey were unsure what action they should take if they found themselves in that situation.
Apparently, 41% of young motorists assumed that they would not need to tell their insurance company if they had been involved in a road traffic accident resulting in their car being damaged if they were to pay for the work themselves.
It is not just some young motorists who do not know what their motor insurance covers. Around 12% of all motorists felt the same way.
So, why not have a read of your motor insurance policy so that you are aware of what you are covered for. Surely it is better to be forewarned.
