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21 Money Saving Tips
for car insurance.
None of us can get away from buying car insurance if we own a car, and drivers who drive illegally without insurance are the scourge of the industry and cause premiums to rise as the law-abiding public pay the price. There are many factors that affect the cost of a policy and you can make savings on your premiums if you follow these 21 top tips. Starting with the factors most likely to help you save money are our ‘three crown tips’ as follows.
1. Compare prices
Car insurance is one area where you can find wide discrepancies in price. One insurer might quote a generous 400 pounds with another, appearing to think of a number and doubling it, quoting one thousand! So the top tip is to compare, compare, compare.
Beware of your car seller offering to include insurance, which is very easy to accept as it saves you the hassle of doing it yourself. But you rely on the fact that if he is giving you a good deal on the car he’ll be counting on sticking you for a high insurance premium.
And even when it comes to renewing a policy always shop around. If you just let it roll on you can be sure it’s not getting any cheaper, and there might be much better deals out there. Also remember you could get a better deal if your circumstances changed, for example you’d be quoted less if you had been insured for business mileage and no longer had to drive to work.
Some insurers also target specific market sectors, so one company may be happy to give older customers a good deal but penalise younger drivers for their age. But that same insurer might change tactics next year, so always get new quotes to compare for renewing.
The old way of getting quotes was to sit on the phone listening to an automated voice connecting you to an agent who would take your details and finally give you a quote. Now it is easier. Just go to a comparison site on the internet, fill in all your details and Bob’s your uncle. Securance provides one such site which is very easy to use.
2. Direct debits
It may sound attractive to spread payment of the premium over monthly instalments. After all, it’s easy to have a direct debit going out of your account every month and helpful for your cash flow. However, remember that you pay for the privilege with an APR which could be up to 20 per cent, and that is not so attractive. So maybe it would be better to save up to pay the premium upfront, or even take out a 0 per cent credit card and pay the full amount.
3. Modifications
Insurers like cars that fit in their specific categories, so finding insurance for a modified car can be difficult. And remember that their definitions of ‘modification’ might be different to yours, so spell everything out. Some companies won’t even give you a quote, and if they do you can bet it will be expensive. Statistics have shown that a modified vehicle is more expensive to repair, and indeed is more likely to be in an accident, than a regular model.
An exclusive car needs individual attention so you will need to speak to an individual – believe it or not they are available on the phone, eventually! But first, get quotes via the Securance website for the car, but without ticking the box for modifications.
Then phone two or three companies offering the cheapest quotes and get through to a member of their underwriting team. Tell them the price you’ve been quoted without modifications and ask for a new price for your particular modifications. Get a reference number for the new quote and say you’ll get back to them.
Do the same with two or three companies, then go back to the site and compare again with the modified boxes ticked. It may sound long-winded but you’ll get the best price in the end.
4. Your No Claims Bonus
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If your car is in an accident and you make a claim on the insurance, obviously you lose your no-claims bonus. But if it was not your fault you could still lose your bonus if the insurance company can’t recover all the costs from the other party. It seems unfair but it is still deemed to be a claim against your policy.
Your no-claims bonus can usually be retained for up to two years if you don’t own a car for that period of time.
If you change your insurance provider you take your no-claims history with you and continue to amass the bonus over the five year period.
Often the bonus can be transferred between partners if they have been driving on the same policy. So get separate quotes when it’s time for renewal, one with you using the bonus and one for your partner. See who gets the cheapest quote that way.
Drivers of company cars should be able to carry forward their no-claims bonus to their personal car insurance when necessary. Insurance companies will need official letters from the company confirming details of your driving record while in their employment.
It’s good to have a no-claims bonus, but make sure you compare the net cost of the premium after any discounts.
5. Motor incidents
Insurance companies often ask you to declare any accidents in the past, whether or not you made a claim. This information could affect your premium.
Our advice would be to compare quotes on the website, both with and without revealing the accidents, and then phone the companies to discuss the situation. Often they will decide not to take those incidents into account so you can go back to the site and get the best deal with that in mind. Make sure you have a reference for those conversations for future queries.
6. Insurance ratings
Cars are rated within the insurance industry from one to 20, and these days individual companies have wider rating bands, up to 50 in some cases. The wide range of bands allows your car to fit into a category with others which are very similar and one model range can have cars in several different groups, according to engine performance etc.
The higher the rating the more expensive the premium, but the rating doesn’t just refer to the car. Where you live and how likely it is to be stolen also affect the figure, so if you don’t want to move from an expensive location, maybe you’d better get a cheaper car!
7. Get a cheaper car - or is that more expensive
It costs more to insure an expensive car, we all know that. But conversely, if you want to insure an old banger, and we’re not talking vintage here, it can cost even more as insurers figure it will break down more often.
8. It's not all about size
Did you know that weight is important as regards car insurance? We all know about engine power but if your car has a high power to weight ratio it is going to be really fast, and that means a fast high up the ladder of premium cost.
Near the very top of the cost ladder are young driver with fast cars so the premiums will be astronomical. Our advice? Choose a car with a lower power to weight ratio and save on the cost of insuring it.
Our ‘two tick tips’ give you an idea of more ways to save the cost of car insurance.
9. Comprehensive can be cheaper
In these days of political correctness and equality it should be surprising that insurance companies are allowed to charge men more than women for the same premium! But that is because premiums are based on historical statistics which show that more men have accidents than women. It is not clear whether this information was gathered when there were more men driving in the first place but there you are.
Another statistic shows that young drivers have more accidents too, especially if they are boy-racers driving older cars with a few dents already, hence the high premiums charged. Claims for injuries to third parties and to their cars are a major expense for insurance companies.
It has been proved that drivers with comprehensive insurance have fewer accidents, with the result that third party, fire and theft insurance can be more expensive even from the same provider. So aim for getting a comprehensive policy, especially if your car is an older, cheaper model.
10. The voluntary excess
You can’t get away from a fixed compulsory excess charge on your policy, but opting for a voluntary excess charge will affect the premium to pay. The more risk you absorb by paying a higher excess means the lower your premium will be. Conversely, the lower the voluntary excess the higher the premium.
Get quotes with different amounts of voluntary excess and see how the premium changes. If you are sure any claim you make would be below 400 pounds, fix your voluntary excess so that together with the compulsory excess it totals 400 pounds. You should see a drop in your quote.
This is only a ‘two tick tip’ because although you will make a saving by increasing your voluntary excess, it will not be a huge amount.
11. Where do you park?
You pay a higher premium for on-street parking so if you are able to put your car on the drive that will help save you money. Note that ‘a private drive’ is better than mere ‘private parking’ so make sure you choose the right option for the price. Of course if you can garage your car overnight that will be even better.
12. Named drivers
It doesn’t seem to make sense, but sometimes more is less. Adding an extra driver who lives with you and has a clean insurance history and their own car onto your policy can make it cheaper. On the other hand, sometimes it can increase it, so you need to check that out and get quotes for both options.
13. Mileage matters
The number of miles you drive in a year also has an effect on your premium so it’s worth keeping a record. And when you look at getting insurance that is one of the questions they will ask. Ten thousand miles is an average but other people might drive less, and under 6,000 might be the norm for them.
If you cover thousands and thousands of miles per year you would expect to pay a higher premium as you are at greater risk of accidents and there’s more wear and tear on the car. But it’s complicated. If you only drive a couple hundred miles a year (apart from with a classic car) you could also end up paying more as you might be considered high risk through lack of practice.
14. Marriage is good for you
A wedding ring would appear to give you some gravitas, at least that’s what the insurance companies think. If you have tied the knot you will be considered more responsible, and, if both you and your spouse are named drivers, that’s shows more responsibility still!
So do get quotes both for yourself alone and for you and your spouse, even if he or she won’t be driving the car, and see what the price difference is.
15. Pass the Pass Plus course
Newly qualified drivers, and especially young drivers, could help reduce their premiums if they undertake a Pass Plus driving course after they have gained their driving licence. The course aims to boost confidence at the wheel and increase a new driver’s skills and experience, thus reducing their risk of being in an accident.
The course costs around 100 to 150 pounds depending on the instructor and where you live, and it will take a minimum of six hours, more if you don’t pass first time. So the cost of the lessons could in fact negate any saving on the premium. Unless you’ve been lucky enough to get a grant from the Council which is worth investigating.
Another point to note is that research has shown that drivers who have not taken the Pass Plus course have only a very slightly higher risk of an accident during their first year of driving than those who have passed the course (20 per cent against 19 per cent). Taking these statistics into account some insurers are likely to stop offering attractive discounts for Pass Plus achievers. However, you can still find premiums with 20 per cent knocked off so it is worth looking for those offers.
As always, you need to compare quotes with all possible permutations and keep getting updates if you r circumstances change before you need to take out a policy, for example if you’ve got older or moved house.
Now we move towards the ‘one tick tip’ section starting with the effect your employment can have on your car insurance.
16. Get a sensible job
Steady Eddy gets the best rates. If you are a teacher or work in a field that the insurance company considers ‘safe’ your premiums will be lower than for those in other occupations, for example the media, which seems to have a boozy reputation.
If you have been insuring your car to include business mileage and you change jobs where you walk to work you can also make a saving on the premium.
17. Old at 25!
Car insurance is much cheaper for the over 25s who are no longer in the first flush of youth and are growing up into their more responsible middle years. Research shows fewer accidents among the over 25s as their behaviour at the wheel is more careful than younger drivers.
If you need insurance and are under 25 you just have to grin and bear it as lying on your application form could lead to no insurance at all, ever.
18. Where you live
The area you live in has a major impact on your rating for car insurance. Even if you are squeaky clean as regards your driving history with neither a speeding fine nor an accident to your name, and no one has even tried to steal your car, if your address isn’t posh enough your premium will be higher.
In general, you will pay less if you live in a nice middle-class suburb than if you live in the supposedly crime-ridden city centre. And don’t try to lie on your application form either because your insurance would be invalidated if you make a claim and are found out. Insurance companies are pretty hot on this subject and chances are you would not get away with it.
19. But I like red!
Did you know that red cars are more likely to be involved in an accident than any other colour? No, neither did I, but you may find a higher premium says so! Maybe it’s the boy-racer image again. Other colours that could affect the cost of insurance are black, hard to see at night, or green if you blend into the countryside. I don’t know about blue, but metallic paint costs more to repair so that’s more expensive too! White cars are highly visible so may be cheaper to insure.
20. Homeowners
They say that home owners have fewer accidents, car accidents that is, not DIY. So you may well find being a home owner brings your premium down. Remember to put your car insurance company on the list of contact to inform if you change address.
21. Quit smoking!
Apparently your risk of having a car accident is reduced if you do not smoke so if you have stubbed out the habit a while ago this could reflect in a cheaper premium. Another good reason to quit smoking if you haven’t already got the message!
So that is our list of 21 top tips to help you in your quest for cheaper car insurance. There are so many choices and providers out there you do have to do your homework. Use the comparison sites putting in different options, but also speak to a living, breathing human being on the end of a phone if you need clarification about your choice of policy.
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