CHOOSE THE RIGHT CAR
To begin with, the cost of your insurance will initially depend on what vehicle you have, the engine size and value of the vehicle. Generally, if the vehicle is considered as a desirable vehicle, thus at high risk of theft, the insurance will be more expensive. The larger the engine size and the more the vehicle is worth the higher the insurance will be.
When insuring your vehicle you should always search around for the best deal. Although this can be time consuming and tedious you could potentially save hundreds in the end, so it’s definitely worth it! If you have access to the internet, why not try online comparison sites for example, www.bewiser.co.uk, www.gocompare.com, www.comparethemarket.com, www.confused.com etc. which are regularly advertised on TV. It may also be beneficial to go to some insurance companies direct as they may not feature on such comparison sites i.e. www.directline.com. Please ensure that you check the authenticity of an insurance provider before signing up to them, as many people, particularly young, are being ‘hooked in’ by low premiums only to find that they aren’t actually insured and have also lost their money.
NOTE: If your insurance is up for renewal it is advisable that you shop around for a better deal elsewhere before signing up for another year with the same insurance provider – most insurers will provide their best offers to new customers.
YOUR INSURANCE POLICY
You can reduce the cost of your insurance by agreeing to pay a higher excess should you ever need to make a claim, as will agreeing to a limited amount of miles each year – you must not exceed the agreed mileage though as this will invalidate your policy. Even changing the method of payment for the insurance can reduce the cost, usually opting to pay annually rather than in monthly instalments will work out cheaper, also giving you ample time throughout the year to save up for next year’s annual premium.
Storing your vehicle in a garage when it is not in use can reduce your insurance premiums, though if you are not able to keep it in a garage some insurers may discount your policy for other security devices, so be sure to ask the provider what these are. Even having the car parked on a driveway instead of the road can reduce the policy cost.
On the other hand, many people search for insurance based mainly on the price however, you should always verify what the policy coverage is, as you may end up paying more in excess premiums than necessary if you ever need to claim. If you have accumulated years of no claims discount it’s advisable that you have no claims discount protection on your policy, as the discount can considerably reduce the cost of your insurance and without protection you’re at risk of losing it if you should ever change insurers.
OTHER DRIVERS AND YOUR POLICY
If you are a parent you should resist the appeal to add your children to your insurance policy. As an additional driver they won’t build up a no claims discount, which will only delay their first few years of high insurance expenses until later and usually adding inexperienced drivers to your policy will raise the cost of your insurance as well.
Especially if you are new to driving, insurance can be very expensive so consider adding your parents/guardians or partner, who already drives, to your policy. This can drastically reduce your insurance cost however, before you add anyone to the policy you should always check with the insurance provider that you still qualify for a no claims discount.
TIP – You can reduce your insurance by taking advanced driving courses e.g. Pass Plus, got to www.direct.gov.uk/en/Motoring/LearnerAndNewDrivers for more information on taking the pass plus course.