Don’t you just hate it when your insurance is up for renewal? Or when you buy a new car and need to get it insured? We understand the frustration you go through, but this year you’ll feel less stressed because of the saving you’ll make following our tips. Read on to find out how to save money on your car insurance.
1) Voluntary Excess
Increasing your voluntary excess will bring down your premium because your insurance company won’t have to pay as much in the case of a claim. However, you will have to pay more in the event of an accident. So keep your voluntary excess at a reasonable amount, so you don’t have to pay a huge amount in the unfortunate of a claim.
2) Job Title
One of the many factors that insurance company’s use to determine your risk, as a driver, is your job title. Sometimes, even a small change can make a noticeable difference. A “journalist” might pay £600 for car insurance. The same policy could be £42 cheaper simply by listing your occupation as an “editor”.
However, you need to make sure your job title accurately reflects your occupation otherwise your policy may become invalid and you will be breaking the law.
3) Add an Experienced Driver
Having an experienced driver on your policy isn’t just a trick for young drivers. Even as a driver with experience, adding another driver, will work in your favour. Drivers that ‘share’ their vehicle with other people are seen as less of a risk, which will help keep your insurance premium down.
However, make sure you’re not breaking the law by ‘fronting’. This is when you are the main driver of the car but it is registered in a more experienced driver’s name to save on insurance, with you as a named driver. This is illegal and can get you in a lot of trouble.
4) Added Security
Your insurance premium is calculated by your perceived risk to an insurance company. It only makes sense that adding security will then cut your cost. You can reduce your premium and keep your car safer by fitting approved immobilisers, tracking systems and alarms.
Added security can also be defined as simply parking your car on your driveway instead of on the road. Where you car is kept during the day and night will also affect your insurance premium. Take advantage of secure areas to park if any are available to you.
5) Driving Qualifications
Opting to pursue additional driving qualifications will also reduce your premium. Many drivers gain a Pass Plus qualification because it lowers the cost of their car insurance.
Although you have to pay for driving qualifications, like Pass Plus, as an experienced driver they will be easier to obtain. They could also cut your insurance price by up to 35%.
6) Payment Options
Paying monthly may seem like it saves you money. However, there are additional fees that mean you actually pay more. This is why you should always pay for the whole year up front whenever possible.
It also means you won’t worry about not being able to make a payment. An annual payment will save you as much as 40% when compared to monthly payments.
7) Less Cover does not Equal Less Cost
Don’t fall into the category of drivers that assume a basic third-party policy is the cheapest. That may have been the case ten years ago, but now a comprehensive insurance policy is often cheapest. It shows that you’re interested in protecting your car and are more likely to be cautious while driving.
As a cautious driver you’re less of a risk, which means your insurance policy will cost less. Not only will you save money on your insurance premium, but you’ll also get more complete insurance cover.
We hope these insider tips help you to keep your insurance costs down.
Another helpful way to find the best deal, which 68% of UK drivers are still unaware of, is to use a specialist insurance broker.
Get a quote today and see how much you can save.