Car insurance is one of those nuisance bills that costs a significant amount and when renewal comes around it feels like such a pain to coordinate. However, there are some ways to make the process simpler and cheaper. We show you how.
It can be tempting to take up the renewal offer from your current providers, it seems reasonable and on par with what you were paying before. But 9 times out of 10, it’ll be more expensive than if you shopped around.
Shopping around may seem like a pain, but it doesn’t have to be. Comparison sites want to make it easy for you, so if you set up an account, it’ll save your details for future use. So, when your renewal comes around you can save yourself quite a bit in a matter of minutes. Just make sure you check through your details to ensure nothing has changed.
Additionally, check sites like Quidco and Topcashback to see if you can make any additional savings by going via them. Not all comparison sites use them (some do!) but the companies recommended may do and so its worth just double checking going direct via cashback sites won’t give you that little extra saving.
Your no-claims bonus is still a great way to make additional savings on your car insurance and seemingly the only way that you can keep this up is to ensure you have a car and car insurance annually. However, if you’re a one car household you can actually defer your no-claims bonus by a year. Allowing you and your partner to continue racking up your no-claims discounts without having to hold on to the extra car if unnecessary.
You can even still switch providers annually as long as you do this annually. If someone has the policy consecutively you may need to stay with the existing provider to ensure you don’t lose out. Though most will be accommodating. We’d recommend before committing to a policy, give the insurance provider a quick call to make sure it is a service they provide and the terms of the service.
Raise your excess
When taking out an insurance policy, you’re required to confirm the excess that you’d pay in the event of a claim- it’s a sum you’re willing to pay up front to begin the cost of repair or loss. The higher you’re willing to cover upfront, the lower your insurance premium is likely to be.
The benefit of a higher excess is, in the event of a claim, it’s not likely to impact the cost of your insurance significantly come renewal. As this shows to providers that it isn’t about risk and that you consider yourself a safe driver.
Of course, we do not recommend going outside of your means for this, but if you do have a rainy-day fund, allotting it against your excess could save you more on your insurance. For this a pros/cons of higher excess against the saving is worth doing.
The above are just some simple and quick ways to potentially bring down the cost of your insurance premiums. Hopefully making it more time efficient too. There are other potential ways you can bring the cost of your insurance down, they are:
- Bartering with your current provider. Take the cost to them of a comparable policy and see if they’re willing to offer you a more competitive price
- Discuss group insurance policies with the provider you’re looking at. They can discuss clashes in renewal dates and whether this can help bring the cost down- comparison sites aren’t very good with this yet.
- Low mileage discounts are available. If you have more than one car in your household, you could reserve one car for local and short journeys and another for longer journeys to help spread the risk and cost or ensure a balance between the two.
- Speed and mileage monitors can help bring the cost down- if you’re willing to have a device attached to your car to track your speed and distance travelled, this can potentially reduce your premiums. Speak to your provider about the terms, costs and implications.
We hope that has provided some insight. Do you have any other tips and tricks to bring down your insurance premiums?