There are many car insurance tips which could help you to cut down the cost of insuring your vehicle – it’s simply a case of knowing how. One of the easiest ways which could help you save on cost is by not automatically renewing your car insurance year after year. Just because you got cheap cover a couple of years ago with your insurance provider, doesn’t mean you will now. So, shop around to see what deals are available – you could be surprised by just how much you could save.
Another very valuable car insurance tip is to check the features of the policy you are considering. You could be paying for add-ons that you don’t need and by choosing cover without those extra features you could make some great savings.
An example of this would be if the policy provides a courtesy car whilst your own is being repaired. You need to consider whether you would be insured to drive the courtesy vehicle or if there would be an additional fee payable? If you are a two car family then maybe you wouldn’t need a courtesy car option within your insurance package.
Look into the details of the policy and check to see if breakdown insurance is provided within the cover as some providers will offer this at no extra cost or subject to a small fee. If there is breakdown cover added into the policy then check to find out the extent of roadside coverage offered. Often if the cover extends to outside the UK, for instance, the car insurance provider may charge you a fee for this benefit. If you do not drive outside of Great Britain, then you would be paying for something you do not need.
Another money saving motor insurance tip is to consider the amount of excess the policy comes with. The ‘excess’ is the amount you would have to pay towards a claim before the insurance company would pay out. All car insurance policies will come with a standard excess, but if you elect to pay more, this can help drive the cost of the insurance premiums down. However, do bear in mind,that you would have to find this money out of your own pocket in the event of making a claim.
How you choose to pay your motor insurance can affect the amount it costs to insure your car. For instance, you might want to pay for your car insurance by monthly direct debit. However, some insurance companies may charge you slightly more if you choose to pay by option. The good news is that there are providers out there who do not differentiate on the cost whether you pay monthly or annually, so look out for these.
How much cover do you need?
Choosing the level of motor insurance most suitable for your vehicle can save you money. For example, if you own a cheap, second hand vehicle that you could afford to replace if it was damaged beyond repair by an accident caused by yourself, would you really need fully comprehensive insurance for it? You could save yourself some money on the cost by taking out third party, fire and theft insurance instead.
Another useful car insurance tip that could see you enjoy cheaper premiums is to enhance the security features on your car. A vehicle that has an immobiliser fitted, steering wheel locks or a good quality alarm is less likely to be stolen than one that has no security features on it. This makes you less of a ‘risk’ for the insurance company who could well reward you with cheaper premiums. While there’s some initial monetary outlay, good quality security equipment can sometimes pay for itself in the long run. Also consider where you park your vehicle. A car parked off road or in a secure garage will be deemed less at risk.
Finally, take into consideration the amount you use your vehicle and for what purpose. If you can estimate a low annual mileage you may be able to save money on your premiums.