According to the Association of British Insurers, the average price of car insurance has soared by 8% in the previous year. They state that higher taxes and whiplash claims are some of the reasons for this increase.
Despite that, leading car insurance comparison service Money Expert has revealed how consumers can drive down the cost of their premiums with these powerful money-saving strategies:
Pay for the policy in advance
While monthly Direct Debit payments lower the financial burden for many motorists, spreading their payments will also mean paying more for their policies. Many insurers charge an APR rate of around 30%, adding a considerable amount on top of their policy fees.
Shop around before the next renewal date
Insurance companies rely on consumers to automatically renew their policies with them. The sad truth is that the customers of insurance firms seldom get a good deal at renewal time. Therefore, it pays to shop around and find a more competitive quote before the current policy expires.
Some consumers have even found that they can negotiate cheaper rates with their existing insurers due to lower prices offered on the Internet.
Ensure the vehicle details are correct
Vehicle manufacturers and their dealerships have been known to record the wrong information on the V5C (log book) documents. If there are discrepancies between what’s been recorded with the DVLA and the actual details of the vehicle, they should get amended as a matter of urgency.
Failing to update vehicle information could result in higher premiums. In worst case scenarios, insurers could declare policies void if those discrepancies came to light in the event of a claim.
Declare the real annual mileage
The average mileage of a motor vehicle in the UK is approximately 12,000 miles per year. Some motorists think amending that information to the actual amount for them makes no different to their premiums. However, if a person only does 3,000 miles per annum, for example, they could see their insurance prices drop due to the lower mileage.
Get rewarded for good driving
Some insurance companies will offer a quarterly discount if customers use a GPS tracking app while they drive. Such apps record details of their speeds and how often they brake, and whether drivers break the speed limit or not.
Other insurers may offer “black box” policies, negating the need for the motorist to use an app on their mobile device as they drive.
Take an advanced driving test
Many motorists don’t realise that taking an IAM advanced driving test could help to lower their premiums. Young or recently qualified drivers can opt for a Pass Plus course, with a successful outcome sometimes resulting in a third of the premium being discounted.
About Money Expert
Money Expert is one of Britain’s premier comparison websites. They work for their customers to get the best deals on a broad selection of financial products such as car insurance and loans.
Company: MoneyExpert Limited
Phone: +44 (0)1483 412940
Address: Huxley House, Weyside Park Catteshall Lane, Godalming, GU7 1XE, United Kingdom
Email: [email protected]
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