Have you lately received your annual car insurance notice in the mail? Is it more expensive than you predicted? Finding car insurance can be time-consuming and costly, as many aspects affect car insurance prices. In this article, we answer the questions that can help you get the best deal on your car insurance without any hassle.
What Affects My Car Insurance Premium?
Insurers utilise information about your car, as well as information about you and how you drive, to calculate the price, which is commonly referred to as the premium. The following are some of the factors that could increase the cost of your insurance:
- Being younger or a new driver (though some older drivers also pay more).
- Owning a car that is more expensive and/or powerful
- A vehicle with an extremely high or very low annual mileage
- Being a resident of a postcode that has a higher rate of traffic accidents or crime.
- Insurers consider this job title to be high-risk.
- Any driving convictions or claims in the past
- Rather than parking in a garage, you should park your automobile on the street.
Could a black box save me money?
The simplest way to save money is to drive safely and within the black box policy’s guidelines. Each insurer will use the data collected in a different way, so pay attention to how your premium and driver ratings are computed to ensure you’re getting the greatest possible rating. Avoid peak driving periods and curfews by planning your trips ahead of time. Most insurers will send you regular driving feedback via email or app, so you can see if there is anything specific that is raising your score and take steps to resolve it.
Can adding another more experienced driver to the policy make it cheaper?
It’s illegal to suggest someone who isn’t the primary driver of a car is, but adding a second driver is permissible – and it can save you money. We recommend adding an experienced driver with a clean driving record and a good no-claims history as your secondary driver. Because a more experienced driver has access to the vehicle and may drive it on occasion, your insurer may see you as a lower risk.
Can cutting extras and boosting excess save me money?
If you have a bigger excess, your premiums will be lower, and your insurance will be less expensive in the long run – as long as you don’t file a claim. If you increase the amount you’re willing to spend, your insurer will pay less if you make a claim, and you’ll be rewarded with lower rates. Paying a greater upfront excess should only be considered if you can afford to fund the excess in the event of a claim.
Can no claim bonus make insurance cheaper?
A no-claim bonus can save you anywhere from 20% to 50% on your insurance premiums, depending on how many years you go without filing a claim. The owner receives a no-claim bonus as a reward for being a responsible owner. Another benefit is that you can have a set number of ‘at fault’ accidents without hurting your NCB if you protect it. This means that even if your insurer is unable to recover their expenses, your no-claims bonus will be protected.
Will a driving course help to make insurance cheaper?
Although advanced driving courses like Pass Plus and IAM are costly, they can help you save money on insurance, especially for young and inexperienced drivers.
Should I shop around for the right quote?
Shopping around for insurance can always help, if you don’t want to do this Insurance brokers are a great option. As insurance brokers are industry professionals who can utilise their knowledge to help you get a better bargain on your car insurance. Using a broker should make getting insurance easier, and brokers may often assist you with filing a claim.