Car insurance calculator

Car insurance calculator

Car insurance is there to protect you by helping to cover your costs should you have an accident. But with the cost rising every year – wouldn’t it be good if you could find a great-value insurance policy that’s just right for you. That’s where our car insurance calculator  can help.

Daniel Hutson From the Motor team
minute read

Car insurance calculator

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How is car insurance calculated?

Car insurance is tailored to you, your car and where you live. Risk is the key factor for insurance providers when it comes to working out what you pay.

Your age
Car insurance for young drivers is the most expensive by far. This is because, statistically, that age group has the most accidents –almost a quarter of all 18 to 24 years olds have a crash inside the first two years of driving – and are therefore most likely to make a claim or have a claim made against them. On the other hand, if you’re over 50, the assumption is that you’re a lower risk driver because of all your experience on the road, so your premiums are likely to be lower.

Your car
The type of car you drive has a huge impact on your premiums. As a general rule, more powerful and more expensive cars cost more to insure. And any modifications you make to your car, such as adding alloy wheels or a spoiler, can bump up the cost of your premium too.

Where you live
The risks that insurance providers look at include the likelihood of your car being damaged or stolen. As your home and work are where your car is likely to be parked for the majority of the time, this has to be taken into account. Insurance providers look at the local crime rate and the roads you park on – whether they’re urban or rural – and how many accidents have happened in the area.

If possible, you should keep your car on a private driveway overnight. Parking your car off the road reduces the risk of it being stolen or vandalised, and may cut the cost of your premium.

There’s also one other element that gets added onto the cost of your insurance and that’s insurance premium tax (IPT). It’s currently charged at 10%, but rose to 12% in June 2017.

How can I cut the cost of my car insurance?

Reduce your annual mileage
The more time you spend driving on the roads, the more likely you are, statistically, to have an accident – and that’s going to increase the cost of your insurance. Limiting the amount of time you’re on the road could reduce your risk and therefore lower your premium.

Your insurance provider will ask you to estimate your mileage for the year. Set this as low as you think is realistic, but be careful not to underestimate as this can make your policy invalid.

Drive well
Good driving can lead to lower premiums. Each year that you drive without a making a claim on your car insurance gives you a year of no claims bonus – and that could give you a discount on your insurance. The more years you drive without making a claim, the greater the discount on your premium could be.

Speeding or incurring points on your licence can mean your premiums go up.

Use our car insurance calculator
Get a new car insurance quote with our car insurance calculator and you could start saving money today.

How can I cut the cost of my car insurance?

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