1. Shop, shop and shop again – the main thing people forget to do is to shop around. The one thing to do if you do nothing else is to call a few insurance companies and get a few car insurance quotes. Surprisingly to some, the quotes can change by hundreds of pounds.
2. Take out more than one insurance policy – a lot of insurance companies now provide insurances for a variety of covers. Not only car insurance, but home insurance, contents insurance, life insurance, pet insurance – every type of insurance you can think of can generally be bought in the same place. Whilst it may not seem the cheapest quote around for each individual quote, buying them together can provide you with a significant discount.
3. Increase your excess – for younger drivers, this is often their first port of call when reducing their insurance premium. It’s often difficult enough to actually get car insurance when you’ve just passed your test, never mind getting a reduced premium. So the answer? Increase your own personal excess. All insurance companies ask for a set excess. However, most will also ask if you would like to contribute a voluntary excess also. This voluntary excess being what you would pay in the event of an accident on top of the standard excess. Of course, it works out more expensive should you have an accident, but if you don’t claim on your insurance, then you could save yourself a packet.
4. Don’t get into trouble – criminal convictions, whether they are vehicle related or not, will increase your car insurance premiums. And the bad news is they stay on your record for five years. So for example, you hit a bad patch when you were 18 and committed burglary, stealing a television from your next door neighbours. They pressed charges and you did a few hours community service. It hit you and you never did anything criminal again. However, you’re still going to be feeling the repercussions on your car insurance when you’re well into your 20’s.
5. Be a safe driver – the most sensible but most overlooked thing to do is simply be a safe driver. Driving within the speed limits, with a full MOT and tax will ensure you don’t attract any unwanted attention and receive a fine and points on your license. The more points you receive on your license – and remember, you can receive 3 points and a £60 fine even if you’re driving at 34mph in a 30mph zone – the higher your insurance premiums will be. And don’t forget, 12 points on your license and you need to take your theory and practical tests again (this is reduced to 6 points in your first 2 years of driving).
There are several different measures you can take to reduce your car insurance premiums. The above are the top five, but there are many more to choose from – just remember, be a safe driver and think before you buy and you should be on the right road to lower car insurance premiums.