Getting The Best Insurance Quote
Are you due to renew your vehicle insurance or indeed take out your first policy? One of the most important money-saving tips is to do your homework, compare different providers, and never let a policy automatically renew. Drivers need to strike a good balance between cost and coverage, ensuring the policy has all the essentials they need at a competitive price. Among the list of money saving hacks is shopping early, improving vehicle security, building up the no claims bonus and being mindful of where the car is kept overnight. These simple tips can come in very handy for those looking to make cutbacks on their insurance expenses without making any major changes. Here we take a look at ten money-saving tips for motorists to get a good deal and help keep their costs down.
Shop Around & Shop Early
It’s better to plan ahead and buy your policy early to lock in the price, as premium prices tend to increase the closer you get to your renewal date. The optimal time for bagging the cheapest deal is three weeks before the new policy is due to start.
Pay Annually
If possible, it’s best to pay the entire annual premium upfront to save hundreds in the long term. Insurance providers look at monthly instalments as loans and can have high interest rates. Consider paying it all in one go to knock cash off your policy.
Improve Vehicle Security
Most vehicles should have an alarm and immobiliser as standard but it’s worth installing anti-theft devices such as a tracker and dashcam - it will upgrade the vehicle’s security and could get you cheaper premiums. Get the policy quotes first to consider whether the extra cost of fitting the devices will be worth it for the insurance savings.
Review Your Policy
Make sure to only pay for what you need and avoid driving up the premium by adding unnecessary add-ons – such as annual mileage, make sure your estimation is accurate. Also check your vehicle use, if you use it to drive to the train station for your commute to work it still needs to be noted as used for your daily commute. If you now work from home full-time, it might be worth switching the vehicle use to social only, it could result in big savings.
Add Another Driver
If you add another driver to the policy then you may be eligible for a multi-driver discount, plus you can split the cost of the premium. It can be particularly beneficial if the other person is an experienced driver with a clean record as they pose less risk to the insurance company, which could lead to lower premiums. Just make sure the person who uses the vehicle the most is noted as the main driver, incorrect use of this information is known as ‘fronting’ and is actually illegal, likely resulting in a criminal record and a void insurance policy.
Park In A Safe Place
Car owners that make use of their garages, driveways or carports for overnight parking can make big savings on their car insurance - parking on driveways rather than on the road can save you money on average every year. There is little point in having a garage if it is not used and it will protect your vehicle.
Build Up Your No Claims Bonus
Avoid filing small claims to build up your no claims bonus. Opting to pay for minor damages out of your own pocket instead of filing a claim can prevent potential premium hikes.
Opt For a Telematics Product or Black Box
Getting a telematics device or black box fitted allows drivers to showcase their safe driving which can lead to cheaper premiums. This is a good option for young drivers and those with previous motoring convictions who are charged more as they are seen to be more at risk. By using the device it’s giving the insurance company data on which to base its risk analysis.
Avoid Penalty Points
Naturally it is best practice to try keep a clean license. Penalty points may not only result in a steep fine but will also bump up your insurance costs too. Drivers can expect premiums to rise by 5% for three points and 25% for six points if they’re starting from a clean licence.
Compare Everything
Don't allow your policy to renew automatically or settle for the first insurance quote you receive. Take the time to do your research and compare rates from multiple sources to get the cheapest price on your premium. You can save time and utilise price comparison websites to help you compare providers, compare products and of course compare prices.
We hope these tips come in handy when it comes to seeking the best insurance quote. Gone are the days when people stay loyal to a provider for years on end and this is because the competition is now stronger than ever and you should shop around. Always tell your current provider what quotes you have received and more times than not, they will do their best to price match. We wish you happy shopping!
