Everyone knows that, to drive a car in the UK, you need vehicle insurance. But what so many don’t realise is that there are so many types of insurance that could benefit you financially. While a standard motor policy is all you need, from a legal perspective, that doesn’t mean it’s all you should have. And tyre and alloy insurance is just one of those policies that might prevent your bank account from taking a big hit.
Since your tyres are the only part of your car that have contact with the road, and your alloys aren’t far off, they’re prone to damage. And that damage could leave your car looking unloved or, in the worst case, unable to run.
If you’re considering taking out an alloy wheel and tyre insurance policy but are unsure if it’s worth it, here are some things to consider.
What is tyre and alloy insurance?
Will I actually save money in the long run?
How much do alloy wheels add to insurance?
Is alloy wheel insurance worth it?
What is tyre and alloy insurance?
In simple terms, tyre and alloy insurance provides protection against damage to your tyres and alloys. While this insurance can’t stop that damage from happening, what it can do is make sure you’re financially able to fix it.
Most alloy wheel and tyre insurance policies will cover malicious and accidental damage and both superficial and functional damage. However, your cover won’t typically extend to purposeful damage by the policyholder.
Also see: Tyre and alloy insurance myths and facts
Will I actually save money in the long run?
Whether you’ll save money in the long run largely depends on whether you need to issue a claim for damage to your tyres or alloys. No one can guarantee you’ll need to make a claim, but the more you drive your car, the more likely it is.
In the 12 months before March 2023, Kwik Fit reported that 57% of British drivers reported having hit a pothole at least once a week. The same report also found that 2.7 million cars were forced off the road due to pothole damage, and the annual cost of repair was £1.7 billion (Kwik Fit, Pot Hole Impact Tracker Report, 2023).
So, with those statistics to contend with, you can be fairly confident that your tyres and alloys will take a hit.
But, if you do make a claim, how much is the saving?
The cost of alloy wheel and tyre insurance cover depends on the make/model of your car, the type of tyres and alloys you have, how many claims you can make and the cost of your excess. To give you an idea of the cost, at Save More Money, we offer cover for £131.18 per year (just under £11 a month). So, let’s do that maths.
Alloys
Cost of our tyre and alloy insurance: from £131.18
Cost of repairing a set of four alloys = up to £420
Cost saving = up to £288.82 per claim
Prices from Household Quotes, 2023
Tyre
Cost of our tyre and alloy insurance: from £131.18
Cost of repairs one tyre = Up to £700
Cost saving = up to £568.82
Prices from Checkatrade, 2022
So, you’ll only need to make one claim to make real savings.
How much do alloy wheels add to insurance?
Fortunately, standard alloys shouldn’t impact the cost or integrity of your insurance at all. However, if you upgrade them, opt for non-standard alloys or alter them yourself (such as painting them), this could invalidate your insurance or cause your premiums to rise.
Not every insurance policy is the same, so whether your policy will remain valid and how much your premiums could rise aren’t set in stone. Nevertheless, it’s something to be conscious of before taking out a policy.
Also see: Alloy and tyre insurance cover: What you need to know
Is alloy wheel insurance worth it?
Only you can decide if alloy wheel insurance is worth it, as everyone’s situation is different. However, if you’re driving your car regularly and have insurance-suitable tyres and alloys, there are financial savings to potentially be made.
Without tyre and alloy insurance, repairing just one tyre, depending on the type, could cost you up to £700 (Checkatrade, 2022), which you would have to pay with no assistance. And, to repair a set of four alloys, you’d be looking at up to £420. So, with an annual cost of just £131.18, the value is clear.
Ask the expert
If you’re still unsure whether alloy wheel and tyre insurance is for you, then take the advice of one of our experts.
“No one can tell you that you have to invest in a policy like tyre and alloy insurance, but it’s worth your consideration. Damaging your car is stressful, whether or not you’ve thought ahead, but the situation could be made even worse if you can’t afford to fix it. Save More Money makes it easy to claim for your tyres or alloys, and it will cost you under £11 a month. On the other hand, the cost to replace just one tyre can be as high as £700. So, with such a stark contrast in costs, making sure you’re covered could provide you with some essential financial protection.”
- David Tranter, affinity director, Stubben Edge, July 2023
Get tyre and alloy insurance today
If you’ve decided that alloy wheel and tyre insurance is worth it for you, you’ll be glad to hear that there are dozens of providers operating online, with most offering a quote in minutes.
However, be careful to check the policy wording before purchasing cover, as not all tyre and alloy insurance policies are the same.
But if you’re looking for a comprehensive and affordable option, from just over £130 per year, our tyre and alloy insurance allows you to make up to three claims per year.
Get a quote for the Save More Money tyre and alloy insurance here.
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