Car insurance premiums are rising all the time but there are ways you can potentially bring the costs down. Some of these ways involve addressing your existing policy and looking at the scope of its cover. Plus there are additional courses of action you can take before you actually buy a car.
Here are twelve ways you can lower your Car Insurance costs:
Obtaining a quote
One of the simplest ways to reduce your premium is simply to get a cheaper quote! Thanks to the rise in comparison sites it’s never been easier to check the price of your cover with just a few clicks of a mouse.
Alternatively you can speak to an independent insurance broker who will effectively do the same job. Scanning the market in this way is the first way to potentially bring your costs down.
Additional drivers?
Does your current insurance policy allow for any licensed driver to get behind the wheel? Restricting the number of people who are allowed to drive your car can save around 10% on your annual costs. If you don’t need others to be able to drive your car make sure you change the cover to allow for yourself only or you and your partner to drive it and you could see the price of your policy fall.
Pay up front if you can
Most insurance companies will allow you to pay your premium by installments but there may be a charge for doing so. There are many benefits in paying your premium monthly but if you can possibly afford to then you could try to settle the cost in one payment at the outset. This could save over £100 on your annual bill in some cases.
Restricting your mileage
Several insurers are now basing their premiums on the amount of miles you cover in a calendar year and will ask you to declare an estimate at the beginning of cover. If you find at the end of the year that your mileage is much less than you thought, remember to tell your insurance company. Lower mileage can mean lower costs but it’s important to be completely honest as databases can check this information at certain points in your vehicle’s life.
Security
The majority of modern cars come with a manufacturer’s alarm fitted as standard and for most motorists; this level of security is more than sufficient. However, it may be worth looking at other devices such as an immobilisers as this could bring your costs down. Speak with your insurance company first to ascertain whether there is sufficient discount available to make this course of action worthwhile.
Use your garage
Many insurers offer further savings if your car is placed in a locked garage at night. If you have access to this type of facility then remember to use it and ask your insurance provider to assess your premium accordingly.
Consider an advanced motoring course
After passing your test, further tuition can be offered by the Institute of Advanced Motorists and if you complete their course successfully, some insurance companies will reward you with a discount on your annual premium. The IAM course can teach you valuable lessons throughout your driving career too but if you’re solely taking it to save money on your premiums, check beforehand to make sure that your insurance company offers this type of discount.
De-modifying
When applying for insurance, we’re all asked whether our car has been modified. If it has, then a higher premium can be charged as a result. If you’re looking to purchase a new vehicle with unnecessary modifications then consider removing them. This may not be straightforward in the case of engine upgrades but even a body kit and spoiler can add to your premium so think about removing them and saving money.
Your voluntary excess
Further reductions can be obtained by increasing your policy excess – the amount that you would be responsible for paying towards repairs in the event of a claim. When you look at this option however, remember that there is likely to be a compulsory excess already in place so only take on as much as you are comfortable with.
Reduce the ‘add-ons’
Many companies offer extras on their policy such as legal expenses and personal accident cover and some will automatically charge you for these. It could be the case that you have this type of extra cover elsewhere so be sure to check for unnecessary duplication.
Combine all cars under one policy
Many insurance companies now offer ‘multi-car discounts’ for insuring two or more cars under one policy. Not every provider does this but if you have more than one vehicle then this maybe worth exploring.
Get a lower group car
One of the more straightforward options to save money is simply to change your car. If you have a high-group, high engine vehicle then it is going to attract a bigger insurance premium as a result.
Smaller engines can generally save on costs and it is very easy to research a list of cars and their insurance groups before you make the switch.
The post was written by David Lewzey of unemployment insurance specialists helpucover, who also offer pet, redundancy and income protection insurance. Visit them at http://www.helpucover.co.uk/. helpucover is a trading name of Pinnacle Insurance plc.
Smaller engines can generally save on costs and it is very easy to research a list of cars and their insurance groups before you make the switch.
The post was written by David Lewzey of unemployment insurance specialists helpucover, who also offer pet, redundancy and income protection insurance. Visit them at http://www.helpucover.co.uk/. helpucover is a trading name of Pinnacle Insurance plc.
