For many, car insurance is one of the many major monthly or annual payments that you will make. Especially on top of fuel, MOT, services and vehicle price. So you want to make sure you’ve got the right one for you. There are many ways that you can cut down on the cost of insurance. Here we share some top tips to getting the right deal for you.
Accepting ‘auto-renewal’ quotes is a mistake often made by drivers, as insurance companies will rarely offer their best deals to existing customers. Comparing prices when you renew your insurance could save you hundreds of pounds. But keep in mind when you are comparing, that they have ‘like for like’ cover. The cheaper insurance cost may not provide you with the same cover as your previous insurance. Also, it pays to check your insurance policy for extra add-ons that you don’t need. Reducing your add-ons can lower your premium cost saving you valuable money. Online comparison websites are popular for new and enticing deals and they do help to make your search that little bit easier. Just be aware not all insurance companies are on comparison sites so it’s still worth shopping around independently.
Protecting your no-claims bonus is the single best way of cutting car insurance costs. An unprotected no-claims bonus can lose you a large amount of money. However, the definition of a protected no-claims differs between insurers. Accidents caused by another driver will normally not have an impact, but that could be subject to change. It’s always best to check your policy.
If you’re at fault during an accident, you may be asked to pay an excess fee. Although it may seem like a bad thing at the time, it will be better for your pocket in the long run. Typically, the higher your voluntary excess, the lower your car insurance premium.
Another way to reduce the cost of your car insurance is to fit your vehicle with alarms, immobilisers or tracking devices. Insurance companies reduce your insurance bill by around 5% because of this. Newer cars can already be fitted with these, so be sure to declare them if this is the case. Keeping your car tucked away in your garage also lowers your insurance premium, along with the benefit of not having to scrape ice off your windscreen! Insurers like it when your car is kept in a garage, as it’s a safer option than parked out on the street.
Having a black box fitted to your car is another great way to a get cheaper car insurance deal. A black box system monitors your driving habits and rewards those that are good. These are especially popular among younger drivers, as it allows insurers to track their driving.
For some, it may seem like an impossible task to reduce your mileage. But it can greatly decrease your insurance bill. As a typical 35 year old driver, cutting your annual mileage amount by 5,000 could save you around £50. It may be a good idea to car share every so often with someone with a similar schedule as you. Honesty is the best policy with declaring your mileage, as any inaccuracy can jeopardise a claim.
At the end of the day, your car insurance should suit you and your lifestyle. Taking the time to compare and research different deals could help you to save a lot of time, and more importantly money.
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