Top tips for cutting the cost of your insurance
September 07, 2017 at 9:59 AM
How much a car will cost to insure is something most people think about before they buy it. With a zillion online tools able to churn out figures in minutes, it's never been easier to make smart choices and save money. Still, sometimes we see what we want and know it might be a little tight. Like your favourite model of car, in your favourite colour, parked on the forecourt of the used car section - at a bargain price. You can see yourself driving it off the forecourt. You've named it. But you think the insurance might cripple you. Follow these tips and it might not:
For lower insurance, before you shake hands on buying a used car, think...
There are things you can do and compromises you could make to get a lower premium on the type of car you really want. If you love racing-car red, that's great, but consider these two points:
Be an awesome driver
If you take an advance driving course like the Pass Plus test, you'll have more confidence behind wheel, and some insurers will reward you with a cheaper policy.
Tone it down
Not the colour, the engine size. Big cars with big engines cost more in just about every sense, insurance especially. If you're a young driver, then even more so (as you'll be discovering). There are plenty of smaller, sporty used cars with great little engines capable of nipping you about faster than you should probably drive anyway.
Know what the insurers will give you a discount for
There are lots of factors which will boost or lower your car insurance, like protecting your no-claims bonus, etc. But some things like your age and where you live are certainties, so look at other ways to bring it down, like:
Pay in full
Direct debit is the preferred payment of many businesses, but if you pay your annual car insurance upfront, you might save a bundle.
If your car is safely locked up in a garage, it's less likely to get damaged or stolen. Having an industry-approved alarm, tracker or immobiliser should score extra brownie points too.
Bank of Mum and Dad
Helping your kids out is good parenting, but adding them to your policy isn't as cheap as it used to be, it's going to be expensive. Following these tips will help you all out.
Get a lift to work
If you only use your car for domestic chores like shopping or taking the kids to school, some policies will offer a discount. Car sharing is popular, just don't use yours.
Cap your mileage, increase your excess
Agreeing to a mileage cap can lower premiums because there's less action on the roads to cause wear and tear and accidents. Policies with a higher excess should cost less.
Pick the best insurer and be cheeky
Finally, remember online insurers are about 5% cheaper, but brokers take their cut. Whoever you choose, ask for an introductory discount to seal the deal (be cheeky).
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