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Car insurance calculator

Car insurance calculator

The past few years have proved to be expensive for car drivers, as insurance premiums have steadily increased. So, is it still possible to find a great value insurance policy that's tailored for you?

That's where our car insurance calculator comparison tool can help. Here's how to use it.

Daniel Hutson
From the Motor team
minute read
posted 28 OCTOBER 2019

What is the Compare the Market car insurance calculator?

Our calculator is a comparison tool that takes you through the quote journey, so you can find quotes most suited to your needs and get an accurate figure.

When you click through to our comparison tool, you'll have the opportunity to answer detailed questions about your vehicle, vehicle usage, your personal details and the type of policy you want, so you'll end up with a choice of quotes tailored to you and your car. We'll check and quickly get you quotes from our a wide range of insurance providers, saving you time and effort.

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How could our car insurance calculator help you save money?

You can use our comparison tool to answer questions on the following factors that could affect the overall price of your car insurance premium:

  • The type of car you drive – if you're looking to buy a new car, choose a selection of cars you like and use the insurance calculator to see how the premium changes depending on the make and model. The value of the car engine size and even desirability are all factors that are taken into account when calculating your premium
  • Your car's security – insurance premiums could be reduced if you improve your car's security. When using the calculator on the quote journey, you'll be asked about any security features. Use the comparison tool to see how much you could save if you have an industry-approved alarm or immobiliser fitted. You can then check whether the one-off costs of these products outweigh any saving you might make on your insurance
  • The level of cover – third party cover isn't necessarily always the cheapest level of cover as it's dependent on individual circumstances. Use the calculator to check the differences between third party cover, third party fire and theft, and fully comprehensive car insurance to see how they affect the end price of your premium
  • Your voluntary excess – you can also use the calculator to adjust your voluntary excess. If you choose a higher excess, it could reduce your premium. Just remember, in the event of a claim, you'll have to pay a compulsory excess in addition to your chosen voluntary excess, so make sure you can afford both.

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 how much your premium will cost:

  • Your age - car insurance for young drivers is by far, the most expensive. That’s because drivers under the age of 25 are more likely to have an accident, and therefore make a claim or have a claim made against them. Statistics show that one in four (23%) of 18-24-year-olds crash within the first two years of passing their driving test.  On the other hand, if you’re over 50, the assumption is that you have more driving experience, so your premiums are likely to be lower if your driving history matches
  • Your car - the type of car you drive is also a deciding factor when calculating the cost of car insurance. Generally, more expensive and powerful cars will cost more to insure. And any modifications you make to your car such as alloy wheels or a new stereo system, 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 stolen or damaged, so they’ll take into account where you live and where you keep your car overnight. They’ll look at the local crime rate, whether the area is urban or rural, and the road accident statistics for that area. If possible, keep your car parked overnight on a private driveway. Parking your car off the road reduces the risk of it being stolen or vandalised, and may help to cut the cost of your premium
  • Insurance Premium Tax - 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 12%.

How can I cut the cost of my car insurance?

  • Reduce your annual mileage - statistically, the more time you spend on the roads, the more likely you are to have an accident. Limiting your annual mileage will reduce your risk and that could help lower your premium
  • Drive well - a whole year of claim-free driving will earn you a no claims discount which could help reduce the cost of your car insurance. The more years you drive without making a claim, the greater the discount on your premium could be. Likewise, take care not to speed or use your mobile phone, as incurring penalty points on your licence can mean your premiums go up
  • Use our car insurance calculator - by customising your search with our car insurance calculator, you'll be able to see if you can save money on your premium

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