With the ever-rising cost of petrol and diesel, most of us are wanting to keep our motoring costs and cost of insurance down too.
Here at Stroll
Insurance, we’re all about getting you the best car insurance at the best price. But, did you know
you can also help yourself save money on car
insurance while also ensuring you’re properly protected? This is why we’ve put together our hotlist of tips to help you get more
for less…
Buying car insurance can be really complicated for sure but it is legally required. It’s also a life admin task that we tend to put off until the last minute!
That’s why we’re using all the tech at our disposal to make it much easier for customers – that includes more payment options and a range of policy extras.
And while there are some factors you can't control when it comes to deciding the price of your insurance premium, there are a few things you can do:
Factors that Influence Car Insurance Premiums
Because no two people are exactly the same, insurance is calculated on an individual basis around factors such as:
- Age
- The vehicle you're insuring
- Driving history and experience including any convictions you have
- Job - some jobs are considered riskier than others
- Claims history
- How much you drive
All of this is used to determine your car insurance quote based on how likely an insurer thinks you are to make a claim and what the total cost will be.
But! Big BUT!
You can consider the below points to get the cost of your premium down:
5 Ways to Get Cheaper Car Insurance
If you ever wondered how to get lower car insurance, here are our top five tips to help you save money:
1. Pay annually
Paying for your insurance in one go costs less in the long run as you avoid paying interest on monthly instalments.
Most insurance providers will give you two options to pay for your car insurance: monthly or annually. Paying for your car insurance monthly is like paying back a loan as interest is added to each of your instalments. Although paying out a lump sum annually sounds daunting, it works out cheaper in the long run.
2. Build up your No Claims Bonus
If you can avoid making claims for minor issues and pay for them yourself, you’ll continue to earn a yearly discount (No Claims Bonus) on the price you pay for your insurance.
The longer you go without claiming, the bigger the no claims discount will be.
3. Consider the type of car you buy
If you’re buying a new car or changing your old one and want to keep costs down, consider the type of car you’re buying. Buying high-end motors may sound exciting but they tend to have more powerful engines and generally sit within the higher band insurance groups. Older cars have more risk of breaking down, thus increasing your premium. It’s wise to invest in breakdown cover if opting for an older car.
Insurance brokers tend to offer cheaper car insurance to those who own cars with a smaller engine. Remember that road tax on smaller engines is also cheaper, helping you to save more money.
Generally, the cheapest cars start in group 1 and the most expensive are placed in Group 50.
4. Avoid modifications
A modified car is one that’s been altered or changed since it left the production line in the factory. Modifying your car, even just cosmetically, can often mean more expensive repair costs.
Modifications include tinted windows, new exhaust systems, or suspension upgrades. However, your insurance company will also want to know about additions to the car such as roof racks or tow bars.
Car modifications are why insurance premiums are often more expensive to begin with
5. Add an experienced named driver
Adding an experienced driver to your policy could lower the cost of your insurance. Why? Because you’re likely to be spending less time driving the car, which means your changes of having a car accident and claiming decreases. Consider adding a parent, spouse, or fully licensed older sibling to your insurance policy if they use your vehicle regularly.
On the other hand, if you add a student, young or newish driver it will mean your premium will go up as they are seen as high risk.
Be sure that whoever you add to your policy is fully licensed and has a clean driving record. Adding someone with penalty points or a young driver can increase rather than decrease your insurance premium.
If you’re in the market for insurance or are changing your car, give us a call even before you buy to get a good idea of how much your insurance might cost – you can even get an insurance quote if you have the registration number of the car you’re thinking of buying.
