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Car insurance – 10 ways to cut costs
Car insurance is an essential but expensive part of driving a car. There are many things that can influence the cost of your insurance. It is usually more expensive the younger you are. The assumption is that as a younger driver you will have less experience. Less experienced drivers are more likely to get into an accident. It can also be more expensive depending on the type of car you drive. How much driving you are doing for leisure or for work is also a factor. Here are 10 ways you can look to cut the cost of your car insurance:
Buy fully comprehensive cover
Fully comprehensive policies have more features but can actually be cheaper. Insurers sometimes associate third-party insurance cover with higher-risk drivers. Fully comprehensive covers the cost of fixing or replacing your vehicle. This is not a feature of a third-party insurance policy. Third-party cover is often thought to be cheaper as it has fewer features but on balance it may not always be the case.
Increase the amount of excess on your policy
You can often choose the amount that you pay for your excess and the higher you set your excess, the lower your premium. Bringing your insurance down by agreeing to pay more if you did need to make a claim is one way to reduce the overall cost of insurance. Provided you don’t intend to use the insurance this is a way to save money.
Paying for your insurance policy in advance
When you purchase car insurance there are usually two choices. Insurance can be paid monthly or upfront for the duration of the cover. Although paying for your policy on a monthly basis can help spread the cost of your insurance, it will add extra interest charges and mean that you do pay more overall. If you are able to pay upfront in one lump sum this is the most cost-effective way to buy insurance.
Make comparisons before you accept the insurance renewal
New rules introduced this year ban insurers from charging existing customers more than new ones but it is still worth comparing your policy with a couple of other companies before your renewal offer expires. Car insurance policies typically auto-renew when the contract reaches an end and it’s this feature that insurers rely on to make money, especially as they rarely offer the best deals to current customers. Compare policies on a comparison website, look at the prices of policies bought directly through an insurer and give your current insurance company a chance to match or beat the pricing.
Check the mileage and your driving habits
The number of miles you drive during a policy will be considered in the pricing and you will be asked to give a yearly mileage. If you have changed your routines – especially in light of working from home – then review how much you have reduced your car use since you took out the insurance policy. Before renewing a policy it’s worth reporting the actual mileage you are now driving to see if this reduces your premium.
Check your job title is accurate
Insurers evaluate the risk of your occupation so if you are working in a role that requires a lot of driving you will be paying a higher premium than someone who works in one place or from home. If your job has changed then you need to reflect that in your policy as it could save you money. It’s also worth checking that the title held on your policy is actually the closest description to what you actually do. A small but accurate tweak to your title or profession could make a difference to your premium. Make sure any changes you make are legitimate though, otherwise you could invalidate your policy.
Adding a named driver with a good track record
This is particularly helpful for younger drivers who can face higher insurance premiums. Adding a named driver to the policy and sharing the vehicle will reassure the insurer that the car will sometimes be used by a more experienced driver. This could cut your insurance costs as a younger driver or someone with a claims history.
Consider whether your car is the problem
Insurers group cars into bands which are based on their make, size and the cost of repairs. If you are driving an expensive, fast and high-spec car this could be affecting the insurance premium you’ve been paying. The bands on listed on the Thatcham website so you can check if it’s your car that could be driving up the cost of your insurance.
Buy telematics or black box cover
Another way to reduce your overall costs is to use black box or telematics cover. An insurer will install a device in your vehicle that tracks how you drive and records your speed and braking. The technology gives a driving score and this may change your premium based on your performance with the idea being that the better and safer you are driving – the lower your insurance premium should be.
Try a cashback website
A cashback website such as Quidco and TopCashback often have offers that pay cashback for buying insurance through their website with certain providers. If you make a switch the purchase is tracked and cashback is paid after it’s all completed. If you already know what policy you want to go for, this is a great way to earn money on the switch.
Need help with a non-fault accident?
Did you know? If you have had a no-fault accident, you don’t have to claim from your insurance company. You are entitled to a like for like vehicle whilst your vehicle is being repaired. If Non-Fault Car Accident Repair manage your no fault claim for you, you won’t have to pay your excess or lose your no-claims bonus. If your car is written off by someone else you could have the use of a hire car. You could be in a replacement car within 24 hours if your car is off the road.
Start your non-fault accident claim online now or call us on 0800 059 0220 from Monday to Friday between 9am and 5pm.
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These car insurance cost tips were originally published by The Sun on 7th Feb. Read in full here.