How to Drive Down the Cost of Car Cover
Wednesday, August 19, 2009 9:36
It is possible to reduce premiums by hundreds of pounds and stay protected. Switching car insurance or van insurance providers can be a painless way to save hundreds of pounds or more a year. You should compare deals whenever you come to renew and may even be able to save by paying an exit penalty and changing mid-term. Bear in mind that there are few rewards for loyalt. Here’s a guide to reduce personal premium without skimping on protection.
1. Shop around
You can compare prices across scores of insurers in minutes at comparison websites, but be aware that some sites provide estimates rather than binding quotes.
2. Consider downsizing
The simplest way for most people to reduce the cost of cover significantly is to downsize their vehicle as cars with bigger engines cost considerably more to insure than less powerful models.
3. Test your title
Be as specific as possible when entering your job description. Check prices for all legitimate job descriptions. They may differ significantly.
4. Add a second driver
Younger drivers can save as much as 15 per cent on their premium by adding an older second named driver, such as a partner. There is no need for this person to drive the car. However, insuring a car in the name of an older relative, with its principal driver named as a second driver, is unlawful fronting amd invalidates the policy.
5. Don’t pimp your ride
Modifying a car will increase the premium. Researches have indicated that common additions, such as a rear spoiler, tinted windows and flared wheel arches. Opting for sportier models is also costly.
6. Lower your risk
Insurers increase prices if your car is vulnerable to theft or vandalism, so you could pay hundreds of pounds more if you park on the street rather than in your garage or on a driveway.
7. Don’t skimp on cover
It may be tempting to cut back on cover to save money. Third-party premiums offer the minimum protection required by law, paying out for damage to other vehicles but not your own in the event of an accident.
8. Save a bundle
Some new cars come with bundled insurance as a sales promotion. Remember to compare deals before renewing as policies may not be competitively priced.
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