Cheap Car Insurance: Top Ten Tips To Potentially Lower Your Premium
Cheap car insurance is the stuff of dreams. If you’re coming up to renewal on your existing policy or you are looking for new driver insurance, it’s probably a search term you will use. But the cheapest doesn’t necessarily mean the best insurance.
The Holy Grail
However, the term cheap car insurance still racks up 50-70k searches per month which only goes to prove the point that cheap car insurance is still the ‘holy grail’. Now more than ever people are looking to save where they can and get the best value across a range of products, both online and on the high street. Why should car insurance be any different?
With that said — Join us as we delve into our top ten tips that could potentially shave those precious pennies off your premium and lead you to the promised land of cheap car insurance!
Choose a cheaper car to insure.
Expensive cars, vehicles with a large powerful engine, and vehicles with additional modifications will all add to your premium. This is because it will cost more to replace or fix the car from an insurer’s perspective.
You may be prepared to pay whatever it takes to drive the car of your dreams, but if you are looking to save bear these points in mind. Used cars are usually cheaper to insure as are cars with smaller engines. How much your insurance costs will also depend on personal details and your driving history.
Which car groups are the cheapest to insure?
UK car insurance groups range from 1-50 the higher the group, the more expensive your insurance is likely to be.
Cars in groups 1-10 usually have smaller engines, good safety features and lower repair costs. These are typically the cheapest to insure.
Reduce annual mileage
Driving fewer miles could reduce the chance of you having an accident, while this isn’t an exact science insurance is based on risk, and essentially you lower your risk by using your car less, improve your fitness (cycle to work?) and lower your carbon footprint! You could always hop on public transport and use that time to read a book or catch up with friends on social media.
Please note – Your insurer will ask you to estimate your annual mileage, try not to underestimate it as this could invalidate your insurance when you come to make a claim.
Avoid points on your licence
This one is a no-brainer. The more penalty points you have the more your insurance can cost as you are perceived as more of a risk. Legally, you must tell your insurer if you receive points on your licence – it’s an offence under the Road Traffic Act if you don’t. So make sure you disclose any convictions.
We are specialist insurance providers we have over 40 years of experience working with drivers with points and convictions. If you are a convicted driver, get in touch to see if we can help.
Choose an annual payment option
Paying annually could save you money on your premium. If you choose to spread your payments, your insurer is essentially lending you the money so you may have additional interest by taking this option. However, this tends to be the most popular option for most people when choosing how to pay for their insurance policy.
Increase your voluntary excess
Increasing your voluntary excess can reduce your premium, with some insurers. Voluntary excess is an amount you agree to pay towards the repair cost in the event of a claim. While this could reduce your premium, you should always make sure you can afford to pay this amount should you ever need to make a claim.
Park your car off the road
Parking your car in a garage, driveway or other secure parking facility could also lower your premium. This is because in the eyes of your insurer, it reduces the risk of your car being stolen or damaged. This is also a consideration if you have a classic car or an imported vehicle, as preserving the look and the overall condition of your car will be of utmost importance.
Improve your car’s security
Having additional security added to your vehicle such as an immobiliser, alarm or tracking device, could potentially reduce the risk of your car being stolen, and some insurers may offer a discount if such a device is fitted. If your car has a tracking device fitted, this could also speed up the recovery of your vehicle. Other anti-theft devices include steering wheel lock or brake locks & wheel clamps.
Think about a Black Box Policy
Black Box Insurance – also known as Telematics – uses a small device fitted to your car to track your driving habits. Its is often used when people talk about the subject of cheap car insurance. However, always check with your provider on the terms and conditions surrounding your quote. You may be rewarded for safe driving, which could potentially lower your premium, especially on renewal with some insurers. We offer black box insurance, and you can also read our blog on the benefits of black box car insurance.
Consider a comprehensive policy
You may think that a third party is the cheaper option. However, drivers who tend to purchase a third-party car insurance policy may be younger drivers or those with driving convictions. As a result, they are considered a higher risk to insure, and this can push the price of third-party policies up.
Build Up Your No Claims Bonus (NCB)
What is a No Claims Bonus (aka No Claims Discount)? Simply put: The longer you go without claiming, the more discount you may build up come renewal time. This will potentially lead to a discounted premium with your chosen insurer. Most insurers allow you to build up 6-9 years of NCB.
As you can see there is more to the term ‘Cheap Car Insurance’ than first meets the eye. When it comes to insuring your car, many factors can influence the price of your car insurance premium. It’s important to note – When buying car insurance, it’s important that you purchase the policy that most meets your needs, try not to opt for the cover based on price alone. so cheap car insurance may not always be the best choice
If you’ve been convicted of a driving offence, and have a history of claims, finding the right level of cover can take time. At Acorn Insurance we have over 40 years of experience dealing with specialist car insurance and our knowledgeable team may be able to help you find a policy that suits you.
Specialist UK Car Cover
Often, it can be problematic to find cover if your driving history conflicts with what a standard car insurer considers to be ‘normal’ At Acorn Insurance, we can help provide specialist motor insurance for any driver who – for whatever reason – may find it difficult to find private car cover, and we are always happy to discuss your precise car insurance needs. Why not get in touch to discuss your requirements further? Call us on 01704 33 90 00, or click “get a car quote”, for an online quote, today.
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