In today’s economic climate you are probably keen to either reduce your family expenditure or contain it. In recent years car insurance premiums have increased substantially but here are a number of ways that may help you to reduce those premiums.
When you receive your renewal notice don’t just accept the usual increased renewal premium-shop around.
Go on the Internet and onto one of the car insurance comparison websites and spend a few minutes keying in the required information to obtain a number of quotes from different companies to see if you can get the same cover elsewhere but at a lower premium. Although not all car insurance providers use comparison sites you will still be provided with a huge selection of companies.
If another company are offering the cover you require at a lower premium than your existing insurer why not contact the business retention unit of your current provider and see if they will match or better the premium you have been quoted by another company.
If you can afford to pay the premium in one go that is usually cheaper than paying monthly because many car insurance companies charge interest when you pay monthly.
There will no doubt be a compulsory excess to pay in the event of you making a claim but if you were prepared to pay an additional voluntary excess this may reduce the premium although you must appreciate that in the event of a claim you will need to pay more towards the repair bill or the cost of a new car.
If you park your car on the street outside your house overnight your insurance premium will usually be greater than if you were able to park it on your drive or better still put it in the garage.
Your car insurance premiums are likely to be lower if you have one or more of the following fitted: –
Alarm, Immobilizer or Tracking Device
Who drives the car? If only you and your partner drive it then why pay a higher premium because you told the insurance provider that you wanted any person to be able to drive it when in fact you may have been better providing the insurance company with the names of those who will drive it as well as yourself.
The more miles you do in a year the greater the risk of having an accident so be accurate when informing the car insurance company how many you are likely to do. If you will only do about 5,000 don’t inform them you will do 25,000.
Types of car insurance
The three types are comprehensive, third party fire and theft and third party. Comprehensive is the most expensive followed by third party fire and theft with third party being the cheapest. Look carefully at what is covered with each type and select the one that meets your requirements.
Hopefully one or more of the above tips may help you reduce or contain your car insurance premiums.