Car insurance, we all actually hate it, right? Well we're here to answer your question every time the dreaded annual car insurance renewal comes back around to bite us (which, let's face it, everyone's Googled) - "How to get cheaper car insurance".
Sometimes cheaper car insurance isn't better, and some of the more expensive ones do come with better perks, such as breakdown cover, courtesy car included, windscreen repairs amongst some of the benefits. We're going to deep dive into how to get cheap car insurance and how these strategies impact you - for the positive and the negative (if any!).
Car Insurance Comparison
First on our list is comparing car insurance providers. Never go with the first quote you're given as there's always bargaining room to reduce the cost - always. A method to do this is to shop around the web (in an incognito browser), get cheap quotes and if you want to remain loyal to your car insurance provider but want a cheaper quote - use one of the ones you've received from another provider for your existing car insurance provider to price match.
Surprisingly, this method works very well, but sometimes a quote may be too good for your current car insurance provider to match - but not to worry, just switch to the new provider!
Any quote given to you by a provider needs to consist of accurate details and honesty on your part, otherwise this could null and void your car insurance if it's a bogus car insurance quote.
Increasing Your Excess
A bit of a weird one, but it certainly fits in the category of "how to get cheaper car insurance". Increasing your excess may not be for everyone, as if you do have a car accident then you will be liable to pay the increased excess amount. So if this is a route you're willing to take, just make sure it remains affordable and doesn't leave you in financial jeopardy.
Getting a Dash Cam!
This one sometimes goes under the radar. Did you know that using a dash cam can reduce your insurance premiums? Well, it can! Not every insurance provider gives discount, though, so it's best to disclose the fact you've got a dash cam & see if there's any discount available to you.
A few insurance companies that have been known to offer discounts for cars equipped with dash cams include:
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Admiral: Admiral has been known to offer discounts to drivers who have high-quality dash cams installed in their vehicles.
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AXA: AXA may provide a discount on car insurance policies for drivers with dash cams, acknowledging the potential for these devices to contribute to safer driving and more straightforward claims processing.
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Swiftcover: Swiftcover was one of the first insurers in the UK to offer a discount specifically for drivers with dash cams. The discount applies to the premium if the dash cam meets their criteria.
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Sure Thing! (Now Policy Expert): Sure Thing! offers a discount for drivers who have a compatible dash cam installed. The discount amount can vary based on the policy and the type of dash cam used.
Make sure to speak to them and find out how much you could save with a dash cam!
No Claims Bonus
The more no claims bonus you rack up, the cheaper your insurance - should - be. In some cases your no claims bonus won't reduce your premiums as the rising cost of living impacts us all, mitigating or even counter-acting no claims bonus. For an additional fee, some car insurance providers will protect your no claims bonus.
Limit Your Mileage
Limiting how much you travel can reduce your car insurance, by declaring that you travel a smaller, certain amount of miles per year - as car insurance providers see this as the less time the car is travelling, the less time it's likely to be involved in a car accident.
Improving Your Car's Security
By installing approved immobilisers, car alarms, trackers and other gizmos, such as hardwiring a dash cam to get around-the-clock camera security, are all practical ways to improve your car's security, making it less of a risk for car insurance providers from a theft and damage perspective, in turn reducing your insurance premiums.
Choose Your Car Wisely
A car's make, model, engine size, body shape and colour all play an important part in determining a car's insurance group banding. You need to ensure you pay attention to this, as lower insurance groups bring lower insurance premiums, while cars in the higher groups - such as those with larger engines - are higher in price.
Consider Telematics Policies
Getting a telematics policy does require you using an app, or installing a telematics box to record and report on your driving, your driving behaviour and where you need to improve your driving to remain under the policy as a safe driver. Frivolous drivers that are a bit "lead-footed" may be impacted negatively with this policy and may result in the policy being cancelled.
Paying Annually
Paying up front for insurance is typically a cheaper option over the year, as paying monthly is similar to that of a finance option - and they charge interest on monthly instalments. If you pay annually for your car insurance, this interest isn't added.
Avoid Car Modifications
Not an easy one for everyone - especially the avid car fan. Some people like to put a personal twist on their car, from stickers through to new car exhausts - but all of this (yes, even a sticker) can increase the car insurance premiums, as modifications may make the car more attractive the thieves and could lead to more risky driving behaviours.
Adding a Named Driver
Adding a named driver is an old trick in the book, as naming an experienced driver may decrease premiums as some of the time an experienced driver will be driving the car. Just make sure you're not the named driver if you're the main driver of the car, as if caught out - you can face policy cancellations and potential fines/convictions.
Multi-car Policy
If you live in a household where there are multiple vehicles, then you can potentially benefit from a multi-car policy, reducing car insurance premiums by a significant amount.
Reviewing Your Coverage
Make sure that you're paying for what you need coverage wise. An example of this is if you're driving a £400 car around, do you really want fully comp car insurance? Realistically, you could get away with third-party car insurance, which is normally a lot cheaper than fully comp.
On top of that, things like breakdown cover, courtesy car inclusion, amongst other perks that you're paying for may not be necessary - for example, you may already get breakdown cover from your bank or workplace, so be sure to investigate what you're paying for.
Here's to Cheaper Car Insurance!
Navigating the world of car insurance doesn't have to be daunting. By employing a mix of smart strategies such as comparing providers, adjusting your policy to fit your actual needs, and enhancing your vehicle's security, you can significantly reduce your premiums. Embracing technology like dash cams can not only make you a safer driver but also potentially unlock discounts from insurers.
Remember, the key to cheaper car insurance lies in balancing the level of coverage you need with the myriad ways you can present yourself as a lower-risk customer to insurers. Regularly reviewing your policy, keeping abreast of changes in the insurance market, and maintaining a clean driving record will ensure that you continue to enjoy affordable car insurance without compromising on coverage.
