Running a car can be expensive, and when you pile on the premiums you pay to stay insured, it’s easy to see where a big chunk of your income is going. But fear not, as this article brings you 10 terrific tips to help you cut down on your car insurance costs and keep you living the Good Life, be it on a budget.
- Improve your car’s security
Depending on your insurer, stepping up the security on your car may help push down your premium. There are loads of ways you can do this, such as getting an immobiliser to stop your car being driven away, fitting an approved alarm system, or even simply parking in a garage or on a driveway. Whatever it is you do though, making your vehicle a four-wheeled fortress could defend not only your driving but your bank balance too.
- Get a new quote rather than renew
Insurance providers should love you for your loyalty each year, but renewal quotes can in fact often be higher than the price they’ll offer to new customers. So say no to the nonsense – if your insurer won’t reward you for returning, then shopping around to find the best car insurance uk cost and policy for your individual needs is sure to find you a better deal than what you were originally offered. Don’t be afraid to see what else is out there before settling on a decision.
- Avoid modifying your car
You might like the look of that spoiler now but if its lower premiums you’re after, it’ll do exactly that, spoil them. With a preference for ‘steady eddies’, insurers have a strong aversion to anything remotely ‘boy-racer’, so step away from the mod-kit and drop the suspension on your premiums, not your car.
- Buy your extras separately
If you’re worried about price but also want proper cover, consider buying any extras like motor legal expenses as standalone policies rather than from your car insurance provider. Insurers are known to hike up the prices on these extras, but buying them separately can cut the costs while still keeping you covered. Discount broker Best Price FS, for example, provides Motor Legal Protection cover for just 6.75, whereas your typical insurer may charge you up to 30 for the same services.
- Lower your mileage
If you’re a low-mileage motorist then be sure to let your insurer know. With less time spent on the road, there’s a lower likelihood of a motor-related mishap, so this may be reflected in reduced rates on your insurance.
- Alter the excess
Upping your excess is an easy way to reduce your rates. Adding a voluntary excess means that you’ll have to pay more in the event of a claim, so be sure the amount you add is affordable if you actually do end up having a crash. Fortunately though, for many bumps and bashes, it can be cheaper to finance repairs yourself. This will maintain your no-claims bonus and hopefully the smile on your face when it comes to paying your premium. However, be aware that any accident may still affect your insurance, even if you don’t make a claim.
- Avoid paying monthly
Monthly payments can be a clever way to cope with your car costs but be warned: they usually have sky-high interest rates. Paying annually avoids the interest, providing a savvy way to save a lot. You will have to pay up in one larger sum, but your bank account will thank you in the long run.
- Take extra lessons
If you’ve just passed your test and you’re gearing up to get on the road, then the last thing you’d be thinking of is more driving tuition. However, many insurers will cut their prices if you’ve shown that you’re surer on the road, so plumping for Pass Plus or other advanced driving courses may be worth their initial spend.
- Consider telematics
Telematics accounts for a lot of vehicular technology these days. Certain industries, like the fleet management industry, use it more than others with fleet management software now being necessary for operations. It is a way to track vehicles, and also make them a lot safer than they used to be. This is also available for anyone, from first-time drivers to those who have been driving for years. Perhaps most famously in the form of black boxes. And luckily for you, a black box installation can knock a chunk of money off your car insurance too. Black-boxes, devices installed in your car to track your driving habits, are becoming a popular practice for drivers of all ages, but especially young ones. The data your insurer receives helps them personalise your premium, so if you’re safe on the road then you’ll be spending less. What’s more, the brilliant little box will also work as a tracker, should your car get stolen.
10. Get a smaller car
What’s that saying? “Good things come in small packages”? When it comes to insurance, it definitely rings true. Cars with smaller engines are more likely to be in lower insurance groups, and so not only will they cut your insurance costs but they’ll be cheaper when it comes to road tax. So, maybe bigger isn’t always better after all?
Found these tips helpful? Follow @bestpricefs for more. They provide Motor Legal Protection, with like-for-like car replacements in non-fault accidents, for drivers of all ages.