Despite Britain’s roads getting safer year-on-year, car insurance in the UK is costing road users more than ever before.
On average, UK drivers are spending £485 a year on car insurance*, but in most cases, that number can be chopped down. Read on to discover our 5 quick tips on how to save money on car insurance and start cutting down on your costs today.
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1) Stay Away from Sports Models
Insurers often tack on extra charges for cars with more powerful engines and sports features. Before you fall in love with that turbo engine, do a quick quote check and see if there’s a significant jump in your monthly premiums.
As a rule of thumb, the more the car costs, the more you’ll have to pay to insure it. Remember, a small monthly saving of £10 adds up to a hefty £120 in a year – enough to buy an international plane ticket!
2) Stop Paying for Unnecessary Extras
How many times has a stray rock shattered your windshield? Have you ever punctured a tire? Do you care if your rims get scratched? These are the kind of extras tacked onto your quote. If you’re willing to risk paying for these extras yourself, take them off your cover and save in the short term.
3) Cash in When you Don’t Claim
Have you heard of a No Claims Discount (NCD)? When you don’t claim on your car insurance for a year or more you build up a sizable NCD. The discount is rewarded on the renewal of your insurance contract and can stack an indefinite number of years (some companies cap you at 5 years).
Even if you change insurance providers, you can generally take your NCD with you and apply it to your new policy. The NCD is so lucrative, most people fix minor bumps themselves, finding it cheaper than paying the full insurance premium.
4) Park off the Road
The riskier your situation, the higher your premium will be. If you park on the road, your risk of vandalism, robbery, or accidental damage increases – driving your monthly payments up. Parking off the road in a designated parking space, behind a security gate or in a locked garage will reward you with big savings.
Where you park at work and at home has an impact on your premium, so if you don’t have secure parking at work, consider leaving your car at home and taking public transport. Remember, lying on your contract could result in the insurance company voiding your cover when you need it most.
5) Increase Your Excess
Increasing your excess is the best short-term way to get lower car insurance premiums. You pay the full excess when you make a claim, so be careful and don’t increase it beyond your financial means. If you can’t pay your excess, fixing or replacing your car will be delayed, leaving you without transport.
Play it safe and make sure you have a savings account with the excess amount tucked away for a rainy day.
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