How to Save Money on Your Car Insurance
Car insurance is one of the big expenses which many of us have to pay out every month or every year. It might be something which you see as a fixed cost you can’t alter but there are some simple tips which could help you save money on car insurance.
The easiest way to reduce your car insurance premium is to shop around. Ideally, you will do this as soon as your next year’s renewal notice comes in; as this will give you time to sort something out. Going on the internet for quotes is the quickest way to find a good deal now. In a matter of minutes you should have a decent number of alternative quotes to consider. Premiums can vary widely from one insurer to the next, so don’t assume that everyone will just offer you the same sort of price.
Take All Your Insurance to One Company
Some insurers will give you a healthy discount if you take all of your insurance policies to them. If you bought a house and a car at different times then the chances are that you have different insurance policies with a few different companies. As well as potentially saving money by pulling them under one roof you could also make your life a little bit easier by doing this.
Take Advantage of Discounts
There are a number of different reasons why an insurer might give you a discount to reduce your premium. Having a good security alarm, parking the vehicle in your drive at night time and restricting the drivers are some of the easy ways of getting a discount. If you don’t have a great deal of personal no claims discount but have driven a company car accident free for longer then you could also ask about transferring this over to your personal insurance.
Update the Information
If you have had the car insurance policy for a few years then some of the information on it might be out of date. Your annual mileage, what you use it for and even your occupation can make a difference to how the risk is viewed by the insurance company. Try reviewing the information with them and see if there is anything which can be updated in order to reduce the cost for you. A couple of minutes of doing this might just result in a nice decrease in the premium.
Increase the Excess
A higher claims excess on your policy would mean a lower premium to pay. However, the downside to this approach is that if you have a claim you would have to pay more of the cost out of your own pocket. This is a balancing act which you need to carry out in order to make sure that you make the most of your money and don’t leave yourself open to having to stump up for expensive claims.
Reduce the Cover
If you have an older car then it might no longer make any sense to have fully comprehensive cover for it. Likewise, if you only use it very rarely then you might consider reducing the cover. Clearly this is a risk, just as increasing the excess as in the last point is. Having said that, you are the person who is best placed to decide whether you would be happy running this risk and saving on your insurance premiums. If you have enjoyed a number of years driving without any problems you might consider this to be a risk worth taking. However, we need to remember that Sod’s Law can kick in at times like this and leave you regretting the decision to reduce the cover.