It is obviously desirable to reduce your premium but
remember to think about service and policy coverage as
well. It can be worth spending a little more for better
service.
You also need your insurance company to be as helpful
as possible in the event of you having to make a claim.
However, here are some basic tips to help you cut the
cost of your cover:
The importance of shopping around should not be underestimated.
Different insurance companies target different customers,
so make sure you are using the best company for you. There
are companies who specialise in policies for young drivers
for example.
Buying via the internet can save you money as online
companies generally have lower overheads.
Fit insurance approved anti-theft devices to your vehicle.
Approved alarms and immobilisers can significantly reduce
premiums.
Insure all your cars with the same company as this may
entitle you to a multi-car discount.
If you need other types of insurance, check if your insurance
company offers discounts for taking out home and motor insurance
with them.
Check the insurance group of any new car you are considering
purchasing. Premiums can vary greatly on seemingly similar
vehicles. Groups run from 1 to 19 with group 1 cars being
the cheapest to insure.
Be aware of the value of your car. If you can afford
to replace an older car, perhaps you don't require a comprehensive
cover. Even if it is completely written off, the most you
will get if your car is in an accident is its market value,
which may only be a few hundred pounds. Weigh that against
what you would save on your insurance bill.
If your insurance company offers voluntary excess, choose
the highest excess you can afford. This can reduce your
premium.
Ask about discounts for Advanced Driving qualifications.
Why not visit the Institute of Advanced Motorists at http://www.iam.org.uk
for more information.
If you have a car specifically for the younger drivers
in your household, make sure it is an older, less valuable
car.
Modifications to vehicles can sometimes mean higher premiums.
Check with your insurance company before making any modifications.
Be very careful about losing some, or all of your No
Claim Discount. It makes a huge difference to premiums.
You need to carefully consider the financial impact of making
a claim. Remember that the purpose of insurance is to protect
you from major incidents, not minor bumps and scrapes.
Garaging your car can reduce premiums considerably. If
you have a garage use it!
If applicable ask for discounts for being an older driver.
Some companies design policies specifically for the over
50's.
Driving an imported car with parts that are expensive
and hard to replace will increase your premiums. In this
case shopping around is even more important. Check the "Specialist
Insurance" category in our directory for details of insurers
who can offer you the best deals.
If you do not use your car very much you may be entitled
to a discount for low annual mileage.
