Car insurance protects you from financial loss due to bodily injury or property damage caused by a traffic accident, car theft, natural disasters or other events. But it can sometimes seem like an unwelcome expense, and let’s face it, with the current soaring cost of living, we’re all looking for ways to save money wherever possible. So, if there’s a way to get cheaper car insurance, we’ll take it, thank you very much, and let us share with you our tips for buying cheaper car insurance.
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Compare car insurance quotes
Shop around One of the easiest ways to buy insurance is to compare car insurance companies online. Third-party car insurance offers the most basic level of cover, but don’t assume it’s always the cheapest option. Compare car insurance. You can check prices for the three main types of car insurance: third-party, third-party fire and theft, and comprehensive. If you prefer to review your insurance options with someone, working with a car insurance agent is another option. New insurance regulations from January 2022 mean that insurers can no longer charge loyal customers more than new customers for the same policy. Many factors can affect the price of car insurance. According to our car insurance price index, the cost of car insurance has risen by £338 compared to last year. But even if your quote hasn’t risen, it’s always worth shopping around to see if you can save on your car insurance.
Consider third-party ratings
You may be tempted to choose the cheapest car insurance, but before you do that, research the insurance company. To get a feel for the type of service an insurance company offers, check third-party ratings. Affordable premiums are certainly important when choosing an insurance provider, but they shouldn’t be the only consideration. You can check the ratings of insurance companies through the Better Business Bureau, and .D. Power conducts an annual study that rates insurance companies based on several factors related to customer service. If you need to file a claim, an insurance company that provides fast and efficient service can make your life a lot simpler.
Be accurate with your mileage
Insurance companies will ask you how many miles you drive on average, so answer honestly because the less miles you drive in a year, the lower your risk of getting in an accident, which is why insurance companies take annual mileage into account when calculating premiums, so driving less mileage is a good way to save money on your car insurance. If you make a claim and they find that your estimate was inaccurate, they may decide not to pay out. But don’t assume that low mileage means a low price. If you barely drive, insurance companies will also consider that a risk. If you want a rough figure, our data shows that the average annual mileage is 6,619 miles*, so the trick is not to underestimate or overestimate your mileage. Check your odometer and get the real number.
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Consider your cover type
The reality is that third party cover is often more expensive. While some people believe that your car insurance will be cheaper if you opt for third party fire and theft cover instead of full coverage, this is not always true, as high risk drivers will often opt for this level of cover, thinking it is the cheapest option, without shopping around.
Don’t pay for cover you don’t need
To avoid paying more than you need for your car insurance, think carefully about what cover you really need, as you can increase your cover by adding optional extras to your policy, such as valet cover, windscreen cover, breakdown cover and motor vehicle legal protection, and while these extras can be useful, you’ll have to pay extra for them.
Pay in one go
While monthly payments can help spread out your car insurance costs, you can save money if you can afford to pay your annual car insurance premium in one lump sum. You may have to pay interest on your monthly payments, so it will be more expensive overall.
Consider how you use your car
It’s important to be honest about how you use your car, otherwise you may find any future claims are denied.
The use category you choose will affect the price you pay, if you only drive to the store you won’t need a policy that covers commuting. Likewise, if you start driving for deliveries on weekends you may need car insurance that covers business use, if you only need to drive occasionally you may want to consider occasional car insurance. You can insure your car for anywhere from 1 hour to 28 days, and it’s quick to arrange.
Improve your car’s security
The harder your car is to steal, the less risk it has. Fitting an industry-approved alarm or immobilizer may help reduce the cost of your car insurance, so before you go ahead, check that buying and fitting your chosen kit won’t affect any potential savings. But you may need to contact your insurer directly to have the savings reflected in your premium.
Here are a few ways to improve your car’s security:
Fit a Thatcham-approved car alarm or immobilizer.
Park overnight in a secure, well-lit car park.
Add secondary security, such as a steering lock.
Consider using a tracker to recover your stolen car.
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Add a named driver to your policy
Sometimes, adding a named driver to your policy can help you get cheaper car insurance. If you’re a new driver and you share the car with experienced drivers, you can lower your premium costs by adding them to your policy. If you have friends or family on your policy but they don’t drive your car, or if you have several young, inexperienced drivers on your policy, consider removing them because they are a higher risk and more likely to get in an accident.
Be aware that the person listed as the primary driver actually does most of the driving. Just make sure the person who uses the car the most is named the primary driver. Otherwise, you’ll be committing a form of car insurance fraud called “impersonation,” which is illegal.
Build and protect your no-claims bonus
Accumulating a good NCD can save you a lot of money, if you have a minor collision it may be cheaper to pay for the repairs yourself rather than making a claim, if you make no claims on your car insurance you will get a no claim discount (NCD) when you renew your policy. The more years you drive without making a claim, the higher your NCD will be. The more bonuses you get, the bigger discount you get when buying car insurance. Accumulating a few years of NCB can bring your costs down significantly, every year you don’t make a claim on your car insurance increases your no claim bonus (NCB). Remember, you always need to notify your insurance provider of any accident, even if it is minor and you pay for it yourself.
Getting a protected no claim bonus, which allows you to make a certain number of claims without affecting your no claim bonus, is an additional term to your policy, however, this costs extra and is usually only available to drivers with more than 4 years of driving experience.
Avoid penalty points on your licence
It stands to reason that safe driving means strictly following traffic rules, and safer drivers are likely to receive lower car insurance premiums. If you are caught speeding and receive penalty points on your license, the insurance company may charge you a higher car insurance premium.
Beware of auto-renewal
Although there are regulations that insurers can no longer offer existing customers higher car insurance renewal rates than new customers. But this doesn’t mean your auto-renewal quote is the best one.
Before you renew for the year, it’s always worth comparing car insurance quotes to see if you can find a cheaper deal elsewhere.
Park securely or off road if you can
Always leave your car parked off the road when you are away from home – in a secure garage or driveway, or in a safe and well-lit car park, as the risk of theft increases significantly if you leave your car parked on the road.
Switch your insurance as soon as you can
According to research, the best time to buy a policy is 18 days before renewal, with an average cost of £453, but buying insurance on the day of renewal costs an average of £930*, so generally speaking, the closer to your renewal date, the more expensive other quotes will be. You should get a renewal letter from your current insurer around 3 weeks before your renewal date. Your renewal letter should tell you how much you paid for your car insurance last year, and how much your policy will cost this year. Once you receive your renewal letter, shop around. Act quickly and compare the quotes with your current insurer’s renewal prices. It only takes 5 minutes but could save you hundreds of pounds.
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