Top 15 ways to reduce car insurance premiums
July 11, 2017 at 2:37 PM
There are no two ways about it - motoring is an increasingly expensive business. Fuel prices continue to horrify despite a drop in the global price of oil, and other running costs similarly seem to go up every year.
A case in point is car insurance. Over the past year, the average premium has risen by 8% to £462, and for young drivers, it can be several times more. However, all is not lost, and there are plenty of ways to reduce your premium if you know how.
Increase the excess. This action will immediately slash the premium significantly, but it will, of course, mean you must pay out more if you make a claim.
Shop around. Use a comparison site online. In fact, use several, as many have special deals with different providers. You will be amazed at the difference it makes. Recommendations from friends and family can also help you find the best deals.
Pay upfront. Most insurers offer a better deal if you pay in full instead of spreading the cost over multiple months.
Just purchase essential coverage. Insurers love to add things like legal cover and roadside assistance to their policies and then charge a fortune for them. Do you really need these? If so, you can probably get them cheaper elsewhere, so uncheck the boxes.
Buy early. Don’t leave it until the day your policy expires. Most insurers will give you 28 days to take up the quote, so take your time getting everything in place.
Get married. Apparently, married people are more stable than singles and present a better risk. What better reason to find the person of your dreams and make a lifetime commitment?
Add mum or dad. If you are a young driver living with your parents, you might find having one of them on the policy reduces the premium. However, bear in mind that they need to live at the same address as you.
Park safely. Most cars theft and damage takes place at night, so if you tuck away your car in a garage, or at least on a private driveway, it will be a better insurance risk than if you leave it by the side of the road.
Invest in security. Fitting an alarm, immobiliser or tracker will make you a more attractive proposition for insurers, and they will reward you with a lower premium.
Downgrade the car. The cheaper and less powerful your car, the less you will have to pay on insurance – it’s that simple.
Get a multi-car discount. If you have more than one car in the household, try insuring them all with the same provider, and you might well receive a discount.
Ditch the bling. If you’ve pimped your ride with fat wheels and a cherry-bomb exhaust, the insurer is likely to view you as a higher risk, so go back to basics.
Reduce the mileage. The fewer miles you do, the less likely you are to crash. That’s the logic of the insurers, and it is hard to argue with it.
Reduce the cover. If you drive an old car that’s only worth a few hundred pounds, there is very little point in comprehensive coverage, so consider third party only coverage instead.
Take “Pass Plus.” By successfully completing this advanced driving course, insurers will see you as a vastly reduced risk and will reward you with discounts of as much as 30%.
Keep in mind that the effectiveness of these tips to decrease your premiums for car insurance depends on your driving record, so drive carefully.
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