Whether you are an experienced driver hoping to make a saving on your next car insurance renewal, or if you are a new, inexperienced road user trying to combat sky-high premiums, there is often room to reduce the cost with a few simple tips and tricks. Read on for some suggestions on how you can obtain cheaper car insurance:
Be realistic about your mileage – Higher mileage can add 10-20% to insurance premiums, and overestimating can mean you will pay for something you will never need. It is also worth remembering that you can increase it throughout the year if you end up driving more than you expect.
Experiment with extra drivers – Adding experienced named drivers with clean driving records can bring about a reduction. Sometimes you will have to add two in order to unlock the best discounts. Be prepared to work on all of the options however, as some companies will offer cheaper prices if it is just yourself to drive.
Avoid Modifications – This is crucial if you are a young driver, but can have a negative effect on anyone regardless of their experience. A good number of Insurers will be happy to accept alloy wheels, but more substantial, performance enhancing modifications are likely to be unacceptable to over half of the companies you approach for insurance.
Consider your level of cover – If your vehicle isn’t worth very much money (say, under £1,000 in value) then you may find cheaper car insurance is available for Third Party, Fire and Theft. In the event of an accident you are more likely to just replace the vehicle rather than repair it, especially if the cost of the excess is about the same as the value of the vehicle. Bare in mind though that some Insurers offer cheaper rates for Comprehensive, so check both to make sure you’re getting the benefits!
Overnight Parking – Sometimes it is easier to tell your Insurers that you will keep your vehicle on the road or on the drive for convenience, but putting it in your garage instead can earn you some extra discount. It’s worth putting in the time to clear out those boxes and free up space for a car!
Take a higher voluntary excess – Agreeing to pay a higher excess – The amount you pay up front in the event of a claim – can save you money, and is a low risk investment if you’re an experienced driver with good claims experience.
Pay in full – It is a minor miracle to find an Insurer that allows you to pay monthly with no interest charges, and the amount can be anywhere from 15% all the way up to 50%! If you have to pay by monthly instalments then work out the total amount after interest. Just because they are cheapest paying in full, it doesn’t mean this will be the same when you work out the extra cost!
We at GSI Insurance Services (Southern) Ltd. hope that these tips will help save you a few pennies and get cheaper car insurance. To see how much more we can save you on your car insurance, give us a call for a speedy, no obligation quote on 0800 612 9376.