Insurance is a large portion of the cost of running a vehicle today. Many of us will pay monthly as we simply can’t afford to shell out a lump sum for the whole year, which means we could end up paying more overall.
When buying a new car, take into consideration the insurance group. Some cars are much more expensive to insure than others. Each model of car is given a grouping, from one to twenty. Cars in the higher groups are typically high performance models and more likely to cost insurers more in claims. Factors that determine which group a car falls into are as follows:
- Damage likelihood and parts cost
- Repair costs and times
- Value of the car new
- Body shell availability
- Car performance
- Car security
If possible park your car in a garage or on the driveway. If you park in the street your insurance will cost more, as there is more risk of damage.
Keep an accurate record of mileage
When getting a quote for insurance you will always be asked to provide an estimated mileage for the year. Calculate accurately how many miles you travel each day. If you overestimate you could end up paying an unnecessarily high premium. Underestimate, and it could cost you more if you claim.
Limit additional drivers
The more drivers you add, the higher the risk for the insurer. Quite often drivers will want to be added to your policy as they can’t afford their own insurance, but this could be at your expense!!
Limit modifications
Some changes will have little effect, but others will boost the price considerably. Many insurers do not insure vehicles that have had certain types of modification, and this could also limit your choice when choosing a policy.
Protect your No Claims
It can put a little extra on your premium to protect your no claims, but if you have full no claims entitlement you could receive around 60% discount.
Increase your excess
In the event of a claim, regardless of whose fault it is, you will have to pay an excess amount towards the damage, the amount however is usually variable. If you increase the excess it will bring the cost of the policy down, you will need to weigh this up against the possibility of making a claim, but the higher the excess the more you can save.
Compare quotes
Most people only get around 3 quotes when searching for their insurance . There are hundreds of insurance brokers out there, and therefore hundreds of policies to choose from. To get the best deal contact as many different insurers as possible for a quote. Comparison sites are great for comparing quotes as they provide prices on behalf of lots of different insurers. www.motorinsurance.co.uk is one of these sites.
Pick the appropriate Cover
Remember that while some insurers appear to be giving you a good deal on price, you will need to consider what’s included – it’s all about the best cover you can get for your money.
Before getting a quote make a list of all the items you want covered, i.e.:
- Legal expenses
- Breakdown assistance
- Possessions cover
- Personal injury cover
- Windscreen cover
- Courtesy car
These may be extra to the core policy, but by doing this you can ensure you get quotes on a like for like basis, and that you only pay for the items you need. You will also need to decide whether to go for fully comprehensive cover, or 3rd party fire and theft.
Improve Security
Working immobilisers and alarms will reduce the risk of your vehicle being stolen / damaged and therefore reduce your premium. You will have to pay to have these fitted, but it could be worth it in the long run. Even a steering wheel lock would be a deterrent for thieves. Security should be a primary requirement if you are buying a new car.
source: motorinsurance.co.uk
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