Car insurance is something we all hate to pay for, yet its essential to driving. Lowering the cost of your car insurance may sound an impossible task, but the fact is, cutting the cost if insurance for cars is pretty simple!
Young drivers bare the biggest burden when it comes to expensive car insurance premiums, and that’s to be expected since the vast majority of accidents and claims are due to young drivers! But at an average cost of over £1000, it can be difficult for new budding drivers to get behind the wheel. These are our 5 top tips for lowering your car insurance quotes.
1. Vehicle choice
The vehicle you choose to purchase plays a major factor in the cost of insurance. Consider a lower engine size, a 1.1 litre for example will be in a lower insurance group. This will often result in lower car insurance premiums right from the get go! And another perk is smaller engine cars often come with lower tax and fuel consumption for even bigger savings overall.
2. Pay annually, not monthly
I know paying for your insurance in one lump some may be difficult for some people. It is defiantly something worth saving for though, some insurers only offer a yearly payment option so you will be given more quotes than if paying on a monthly basis.
Insurance costs add up, especially when you can expect to pay anywhere up to 20% interest when choosing to pay monthly with some insurers. That’s £200 extra on a £1000 insurance policy! which is why i always recommend people save some money before taking the leap, it will save you money on your car insurance over the long term.
3. Consider telematics (black box)
Love them or hate them, telecomatic insurance policy’s are growing in popularity, and for good reason. Young and new drivers desperate to lower their insurance premiums are finding great savings with black box providers.
If you drive safely and to your insurers expectations, you can often receive rebates on your insurance premiums too. (Learn more and get quotes for telematic insurance)
I have had a telematics policy on our car and managed to save over £600 by going this rout. there are pros and cons to choosing a black box but for most drivers their terms and conditions are very acceptable.
4. Compare the market!
You would be surprised by how many people still do not compare prices when it comes to car insurance! When one insurance company quotes £6400 and the other £1.400 it shows that it is defiantly worth shopping around.
I use compare the market for our insurance price comparison and would recommend them to anyone on the hunt of cheaper insurance for their car. You just fill in there online form, submit and receive 100’s for car insurance quotes instantly. They will even save your information for the next time saving you time and even more money!
5. Drive less miles
Consider using your car less, the less mileage you do in your car the lower risk you are to your insurer. Lower mileage is rewarded with lower car insurance premiums! Driving your car less also decreases the need for minor repairs due to less wear and tear.
Driving is expensive, its still a luxury for many people and car insurance plays a massive part. Lowing your car insurance is pretty basic, all you need to do is follow a few or all of these steps to slash the cost of your premiums!
Remember all car insurance providers have their own criteria and some methods may not decrease the cost of your car insurance. Get competitive car insurance quotes by clicking here. But these are some of the best ways to cut the costs of driving in a realistic way!
As ever, live more by sending less!