Car insurance costs are increasing faster than inflation, but there are strategies to reduce the amount you pay by hundreds of pounds. Here, we provide some key advice and insider tips.
1. Shop around: Comparing prices is more crucial than ever, with potential savings of up to £457, according to Compare the Market. Not all insurers are featured on comparison websites, so consider contacting Direct Line and NFU Mutual directly.
2. Buy in advance: Purchasing car insurance a few days or weeks before it’s due can significantly lower costs. Go.Compare recommends renewing your policy 27 days before the due date, as policyholders could pay up to 50% more on the day of renewal.
3. Add a named driver: Adding an experienced named driver to your policy can result in savings of £240 for those under 24 and £250 for ages 25 to 34. However, ensure the named driver will actually drive the car to maintain policy validity and avoid illegal “fronting”.
4. Check your mileage: Low mileage equals fewer accidents and lower premiums. Make sure to assess your previous years’ annual mileage using MOT certificates. Consider reducing your mileage through alternative transportation options like cycling, public transport, or carpooling.
5. Review your job title: Occupations perceived as low-risk by insurance companies can result in cheaper rates. Choose the most accurate and honest job title from the dropdown menu when applying for car insurance. For example, journalists who work mainly at their desks can opt for subeditor or writer instead.
6. Avoid modifying your car: Surveys have shown that modifications such as tinted windows, wider wheels, or specialist paintwork can increase insurance costs. However, getting a towbar fitted may reduce premiums as it implies more cautious driving.
7. Consider black box insurance: Black box or telematics insurance rewards safer driving habits, making it particularly beneficial for young drivers to lower costs. Insurers monitor driving behavior through GPS devices or smartphone apps, offering premium discounts based on driving performance.
8. Be aware of shared driving: Telematics policies often evaluate the overall driving habits of all named drivers, not just the main driver. This means that how any named drivers behave on the road will affect your premium.
By implementing these strategies, you can effectively reduce your car insurance costs while still maintaining necessary coverage.
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