Amidst rising fuel and energy rates and the cost of living crisis, getting a good deal on your car insurance is increasingly important. If you want to keep your monthly outgoings as low as possible, you may need to switch your existing policy for a more affordable alternative – luckily, there are a wide range of measures that you can take to reduce your car insurance costs, but what are some popular tips and (legal) tricks that you can put into action starting today?
Do your research and compare prices
When you’re looking for a new policy or the time has come to renew your existing car insurance, make sure that you shop around. Never accept your current insurance provider’s renewal quote until you’ve explored alternative services and compared rates between different insurers. By simply browsing online for a short period, you may be able to find a better deal and save yourself some hard-earned cash.
Compare insurance extras
As part of your market research, consider whether any extra features included in the cost of policies (such as courtesy cars and legal cover) are really worth it – by trimming down unnecessary extra costs, you can significantly reduce your overall insurance rates.
Don’t rely on basic third party coverage
While it may be tempting to assume that, as the legal minimum required for drivers in the UK, third party insurance is the cheapest option, having basic third party cover can actually increase insurance costs by around 70%. It’s always better to choose the most versatile and all-encompassing policy that you can afford, although comprehensive cover is recommended for the highest level of protection.
Consider multi car insurance
Switching to a multi car insurance plan (which covers multiple vehicles at once) is a simple way to reduce costs. If you don’t own multiple cars yourself, consider joining forces with a friend or relative in order to qualify.
Improve vehicle security
One of the easiest ways to boost your insurance ratings and save money (as well as reduce the risk of vandalism or theft) is by improving the security of your vehicle. Whether you choose to keep your car locked up in a private garage or rigged with immobilisers, alarms, cameras and trackers, enhancing security can have a direct effect on your insurance rates.
When finding ways to cut insurance costs, always be honest with your insurance provider to avoid breaking the law – if you lie to your insurer about the condition and usage of your car (as well as your previous claim history), you could face a denial of future insurance, increased premiums, penalty payments and legal action. Any current claims obtained through false information are likely to be cancelled or rejected.
