One in three consumers is paying over the odds for car insurance, according to the RAC. Nearly half of Brits do not bother to seek a number of quotes and one in four renew their car cover instantly, without using the opportunity to save hundreds of pounds.
With the grim suggestion in the news recently that there has been no economic growth in the UK during July, there is a strong suggestion that we may be starting to drift into some kind of recession.
It make sense therefore to remind ourselves how we can help look after some of those pennies by looking at look at ways we can keep those car insurance premiums down.
1. Shop around – most people tend to obtain 3 alternative quotes for their car insurance but reports suggest individuals need to obtain quotes from seven insurers in order to get the best deal - Be careful though, it’s important to make sure that you are comparing cover. Although some policies may appear cheaper, you may find the level of cover differs.
2. If you’re a woman or a mature driver, check out one of the tailored policies now available.
3. Avoid opting for “Any Driver” policies. Restrict driving to regular drivers. You can add someone for a few days when they really need to drive the car.
4. Think about protecting your no-claims bonus. This may increase the premium, but can be extremely beneficial if you are unfortunate enough to have to make a claim.
5. Increase your voluntary excess. Agreeing to pay more towards the cost of any accident repairs will bring down premiums. If you are not at fault in an accident, the excess can be recovered.
6. Fitting an approved alarm, immobiliser or tracking device can attract a discount of around 5%.
7. Agree to a mileage restriction. The fewer miles the car covers, the greater the saving. For example, a reduction in annual mileage of 5,000 miles could save a typical 35-year-old female driver about £50 a year in premiums. A cut of 10,000 miles a year could save more than £100 - But you must be honest with yourself and realistic about all these ideas. As an example, if your annual mileage is greater than you stipulate, you could risk having any claim declined.
7. Refrain from including young, inexperienced drivers on your policy, as it’s a false economy. The premium will usually be based on the youngest driver and he or she will not be building up their own no-claims bonus.
8. If you use your car in connection with your employers business, see if they will pay the additional insurance premium.
9. If you have a garage, use it! There is a higher risk of theft if you keep your car on the road. Keeping it in the garage can help reduce premiums. Maybe invest in some durable roller shutters or reinforced steel doors.
10. Drive more carefully. Join the Pass Plus scheme or take an advanced drivers’ course. Both offer discounts - up to 35% - from some of the major insurers.
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