There are many ways to lower your car insurance rates. Some methods are more effective than others, and some may be more appropriate for your situation. In this article, we will explore several of the most common ways to save money on car insurance premiums.
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Below are the most effective ways to reduce a car insurance premium.
Shop around and compare rates
A good way to save money on car insurance is to shop around and compare rates from different insurers. A wide variety of car insurance rates can be found online and elsewhere, and the only way to know if you’re getting a good deal is to compare rates. Even a difference of a few pounds can add up over time, so it’s important to take the time to shop around.
There are a few ways to compare car insurance rates. One way is to contact different insurers directly and get quotes. Another way is to use an online comparison tool, which will allow you to compare rates from multiple insurers at once. Whichever method you choose, make sure you’re comparing rates for the same coverage levels and excesses, and be sure to ask about any discounts that may be available.
Raise your excess
Another way to lower your car insurance rates is to raise your excess. This is the amount of money you have to pay from your pocket before your insurance company starts to pay for a claim. Typical excess amounts can be £100, £200, or £300 in respect of vehicle damage. Fire and Theft excesses will tend to be £100 as standard. Whereas a windscreen excess can be lower still.
Raising your excess by choice can be a great way to lower your car insurance rates because it means you are less likely to make a claim. If you are a safe driver and you don’t think you will need to make a claim, raising your excess can be a great way to save money. Just ensure that you have enough money saved up in the bank to cover your excess should the worst happen and you end up filing a claim.
Many car insurance companies offer discounts to drivers who meet certain criteria. For example, many insurers offer safe driver discounts to drivers who have a clean driving record with no penalty points. Some insurers also offer discounts for things like having a car with anti-theft devices or taking an advanced driving course.
Discounts can be given if you house your vehicle in a garage overnight as opposed to just on the driveway or on the roadside. Also, if you have a camera that monitors your every movement as well as what is around you, you can often make a saving. This can be invaluable to prove fault, should you be involved in what might otherwise be termed a 50/50 accident. That would still affect your no claims bonus if your insurance company still had to pay something to settle.
If you’re not sure what discounts are available, ask your insurance company or broker.
Bundle your policies
If you have multiple types of insurance with the same company, you may be able to save money by bundling your policies. For example, if you have car insurance and homeowners’ insurance with the same company, you may be eligible for a discount. Some insurers also offer discounts if you bundle car insurance with other types of insurance, such as life insurance or pet insurance. Second or third vehicles can often be added to multi-car policies for a saving.
Pay your premiums in full
If you can afford to do so, paying your car insurance premiums in full is a great way to save money. Many car insurers offer discounts for this.
There are numerous ways to lower a car insurance premium. By comparing rates online, increasing your excess, obtaining all the discounts you are entitled to, and bundling your policies, you can save a significant amount of money. Just be careful to compare like-for-like.