It is very important and as per the constitution compulsory to have your vehicle insured. But car insurance can be very costly and a big burden on your pocket. Nonetheless, there are many ways in which you can save money spent on your car insurance. It will depend upon several factors including the make and model of your car, how much amount of money you have put in as excess, mileage of your car as well as the fact if you have put in any other drivers in your policy.
How to Get a Cheap Car Insurance Deal
1. Shop and look around for the best car insurance
When you are looking for car insurance do not hurry. Take your time and look around for the best insurance policy that is budget-friendly as well as incorporates the features you desire. Since insurance is mandatory, the market of insurance policy is huge and diverse as well.
Thanks to the internet now you can go online and compare several policies at once. Keep in mind that you are comparing like-for-like insurance covers. Some covers may seem cheaper but do not offer the required features, so don’t forget to take this into account as well.
It is possible that you already have a cover, and it is working well for you, but don’t forget that there are many cheaper options out there that could make a significant impact on your annual budget.
2. Avoid putting everyone on your policy
The insurance policy allows you to add any other drivers to the cover as well. Now it is very important that you do it carefully and be vigilant about whom you add to your policy. If you add any young drivers, below the age of 25, this will increase the price of your insurance. Since young drivers are statistically proven to be more prone to road accidents. So if it’s not extremely crucial, try not adding them to your policy and avail the comforts of cheap car insurance.
3. Protect your no-claim bonus
A No-claim bonus is a great way to cut down on your car insurance expenditure. A protected no-claim bonus may vary for different providers. But it can increase the premium by a few pounds. This amount may seem minimal when compared with a 90% discount on premium, nonetheless, this constitutes several hundred pounds. Remember to always check the policy very carefully and avoid looking for prospective loopholes.
4. Increase your Voluntary Excess
Another thing that you can do to lower the cost of your car insurance is to add more to the voluntary excess. This is the money that you declare to pay yourself in case of an accident. If an accident does happen and you are not at fault, you may be able to recover this amount as well.
5. Secure your Car
If your car is equipped with security gadgets such as a tracking device, immobilizer, alarm, or any other safety tool of the type, it will allow you a discount of 5% on your policy. Also, it is very important to declare these gadgets. If you fail to do so, you may not be eligible for the discount. Not only is it safer to have security tools on your vehicle but it can get you cheap car insurance as well.
6. Reduce your Mileage
If your car has a lower mileage it can also lead to a reduced amount spent on your policy. For example, if you cut your mileage by 5,000 miles, it can entitle you to £50 worth of premiums each year. For this, you have to be accurate about the miles, or else it would nullify your claim.
7. Look Out for Insurance Trap Cars
Before you decide to change your car, make sure to inquire about the impact of this on your premiums with your insurance provider. Such as sports cars, or ones with bigger and stronger engines have high premiums. Changing a car mid-interchange may lead to a fee which amounts between £25 and £50.
8. Use Your Garage
You can also cut on your insurance expenditure if you have a garage in your home. Enlisting in your policy that your car gets parked in a garage will make your policy cheaper. Since the cars parked outside homes are more prone to theft and vandalism.
9. Sign Up for A Blackbox
In a Blackbox policy, your insurance providers will install a device in your car. It will monitor your driving and entitle you to rewards and cheaper premiums if you are a careful driver. Blackbox works by checking the speed, recording how carefully you drive and if you are out on the road at prospective dangerous hours like very early in the morning. This policy, also known as telematics, is especially helpful for young drivers and people who previously had a history of accident/s on roads.