Whilst insurance renewal time might not be everybody’s (or indeed, anybody’s) favourite time of the year, it does offer you the interesting challenge of trying to save yourself a bit of cash on your premiums. With policies typically increasing year-on-year, it’s simply crazy to just accept the renewal cost you’re given. So, to help you find the best deal next time you’re shopping around for car insurance, here are some of the best little tips and tricks to help you bring that figure down:
Keep your car as secure as possible. Insurers work out premiums based on how much of a risk they think there is of the car getting stolen or damaged. That’s why enhancing the security of your car can go a long way towards reducing the cost of your policy. A good alarm (preferably one that your insurer has already approved) and steering wheel lock can make a difference. Also, if possible, park your car in a garage or at least away from a main road.
Shop around. With the amount of price comparison sites now available on the web, there is absolutely no point you just laying back and accepting the renewal premium you’re given. Putting your details into one of these sites will take you about ten minutes, and it’ll spit back around 100 results in about thirty seconds. Fun fact: your parents would have killed for a sites like this back in the day, so take advantage! You’ll nearly always be able to save money on the renewal, so it doesn’t pay to be loyal.
Consider fully comprehensive. It might seem odd, but ‘fully comprehensive’ cover isn’t automatically the most expensive choice these days. Because so many young drivers are choosing third party only cover, that has shot up in costs over the last few years. It might be that you can obtain fully comprehensive cover for little more than you can third party, fire and theft, and if that’s the case, then you might as well spend the extra and be fully insured, especially in those early days where accidents just are a bit more likely. It’s also important to check that your policy covers breakdown and roadside assistance, too – because if it doesn’t, it’s imperative to make sure you’ve sorted some out before you hit the road. If you do need to sort out additional protection, websites such as Budget Direct Roadside Assistance can help you find the right cover at the right cost.
Actually read what you’re getting. If there are two fully comprehensive policies in front of you, and one is £30 less than the other, check the details of both of them. The cheaper policy might be lacking in extras such as a courtesy car, breakdown cover or windscreen damage. It’s an unfortunate fact that some fully comp policies are a little more fully comp than the others! If paying that £30 will give you extras worth a potential £500, then it’s worth you making the investment. As always: check the details on any policy before you sign it.
Pay in full, if you can. As with a fair few other types of insurance, it’s usually beneficial to pay the cost of the premium up front if you’re able to. There will always be options to pay monthly, but this will typically mean that substantial interest charges are added on top of every payment, increasing the total cost by an awful lot over the course of the year. Avoid the interest: pay straight away.