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Exploring Insurance For Cars From Banking Institutions

Amongst the many United Kingdom companies insuring cars, there are a lot of organizations that perform various functions. Many banks have an insurance operations department that offers a variety of insurance products, including home, business and car insurance. Most insurance agencies are owned by large and respectable financial institutions, such as the British Halifax and Bank of Scotland.

Lloyds of London

Lloyds of London is a giant of the insurance industry in the United Kingdom. This company is also an underwriting agency. It has several brands that serve as underwriting. Red Star is one of the leading among the top ten names in the industry offering insurance for cars in the United Kingdom. It is a part of the Lloyd's syndicate and provides services for underwriting and a personal policies line. These products and services are available in the market of insurance brokers.

Royal & Sun Alliance

In the United Kingdom, there are several companies that provide insurance for cars. The company Royal and Sun Alliance invented its own brand called More Than. Being a part of its brokerage department, the company also provides various insurance products through insurance brokers. Among the big names of the British insurance sector, some of them operate abroad. This is American International Group, Cornhill Allianz, AXA, Zurich and Groupama.

Insurance Laws

Currently, British insurance for cars is regulated by the Road Traffic Act of 1988. According to this act, each driver must either be insured or make a special deposit. Also, car owners must obtain a certificate of coverage or a certificate of insurance. Insurance products include third party insurance and comprehensive insurance coverage. In 2011, Continuous Insurance Enforcement was enacted. This law ensures that vehicles driven in the United Kingdom will require a insurance policy that is valid, even if it is not driven.

 

 

 

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