Car insurance is my least favourite annual bill to renegotiate. It takes a while to compare my quotes but I force myself to do it every year to ensure I am paying the the right amount for my car insurance. Also car insurance costs are one of the biggest expenses for drivers. Thankfully, there are steps you can take to reduce your costs. It could be as simple as keeping your 18-year-old off the policy or making sure you lock your car in the garage overnight. If you’d like to protect yourself from high insurance premiums, follow these simple steps.
The simplest way to get cheaper car insurance is to shop around, yet this is often a step that many people fail to make. If your car insurance is due for renewal, start looking around for a new quote before renewal date as this is one of the best ways to get a good quote. Car insurance providers assume that the more organised you are, the more likely it is that you’ll be a safe driver, so start looking around at least a month before it is due.
Don’t make the mistake of assuming that the price comparison websites have all of the best quotes, use a few comparison sites to compare. There are plenty of insurance providers that aren’t on price comparison websites, so you’ll have to contact them directly. For example, Churchill insurance quotes can only be found direct from their website so you will need to contact them via their direct number for a quote.
Be wary of who you put on your policy
You might not realise it, but your partner might be considered to be a higher risk driver than yourself. Likewise for young drivers. Rather than adding the whole family to your insurance policy, get quotes for yourself as the sole driver. You can always additional drivers for a few days as required.
Opt for a black box to keep costs down
Young drivers can choose a black box or telematics insurance as a really great money-saving tactic. The insurance company will install a small box in your car to track how well you drive and when. If you avoid driving at dangerous times and are a safe and responsible driver, then you could be rewarded with lower insurance premiums.
Protect your no claims bonus
If you have started to build a no claims bonus, make sure you protect it by avoiding any small claims. The cost to repair small things like scrapes and bumps. Remember to always read the fine print of your insurance agreement to find out if accidents caused by someone else will eliminate your no claims bonus.
Protect your car
Many people don’t know what security measures they have in place to protect their car. Your insurer will ask if you have an alarm, immobiliser and tracking device fitted. All of these items can lower your premium, so do your research before buying a car and make sure you tell your insurance provider if you have these items, or if they are added after your insurance period begins.
Increase your voluntary excess
If you want to save some money in the short term, increasing your voluntary excess is a great way to achieve this. You can flex this from £50 up to hundreds. However, it’s important to remember that if you need to make a claim, you will have to pay more. Putting your insurance savings into a bank account as a buffer for any instance where you need to make a claim is a good idea. If at the end of your insurance policy you haven’t made a claim, you will have saved a bit of money, but if anything happens during this time you will be protected by this financial buffer.
Don’t add young drivers
Adding a young driver to your policy is one way to guarantee that the premium skyrockets. Young people are more likely to have an accident in their first year of driving. A better solution would be to buy them their own starter car and take advantage of a multi-car discount to allow them to build up their own no claims discount. And if they do have a little bump or scrape, your car won’t be the one affected.
Check the insurance band before you buy
Some cars are insurance traps, sitting in an expensive insurance band, so make sure you check what your new premiums will be before you upgrade your car. Sporty cars will typically invite higher premiums, but other large cars like pick up trucks can also command higher premiums. Before you purchase a new car, make sure you check with your insurance provider to see what the insurance will cost. Lots of used car websites include an insurance band search field so you can limit your search to cars that are cheaper to insure.
Use your garage
It might be a pain driving your car into the garage every night, but insurers reward drivers who keep their car locked up overnight with cheaper insurance premiums. Move some of the clutter around and try to keep your car locked in the garage overnight to help lower your insurance premiums. On the street parking is considered higher risk and will mean your insurance costs more per month. Even parking in a secure public car park is considered lower risk than parking it on the street, so consider your options when building your insurance policy.
These tips will help you save lots of your next car insurance policy so be sure to use the tips.
This is a collaborative post.