Is there anything you can do to reduce the costs of first time car insurance?
Well the good news is, while you might never class your car insurance as cheap, there are a number of things you can do that might make it cheaper.
1) Shop around
You might not want to go with the first insurance quote that you find – premiums can be expensive and it can pay to look around. Get a quote with us and you can compare various insurers to see if you can get a more competitive price.
2) The value and type of car
The market value and type of car could significantly affect the premium you’ll pay. If you opt for a new, high powered or luxury car you’re going to be quoted some very high premiums. A more common, standard model with a smaller engine might not sound as glamorous but it could save you money on your car insurance until you’ve clocked up some driving experience.
In insurance speak, your policy excess means the amount of money that you would need to pay in the event of any damage to your car before your insurance policy kicks in.
There are a few sorts of excess. The insurer may set a compulsory excess but you can choose to add an additional voluntary excess on top. You can decide to have no voluntary excess so you wouldn’t have to pay for anything over the compulsory excess if you were to make a claim. However, your premium could then be higher. Another type of excess that might be apply to you is a young driver excess which is applied to drivers under 25. Just be sure to read the T&Cs so you know what’s included in the premium.
Increasing that security on your vehicle might help with the premiums.
Even something as simple as an industry approved steering wheel lock may make a difference. If you can afford it, investing in an immobiliser might be an option. If you have the option, parking on a drive could also help to lower your premium. Just bear in mind that you might need to speak directly with the insurer to accurately reflect the security measures taken in your premium.
5) Modifying your car
While you may love the idea of adding extras to your car, insurers don’t tend to be so keen. Insurers want you to stick to your factory specifications and could refuse to even quote you a price. Those that will insure you, could charge you more.
6) Restrict how much you drive
Limiting the amount of time you’re on the road obviously reduces your risk and with it, your premium. Most insurers will ask you for a mileage limit, so set this as low as you think you can comfortably achieve. Just make sure you’re being truthful – if you make a claim and you’ve considerably underestimated your mileage, you could end up with a void policy.
7) Drive well
If you make sure you drive well from day one, it could lead to lower premiums. Your premium will increase if you start to get penalty points or if you have an accident. But if something does go wrong and you do receive some points, make sure you tell the insurer. It could affect your premium, and might invalidate your policy if you don’t make them aware.