It’s a seeming fact of life that motor insurance costs always head in one direction – upwards!

In reality, over several previous years the cost of insurance had been relatively stable but all that started to change in 2015-17. The Insurance Premium Tax (IPT) increased, the government’s discount rate changed, and it’s fair to say, some insurers have implemented some long-deferred cost increases too.

The net effect of all of this have been rising premiums for many and that in turn has led to increasing focus on ways to cut motor insurance costs.

So, here are a few top tips that we hope will help:

• downsize your car. We should probably all be trying to do so anyway for environmental reasons but an added bonus is that typically smaller engines equate to lower premiums;

• investigate whether or not you can take a higher voluntary excess (the amount you agree to pay as the first part of any future claim);

• if you have drivers who are very young, inexperienced or have motoring convictions on your policy, you may wish to move them off it if at all possible. Those factors tend to steeply increase costs;

• keep your annual mileage down if at all feasible. Many of us use our cars far more than we need to and that mileage can increase the price of insurance;

• look into options for enhanced security devices on your car. Insurers typically welcome such steps, along with other risk-reduction measures such as garaging or parking your car off-road at night;

• defer indefinitely those high-tech customisations such as wide wheels etc. Some can push up the cost of cover considerably, though if you’ve already made them, it might be too late;

• protect your no claims discount by avoiding claims for relatively small sums. It may be more cost-effective to fund minor things out of your own pocket rather than to lose your discount;

• there’s little point in paying for outside of the UK cover if you never go abroad in your car (though this is sometimes included as standard in some policies);

• keep a clean licence. Picking up motoring convictions can be very expensive, both in terms of fines and your premium;

• if you’re planning to change cars, think again about those beautiful and powerful but also very expensive to insure sports models;

• avoid vehicles that are either obscure in the sense insurers will struggle to find them (e.g. some self-assembly kit cars) in their lists or which don’t conform to current UK regulations. They become ‘special cases’ and premiums can soar;

• ask your insurance provider for advice that’s specific to you. Some will have many ideas that might apply only in a few cases – such as yours;

• be cautious about defaulting to auto-renewals each year due to a lack of interest. A good broker/provider should automatically review the motor insurance market on a regular basis to see if there are any new deals out there that might save you money.

There is no reason to assume that the only way for insurance cost is up. Looking at some of the above, you might have more control over elements of it than you’d believe!

Why not call us for further ideas and information?