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Tips for saving your insurance premium
§ Young and newly qualified drivers can boost their no-claims bonus by taking an additional test called Pass Plus. Some companies will credit people who have passed Pass Plus with an extra year's no claims bonus.
§ Drivers who don't have full no-claims bonus can build their bonus up quicker with a policy from some companies called Bonus Accelerator. This policy runs for 10 months rather than the usual 12. At the end of those 10 months, provided no 'fault' claims have been made, you get a full year's no claims bonus. So, somebody starting out with zero no-claims can build up to the maximum five years no-claims bonus in just four years.
- Be Careful if you choose this scheme You usually have to stay with the same insurance company throughout, in order to build up your maximum no-claims bonus. Companies don't usually allow you to carry a 10 months policy over from one company to another, so please check before you sign up for this type of scheme.
- Buy a smaller-engined car.
- If insuring your prospective car is proving too expensive, consider buying a car with a smaller engine. Remember that buying a cheaper car will not make a huge difference to your premiums.
- If you or your spouse buys a second car, you may be able to get an introductory bonus on the new car. This means that your insurer may give you the same no-claims bonus on the second car as you have on the first, provided you insure both cars with the same company. It is best to check this with your insurer first because not all companies offer this facility, and the conditions for introductory bonus vary between companies.
- If your insurance company offers voluntary excess, choose the highest excess you can afford. This can reduce your premium. Taking a higher voluntary excess (The amount of money you have to pay the insurance company if you have to make a claim) than the standard £100 could give you a substantial discount on their premium.
- If you do not use your car very much you may be entitled to a discount for low annual mileage. Declare your mileage! Telling your insurer how many miles you do, especially if it is below average, they do in a year, and simply let the salesperson plug in an average of, say, 12,000 miles. That's 230 miles a week. If you do less than that, you could be missing potential savings by not letting your insurer know.
- Similarly, if you don't use your car to travel to work, let your insurer know. You may be paying for cover you don't need.
- If you have access to a garage or driveway at night, use them. Using off street parking, rather than leaving your car on the street will attract a discount with most insurers.
- Insurers prefer prevention rather than claims, so vehicles fitted with an engine immobiliser or alarm may qualify for a discount. The devices that qualify for a discount vary from insurer to insurer; so make sure you check before getting any device fitted.
- Women can often get cheaper car insurance than their male counterparts.
- Statistically speaking women are seen as better drivers. Although male drivers often find this hard to believe, the facts are derived from the collection of claims data over several years - decades in fact by car insurance companies.
- However, despite the fact that women are statistically seen as better drivers, they generally have the same number of accidents as men. However, severity of the accident varies between the sexes. Typically an insurance company has to pay out a lot more to fix a car when a man has had an accident - the car has to be extensively repaired or even written off. Women’s accidents tend to require fewer repairs.
- 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, old drivers.
- Buying via the internet can save you money as online companies generally have lower overheads. You are more likely to get low cost car insurance UK online than by any other method.
Some other important points to remember:
- 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 20 with group 1 cars being the cheapest to insure. A reliable, low profile vehicle is the best type to have if you want low cost car insurance UK.
- 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 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; they could mean forfeiting low cost car insurance UK.
- 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.
- If applicable ask for discounts for being an older driver. Some companies design policies specifically for the over 50's that reward experience with low cost car insurance UK.
- 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.
- UK car insurance brokers act on behalf of customers and are able to provide car insurance quotes from a panel of leading insurance providers.
- There are now insurance companies that specialise in providing student car insurance, although the cost of this can vary depending on the type of policy required.
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Tips for saving insurance premium
