Car Insurance Cost Saving Tips

There are a number of ways you can potentially reduce your car insurance premium. Make sure you consider these points before you make the call to get a quote and tell the insurance company even if they don’t ask.

Where is it kept?
Your premium will be reduced by keeping your vehicle in a more secure place. A garage is always preferable but even a private driveway is better than on the road.

Any No Claims Discount?
Demonstrating you have a good track record and have driven for a number of years without making a claim makes you a lower risk and can reduce your premium by up to 60%.

Need a Multiple Policy?
Many insurers can offer Car, Home, Travel, Pet and health policies. If you need to renew more than one you may get a discount for buying multiple policies from the same provider.

Can you improve security?
Find out what security features your car has fitted as standard or have been fitted by a previous owner. Fitting approved alarms, immobilisers and tracking systems can all reduce the premium. Ask insurers what they value most.

What do you do for a living?
Insurers consider some professions as higher risk than others. However, being a student or being retired could mean there is a discount offered from specialist providers so make sure you ask if this is the case.

Can I change the Excess?
If you are willing to pay a higher excess in the event of a claim this could substantially reduce your premium.

What is your mileage?
Keep track of your mileage as many people overestimate - Low mileage can lower your premium.

“The best tip is to shop around and get at least 3 quotes.”

Remember to ask:

• Is accident recovery included?
• Do I get a courtesy car in the event of an accident?
• How long is the quote valid for?
• Can I pay by monthly instalment and if so does this add to the cost?

The opinions expressed are those of the author only. The material is for general information only and does not constitute legal, financial or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation by an FSA authorised company where the market is FSA regulated.