A Quick Guide to Saving Money on Your Car Insurance
by insight-social | 27 October, 2023 | | 0 comments
Car Insurance Savings
Welcome to Insight Insurance’s quick guide to saving money on your car insurance. We understand that car insurance is a necessary evil, sorry expense for every car owner, but it doesn’t have to break the bank even if it can bend it sometimes. Car insurance premiums can vary widely based on factors such as your age, the type of car you drive, your location, occupation, and more. In this guide, we’ll provide you with some hopefully helpful tips and tricks to help you lower your car insurance costs and find the best deals. While not all these tips will apply to everyone, we hope you’ll find something that suits your needs and saves you money.
- Review Your Policy Annually: Many people let their car insurance policies renew automatically without considering if they’re getting the best deal. Instead of allowing this to happen, take the time to evaluate your options when your policy term is ending. Compare quotes from different providers to ensure you’re getting the most competitive rates.
- Use a Comparison Service (or a good Broker): Shopping around for insurance quotes from various companies can be time-consuming. To make this process easier, let Insight Insurance do the work for you. We’ll talk to over 22 insurers comparing offers to provide you with the best value quote from our panel.
- Adjust Your Voluntary Excess: When you purchase car insurance, you’ll choose a voluntary excess amount. By increasing this amount, you can reduce your insurance premium. However, be cautious and only raise the excess to a level you can comfortably afford in case of a claim.
- Add or Remove Additional Drivers: Adding other drivers to your policy, such as spouses, children, or parents, can impact your premium. Consider experimenting to see how different drivers affect your rates. Experienced drivers may help reduce costs, while younger, less experienced ones could increase them.
- Improve Your Vehicle’s Security: The cost of insurance is influenced by the perceived risk of insuring your vehicle. You can lower your premium by improving your vehicle’s security features, such as alarms, immobilisers, and tracking devices. Before investing in these upgrades, calculate potential savings to ensure they are cost-effective.
- Install a Black Box: Black box telematics policies can substantially reduce insurance costs, particularly for young or inexperienced drivers. These devices monitor your driving behaviour, rewarding safe driving habits with lower premiums based on factors like speed, acceleration, and braking.
- Accumulate a No-Claims Bonus: The longer you go without making a claim, the larger your no-claims bonus becomes. Consider not claiming for minor damages to preserve this valuable discount. Calculate the cost of repairing the damage yourself versus the cost of losing your no-claims bonus. For first-time drivers, having named driver experience can sometimes be considered as a no-claims period and help reduce the cost of your first insurance policy.
- Park Safely: Where you park your car can influence your insurance rate. Whenever possible, park in a secure location, such as a locked garage or driveway, to minimise the risk of damage or theft. While this may not be an option for everyone, take advantage of it if you can.
- Choose the Right Cover: Not every vehicle requires fully comp insurance. Consider alternatives like third-party only or third-party, fire and theft insurance, especially for older cars or those you don’t drive frequently. This can lead to cost savings.
- Know Your Mileage: Your insurer will require an estimate of your annual mileage to determine your premium. More time spent on the road means an increased risk of an incident. Overestimating can lead to higher costs, so ensure your estimate is accurate. Update your provider if your mileage changes, such as due to a job relocation.
- Level Up Your Driving Skills: Taking an advanced driving course may qualify you for insurance discounts. Before enrolling, check with your provider to confirm eligibility. For example, courses like the RoSPA advanced driving test in Ireland could lead to reduced insurance premiums.
Conclusion: We hope these recommendations help you save money on your car insurance. If you’re considering switching insurance providers and want to find the best prices, reach out to our Denis, he’s sound, he’ll look after you. He’ll help you find the cover you need at the price you want. Insight Insurance, One Call Sort’s it All!