We’ve all had the problem of being quoted an extremely high price on our car insurance, so how can you save money on your premium? After all, car insurance is a legal requirement in the UK.
Car insurance premiums typically cost several hundred pounds each year, but luckily we know of a few ways you can get cheaper car insurance. In this blog, we explain everything you need to know to get the best deals possible.
Reading: Car insurance how to save money
1. call a specialist
Our first advice is also our best advice, call a specialist. Ultimately, the best way to get the best quote possible is to talk to an expert. Relying on price comparison sites is often people’s choice when trying to save money, but not all insurance companies are listed on such sites.
comparison sites and online quotes are computer generated and cannot be changed. Talking to an insurance specialist like the experts at sterling not only ensures you answer questions correctly, it also means you get to talk to a real human being who is actively trying to lower your premium and get you the best possible quote.
2. limit your annual mileage
A popular way to save money on your auto insurance is to limit the number of miles you can drive each year. If you drive less than the average number of miles per year, you may be entitled to a discount.
In the UK, drivers typically drive 10-12,000 miles a year in their car, but if you set a limit of 7,500, 5,000, 3,000 or even 1,500 miles a year, you can save quite a bit.
3. add additional drivers to your insurance policy
If you know a low-risk driver who can use your vehicle during the policy, adding them to the insurance will in turn lower the price. When people drive vehicles that other people also use, they tend to treat that car more carefully. that means adding drivers can get you a discount. the discount can be very significant if the driver(s) you add is also highly experienced.
4. renew your insurance well before it expires
Insurance companies prefer people who are well organized, as this shows that you are less likely to take risks. If you get a quote at the last minute, you’re more likely to be charged more than if you get a quote a few weeks before your current policy expires.
For that reason, it’s a good idea to get a quote well in advance of when you need it to help save money. companies are generally happy to quote up to a month in advance.
5. be sure to tell your insurance company about any no-claims bonuses you’ve accrued
We all know that earning a one year No Claims Bonus (NCB) can save you a great deal, but did you know that the savings continue each year until you’ve accumulated an NCB for about 5 years, at which point the savings could be close to 65%? however, this bonus can only be applied to a single policy and you must have earned it on annual insurance policies during that time.
so even if you haven’t claimed for a few years, there’s still a chance you don’t have ncb available to use. Fortunately, if you talk to a specialist insurer, they can often take into account your years of driving without claims and offer a discount equal to or close to it.
6. earn an advanced driving qualification
many specialty insurers will offer a discount for people who have an advanced driving qualification, such as an iam roadmart course pass or, for new drivers, a more certified pass, so if you have completed one of these, be sure to mention it, in case it saves you a little more money.
7. compare different levels of coverage – full coverage might be cheaper
There are different levels of insurance coverage, from the very basic third party only (tpo, which only covers damage you cause to others) and third party, fire and theft (tpft, which covers fire, theft and, therefore, typically vandalism). your vehicle too), to comprehensive (often known as total compensation, which covers accidental damage to your car, and usually a level of windshield insurance as well).
Although comprehensive insurance covers much more, it may actually be less expensive, simply because more insurers will offer prices, providing better options and helping you save money.
A good specialist broker will always check to see if ‘full compounding’ could really save you a few pounds, but you should also try it out for yourself. And remember: adding an additional voluntary excess can usually reduce it further, but that usually only helps for comprehensive insurance quotes.
8. avoid monthly fees by paying all at once
Insurance companies and brokers often need to charge interest if you choose to pay in installments instead of paying all at once. this means additional charges that you could avoid by paying in advance.
If you have a credit card with a low interest rate, or even 0%, consider using it if you can and avoid interest charges from the insurer or its financial providers. remember: paying monthly installments does not mean that you can simply stop paying and cancel the insurance; You will still have to pay the policy in full (minus any reimbursements offered by the insurer, if any).
9. improve the safety of your vehicle
If you can reduce the chances of your vehicle being stolen and never getting it back, you may also see lower insurance costs. Improving the safety of your vehicle is a good way to make it safer. Insurers tend to offer discounts for devices listed by Thatcham, and better discounts for Category 1 devices than Category 2 devices. If in doubt, ask your insurer what they might offer a discount for.
10. consider installing a dashcam
Because dashcams can help resolve a disputed claim, some policies offer discounts for having a good quality dashcam installed and working.
11. don’t lie to the insurer
We can’t stress this enough. Some people are tempted to try to fool insurers by reporting incorrect information when they receive their quote. however, this will always come back to bite you. if you claim, then a false set of statements when you bought the policy will probably mean it was invalid. Even if you don’t claim, insurers share information and so they’ll probably find out anyway. It’s simple, always tell the truth.
Where can I get an affordable auto insurance quote?
Whatever car you own, sterling can provide auto insurance to suit your individual needs. all we need is information about you, your car, and your driving history to try to give you the best deal possible. Call us today to find out our best prices on 0344 381 9990.