News
Motor insurance - do you know the key facts?
Mike Powell, Insight Analyst, General Insurance
Our motor insurance survey of 5,000 consumers has found that women motorists are far more concerned about their insurance policy covering the cost of replacing car locks in the event of keys being lost or stolen.
Replacing the locks of the vehicle if the keys were lost or stolen is seen as one of the most important cover elements for women, but for men, the survey highlighted that this cover feature was far less significant.
| Percentage of motor insurance policies replacing the locks of the vehicle if the keys are lost | Percentage of motor insurance policies replacing the locks of the vehicle if the keys are stolen |
| 45% of policies do not include cover | 24% of policies do not include cover |
| 26% of policies provide less than £1,500 of cover | 39% of policies provide less than £1,500 of cover |
| 29% of policies provide £1,500 or more of cover | 37% of policies provide £1,500 or more of cover |
Where cover is given, most policies will pay for the costs of replacing the locks, subject to any policy limit. Other policies also include cover for the costs of replacing the vehicles lock transmitter and central locking interface, and the affected parts of the alarm and/or immobiliser.
Be careful to check the cover provided because the levels of cover can vary between policies. Also check the policy wording as cover is usually subject to the policyholder being able to establish that the identity or garaging address of their car is known to any person who is in possession of the ignition keys.
