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Tips For Reducing Your Premium
It is obviously desirable to reduce your premium but
remember to think about service and policy coverage as well. It
can be worth spending a little more for better service.
You also need your insurance company to be as helpful as possible
in the event of you having to make a claim. However, here are
some basic tips to help you cut the cost of your cover:
- The importance of shopping around should not be underestimated.
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 drivers for example.
- Buying via the internet can save you money as online companies
generally have lower overheads.
- 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 19 with group 1 cars being the cheapest to
insure.
- 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 your insurance company offers voluntary excess, choose the
highest excess you can afford. This can reduce your premium.
- Ask about discounts for Advanced Driving qualifications. Why
not visit the Institute of Advanced Motorists at http://www.iam.org.uk
for more information.
- 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.
- 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.
- Garaging your car can reduce premiums considerably. If you
have a garage use it!
- If applicable ask for discounts for being an older driver.
Some companies design policies specifically for the over 50's.
- 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.
- If you do not use your car very much you may be entitled to
a discount for low annual mileage.
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