A surge in the rate of insurance premium tax (IPT) has been driving up the cost of car insurance, but there are still multiple ways motorists can save hundreds of pounds on their insurance every year.
So here are our 7 tips for you to keep your car insurance costs as low as possible.
1. Keep your car in the garage
Where you leave your vehicle overnight will have an impact on the price you pay. As we know, thieves are more likely to strike at night and a vehicle that’s easily accessible is more vulnerable. Therefore, if you have a garage, it would be worth clearing it out and storing your car there, rather than on the roadside. This could save you some money and is an easy fix.
2. If you’re actually retired or a homemaker – don’t describe yourself as unemployed
If you don’t have a job, be careful what put down on your application. Once again – don’t lie! But if you’re retired or a homemaker, you should say so, rather than saying you’re unemployed.
3. Avoid modifications
If you modify your car, you’re accepting that you’re going to pay more for your insurance. Aftermarket modifications, even small things like adding tinted windows or changing your alloy wheels, could increase premiums. Carefully consider any alterations you plan to make to your vehicle.
4. Test your excess
All car insurance policies have an excess, but setting a higher voluntary excess – as long as it’s one you can afford, can lower premiums. This is very much a balancing act, as obviously setting a high excess could cost you further down the line.
5. Add named drivers
If you’re not the only person driving your car, you should add named drivers, especially experienced drivers. Generally, insurance policies are set up with the policyholder being the main driver of the car but adding responsible drivers as named drivers is a great money saving tip.
6. Carefully workout your mileage
Take the time to work out how many miles you’ll drive each year – it’s easier than you think. Work out your regular miles (commutes, school runs etc.) multiply them up and then add your estimated ‘leisure miles’. Don’t give yourself too much of a buffer though, it’ll cost you.
7. Check the price of comprehensive cover
You may expect comprehensive cover – i.e. the better cover – to be more expensive. However, often it’s cheaper. This is because third party, fire and theft is often bought by younger drivers who are statistically more likely to be involved in an accident. It’s worth the time to enquire, it could be a nice surprise.
Online comparison sites have become the norm for people shopping for their car insurance – but we can do all that work for you AND save you money. If your car insurance is up for renewal then give us a call on 01482 707800.