Saving on your car insurance: 13 top tips
Saving on your car insurance: 13 top tips
Finding cheap car insurance isn’t always possible, but there are things you can do to help cut your costs. We’ve put together some top tips that could help you save money on your premium.
Saving money on your car insurance
It’s an expensive time for UK drivers. Our latest research shows that the average cost of car insurance in the second quarter of this year (across all age groups) was £730**.
It’s no wonder, then, that drivers are looking for tips on how to find cheaper car insurance. As well as using Compare the Market to check out great car insurance deals, take a look at our top tips that could help you keep your premiums down.
**Premium Drivers Report December 2019
1. Choose a cheaper car to insure
The car you drive can have a big impact on your insurance, with some models offering lower premiums, on average, than others. Always check which insurance group a car is in before you consider buying it.
2. Compare multiple car insurance quotes
Because third party car insurance offers the most basic level of cover, it’s easy to see why people assume it’s the cheapest option. This isn’t always the case though, as car insurance prices depend on each person’s circumstances. Compare car insurance with us and you can look at prices for the three main types of car insurance: third party, fire and theft and comprehensive.
3. Reduce annual mileage
It stands to reason that if you limit the amount of time you’re on the road, your insurance provider may consider you a lower risk and therefore reduce your premium. Your insurance provider will ask how many miles you drive on average – it’s one of the main factors used to calculate your insurance premium.
4. Pay in one go
If you can afford to pay your yearly premium in one go, you could save money. Despite the obvious attraction of spreading the cost of your car insurance, your insurance provider could charge you interest on the monthly instalments.
5. Increase your excess
All car insurance policies have an excess, which is the amount you’ll have to pay if you make a claim. If you choose to pay a higher voluntary excess, you could see a reduction in your premium. Be aware, though, that this could cost you more if you make a claim, as you’ll have to pay this higher voluntary excess as well as the compulsory excess set by the insurance provider.
6. Don’t pay for cover that you don’t want
All of these could certainly come in handy, but they will almost certainly increase your premium. If you’re willing to risk it, taking these extras off of your policy could save you money in the short-term.
7. Think carefully about modifications
It may be tempting to customise your wheels, but weigh up the costs before you go ahead. Any modifications could make your car more attractive in the eyes of thieves and your car insurance may go up to reflect this increased risk.
8. Park your car off the road
Where you park your car overnight can make a difference to your premium. If possible, park on a private driveway or in a secure garage. Keeping your car off the street reduces the chances of it being vandalised or stolen.
9. Improve your car’s security
Fitting an industry-approved alarm or immobiliser might help to cut the cost of your car insurance. You may need to speak to your insurance provider directly to get any saving reflected, and it’s a good idea to check whether the costs of these products outweigh any potential saving before going ahead.
10. Think about a black box policy
Sometimes called telematics car insurance, a black box policy rewards good drivers. A small device about the size of a mobile phone is installed in your car, or you download an app to your phone which monitors aspects of your driving, such as acceleration, braking, cornering and the time of day you drive. Initially popular with young drivers, telematics policies are appearing among the best buys for older age groups too, according to Consumer Intelligence.
You could receive a discount on your premium for good (lower risk) driving but, be warned, your premium could also increase due to bad (higher risk) driving.
11. Take an advanced driving course
An advanced driving course, such as Pass Plus, may help you get a discount on your car insurance. Always check with your insurance provider before you take a course, though, as not all providers offer a discount simply because you have an extra driving qualification.
12. Add a named driver to your policy
If you’re a new driver and you share your car with a more experienced driver, you could cut the cost of your premium by adding them to your insurance policy. Even adding a second driver with a low-risk occupation could reduce your premium. Just remember, though, it’s illegal to say the other person is the main driver of the car if that isn’t actually the case. This is known as fronting, a form of insurance fraud, which at the very least can invalidate your insurance policy, but could also lead to a criminal conviction.
13. Build up a good no claims discount
If you don’t make a claim on your insurance, you’ll be rewarded at renewal with a no claims discount (NCD).
Building up a good NCD is such a money-saver that if you have a minor bump, it’s often cheaper to pay for the repairs yourself rather than making a claim. But remember, you always need to notify your insurance provider of any accident, even if it’s minor and you’re covering the cost yourself.
Are you ready to find potential savings on your car insurance?
Comparing with us could be the best way to get a cheaper deal. We’ll show you some great deals from a variety of the UK’s most trusted car insurance providers. You can compare the policies based on price, cover level, add-on, or annual or monthly payment, helping you to find affordable car insurance that suits your needs.