If you are buying your first vehicle, you may be horrified to see some of the insurance premiums you have been quoted. Car insurance is notoriously expensive. However, there are a number of different factors that influence the cost of it, which does mean you are able to lower the amount you pay. With that in mind, read on to discover the different ways you can get cheaper car insuran
Be a better driver and sign up to a black box – Officially called telematics, a black box will check whether you are on the roads at dangerous times, how cautiously you drive, how aggressive you brake and accelerate, and your speed. If you choose an insurance policy that comes with a black box, you will be able to lock in significantly lower premiums. Once you have agreed to your insurance plan, someone from the company will come and install the box so they can monitor the factors mentioned above. You will often find that you get an upfront discount for going for this option. Not only this, but you can check your driving score online. If you show that you are a good driver, your premiums can cut substantially, which will make a massive difference.
Don’t buy an insurance trap car – If you have decided to change your vehicle, it is important to check with the insurance company to make sure the new model you are considering will not have a significant effect on your premiums. Unfortunately, sports cars can often result in high premiums. You will find that certain models with smaller engines can make a big difference in your favor, and you will probably save some money on fuel costs too.
Increase your voluntary excess – You can bring down the cost of your premiums if you agree to pay a greater amount of money towards the cost of any accident repairs. Car accident lawyers will ensure that the excess is recovered if you are not at fault for the accident. Nonetheless, do be mindful regarding how much you increase the voluntary excess too, as you do need to make sure you are going to be able to afford it. It is all about getting the balance right.
Ditch monthly payments – If you can afford to cut monthly payments, you should. Most insurance companies will offer you a cheaper rate if you pay on a yearly business. This could save you hundreds of dollars per year.
Don’t claim for a prang – It is often cheaper to cover the work yourself if you have had a minor accident. After all, your excess and premiums will shoot up the moment you have identified yourself as risky, even if the incident was not your fault.
Put a more experienced driver on your insurance – In some cases, you can reduce your insurance premiums by sticking someone else on your policy. Thanks to comparison websites and insurance calculators, you can play around with different costs to find out what is going to be cheaper. Try adding a parent to your insurance policy when searching and see if it makes a difference. You may find that the rate falls considerably.
Don’t assume third party cover is cheaper – A lot of people assume that third party insurance is cheaper. After all, it is the legal minimum, and it only covers you for any damage you have caused to other people’s property, as well as the cost of any compensation injuries. Nonetheless, this is not always the cheaper option, as some insurers will see it as you simply do not care about your vehicle and, therefore, it’s more probable that you will have an accident. Not only this, but it will be a lot more expensive for you if you do have an accident and you need to pay for your car to be repaired.
Keep your car in the garage (if you have one) – Last but not least, stop parking your car on the road for convenience. If you have a garage, you should use it. In fact, keeping your car on a drive or in a garage, rather than out on the road, could take up to 10 percent off your insurance premiums.
As you can see, there are many different ways that you can lower the cost of your car insurance premiums. From ditching monthly payments to increasing your voluntary excess, if you try a number of the tricks mentioned above you are bound to lower your insurance expenses.
