Car insurance is compulsory, but it’s not necessary to pay more than you have to. A few simple steps combined with some time surfing for competitive car insurance rates really can save you serious money at renewal time.
Raising your deductible
Deductible is the amount you pay from your pocket before making an insurance claim. The disadvantage of raising your claim is when you make a claim, you will pay more.
The easiest way to cut your car insurance premiums is to cut the risk and accept a higher voluntary excess. An insurer’s standard excess may be £100 but if you meet the first £250 of any claim, you’ll see a reduction in your premium.
Look at your previous insurance claim history and make a discreet decision for yourself.
This is because you’re taking on more of the risk so you get a discount. But it’s a gamble, be aware that you might have to meet the cost of a broken window after an attempted theft or a bill for repairing bodywork damage after a car park crunch.
Older Auto – Drop comprehensive / collision coverage.
If your car is not worth much, why pay for comprehensive and collision insurance coverage.
Fitting security devices can also result in cheap car insurance premiums. All major insurers insist on Thatcham rated security equipment, usually a minimum of an alarm. If you live in a high-risk area for car crime, it makes sense to fit extra security.
Annual Mileage, Less Means More in Your Pocket</b>
Taking advantage of low mileage
Some auto insurance companies will give discounts if you drive less than a certain number of miles or drive less than a certain distance to work.
If your annual mileage is, 5,000 miles or less, ask insurers if they offer discounts for agreed mileage restrictions.
Low profile vehicle
The biggest car insurance savings come from shopping around. There can be massive differences between the lowest and highest car insurance quotes for exactly the same car and driver(s).
Some of the cars are favorite for thieves since they fetch a good price. Some cars are more expensive to repair. It makes a lot of sense to do adequate amount of research before you make your auto purchase.
Start off using good comparative online quotation sites, take their best quotes and go direct to the cheapest car insurance company for more specific quotes.
Make sure your vehicle is correctly listed by your insurance agent.
Many manufacturers offer somewhat similar model names for vehicles but insurance costs may vary. Additionally 2 or 4 door or the wrong model can impact your auto insurance quote.
So next time your renewal quote arrives, don’t just accept it and give your money away to the insurance company.
A lot of companies will offer discounts if you and your spouse are insured with the same insurance company. Additionally, if you seek home insurance, life insurance, auto insurance from the same insurance company, you will get some discounts. Check with your insurance agent on saving money.
Use the steps above and get the right cover at the right price.