- Always compare car insurance quotes for the best deal
- Choose an excess you are comfortable with
- Think about protecting your no claims bonus
- Pay in full if you can afford it to avoid additional fees
- Give accurate mileage
- Only choose add ons such as windscreen or breakdown cover that you need
- Be aware of modifications and increase the security on your car
- Shop around when it comes to renewing cover
- Be honest – cutting corners may cost you in the long run
Shopping around for cheap car insurance
Whether you are buying car insurance for the first time or renewing an existing policy, there are a number of ways you can reduce your costs and get cheaper car insurance:
1. Specify your No Claims Bonus
– This is a discount you get on the cost of your car insurance as a result of not making a claim. The discount increases each year until you reach the maximum level of no claims bonus (NCB), usually after around 5 years of being insured and not claiming.
NCB can have a huge impact on the cost of your cover reducing premiums by a substantial amount of money. Typically you would expect the following discounts
- 1 year’s NCB – 30% discount
- 2 year’s NCB – 40% discount
- 3 year’s NCB – 50% discount
- 4 years NCB and above – 60% discount
This does vary from company to company so as ever, the moral of the story is shop around and get multiple online car insurance quotes.
As you would expect, making a claim will affect your NCB which will ultimately increase the cost of your car insurance the following year. Again this will depend on the insurer so it’s worth checking before you buy.
When you buy your car insurance you may be given the option to protect your no claims bonus. This will cost you more but may ultimately save you money if you need to make a claim.
2. Change the excess – this is the amount of money you are prepared to pay when you make a claim. By increasing the excess, you can generally reduce the cost of your car insurance. Quite simply a higher excess gives you cheaper car insurance.
3. Pay in full – Car insurance companies will usually charge you for opting to pay for your cover on a monthly basis. If you can afford to it may be worth considering paying in one go so you don’t incur additional costs.
4. Give accurate mileage – You may find cheaper car insurance if you do less miles throughout the year so make sure you are realistic when quoting your expected mileage and never over estimate.
5. Add an experienced named driver – Adding a second experienced driver who has a good driving record or falls into the low risk category can make a difference to the amount your pay.
6. Don’t have what you don’t need – you may find that you car insurance comes with additional features such as breakdown cover. Whilst this sounds appealing, you might be able to get a separate breakdown plan for less so make sure you do the maths.
7. Increase your security – adding a car alarm or immobiliser or parking in a garage or on a driveway can make a difference.
8. Be careful modifying your car – Adding alloy wheels or tinted windows to your car may look nice but it may also appeal to thieves. It could also mean an increase to the cost of your car insurance so check before making changes.
9. Choose your car wisely – The type of car you choose will affect the amount you pay. The bigger and faster the car, the more you pay so before you buy, check how much the insurance will be.
10. Shop around and Haggle – The cost of car insurance can vary dramatically so make sure you do your homework. You can often get greater discounts by comparing car insurance quotes online too. If you are renewing your policy, don’t automatically stay with the same company. Insurers have a nasty habit of increasing costs for existing customers so it makes sense to shop around every year.
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Whether you are buying car insurance for the first time or renewing an existing car insurance policy, it is important to always compare quotes if you want to be sure of getting the most suitable plan at the best price.
Car insurance companies have a tendency to increase their charges on a yearly basis, catching out those people who understandably but incorrectly assume their loyalty will amount to a cheap car insurance deal.
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