How to lower your insurance costs
Confused.com and Go Compare experts explain how to reduce the cost of your auto insurance.
Don't let your policy renew on its own: According to a separate Confused.com survey of 2,000 UK drivers, 45% of those who received their renewal last quarter saw their price increase by an average of £41.
Instead, individuals who used a price comparison tool and switched insurers after obtaining a more expensive renewal price saved £54 on average.
Because renewal prices will increase in response to any increase in the average cost of UK auto insurance, the recent Financial Conduct Authority amendments may not always result in a lower or like-for-like renewal pricing.
As drivers spend more time on the road, prices are anticipated to rise more, which will also raise the possibility of claims.
Shop around: One of the best methods to save on your auto insurance is to use price comparison websites and compare policies.
When the time for your renewal comes, spend some time researching prices online to see how they compare to your renewal.
Even your existing supplier can be bartered for a better deal using the prices you find.
Annual payments: Selecting annual payments is one way for drivers to save money on their insurance. Although setting up monthly direct debits may be the most convenient alternative, purchasing insurance in advance could result in a 10% discount when purchasing a new policy.
Improve security: Installing simple security features like alarms, immobilizers, and locking wheel nuts could lower your rate, but it's crucial to weigh if the cost of those features outweighs the cost of your auto insurance.
Watch out for add-ons and determine whether purchasing them separately would save you money: Key cover, legal support, breakdown coverage, courtesy cars, personal accident coverage, windshield coverage, and protected no claims bonuses are a few examples of add-ons for auto insurance.
Think over whether you actually need these extras in the first place. For instance, do you already have breakdown insurance? If you do believe you require them, search around to see if you can purchase them separately for less money than you would pay for a car insurance package.
Be cautious when adding additional drivers to your coverage. If the driver has experience or has recently passed their test, adding them to your policy could result in higher premiums.
However, you must always be truthful about who the primary driver of the automobile is because failing to do so is known as fronting, is prohibited, and may result in the cancellation of your insurance.
Think of a telematics plan: Your insurance prices can be specifically tailored based on how, when, and how much you drive with a telematics (black box) coverage.
With a black box, there can be some limitations on how you can use your automobile, such as mileage limits or driving hours. However, if you demonstrate that you are a careful, cautious driver, your expenses might decrease.
