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TIPS TO GET YOU CHEAPER CAR INSURANCE

Insuring your car is an annual cost that seems to increase even if you haven’t made a claim. Car insurance fraud seems to be one of the main factors pushing the cost of car insurance up at an alarming rate. The AA reported an 11% increase in car insurance prices for quarter 2 of 2010; this is the biggest increase since their records began 16 years ago.

The rise in these prices does not show any signs of slowing down; some industry experts are predicting that by the end of 2010 we will have seen an unprecedented 50% price increase in two years.

With the price of car insurance at its highest ever there is no doubt you will be shocked by your next quote. So we have come up with some handy tips to help you bring that quote down as much as possible.

putting money in piggy bank

Excess – Increase the voluntary excess on your policy, the more you pay the less financial risk you are to the insurer which results in a lowers premium. Only increase your excess if it knocks over 100 off your policy, we would not recommend increasing your excess if you only save a small amount such as 20, if you did have to make a claim this would end up costing you more.

Extras – Many policies now offer extras such as breakdown cover or a courtesy car, cutting back on these extras could reduce the overall cost. Only include the extras if you really need them, think carefully whether you would need a courtesy car if you had an accident or could you survive on lifts for a few weeks. The fewer extras you have the less you will cost your insurer and therefore the lower the price.

Mileage – Be careful when stating your mileage, try and be as accurate as possible to ensure your insurance is valid. However do not over state the mileage as you could end up paying for miles you do not cover. If you move house or change jobs you may have a shorter commute, so be sure to inform your insurance company as this could have an effect on the cost of your insurance.

Shop around – The trick to getting the best deal on your car insurance is to shop around, the more quotes you get the more chance you have of getting a good deal. However, with so much to do in our day to day lives this is sometimes much harder said than done. Using a price comparison site can offer a solution to this problem- just fill in one form and they will return multiple car insurance quotes from top insurers.

Payment – If you can afford to pay your premium in one go it is recommended to do so; you may even receive a discount for paying in full. Paying in monthly installments will add interest to your premium, the average rate of interest is 15% but some companies charge up to 30%. If you simply cannot afford to pay in full, look out for interest free credit cards there are several credit cards available with 0% for 12 or even 13 months. Use the credit card to pay off the premium in full and then pay it off monthly like you would if you had paid the insurance monthly, this way you will not be paying any interest.

line of garage doors Parking – Over 50% of vehicle thefts take place at night, so ensure you park your car in a safe spot. If you have a garage but like many of us use it for storage and not your cars, think about having a good clear out so you can keep your car safely locked away overnight. Logically this will reduce your premium as the car is much less accessible to thieves.

If you do not have a garage parking on a driveway is less risky than parking on the road, as the car is less likely to be vandalised or involved in any theft or accidental damage cases.

Driving courses – Consider taking your Pass Plus or an advanced driving course this can reduce your costs by 35%. Also try to keep a clean licence, insurance companies take driving offences very seriously and will significantly increase your policy if you have points on your licence. A clean licence also demonstrates how much of a sensible driver you are.

These few steps can be very effective at bringing the cost of your car insurance down, some may not be suitable for you but try the ones that are you will be surprised by the effect they have on the price.

By Jessica part of the Moneysupermarket.com Insurance team


TIP

If you are unfortunate enough to have an accident involving a foreign lorry then bear in mind that many overseas lorries have a different number plate for the cabin part to that of the trailer.

Ensure you take note of both numbers as these will be required by your insurance company.

Margaret Reeve



 

 

 

 

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