Planning allows you to get the best premium deals when you renew car insurance. There are plenty of ways to bring down your premium values and ensure you get the best deals.
Begin your search early
Being an early bird is better while renewing your insurance because insurers believe you are more responsible. You need to bargain your premium value before the last minute.
Insurance companies say it is cheaper to be around 21 to 26 days before your renewal date for better rates. If you wait for the day before your renewal date, you don’t get the time to bargain and compare, and insurers don’t view you favourably and instead tax you with higher premiums.
Keep searching for the best
The premium varies from £571 to £1,277 between seasoned drivers to young drivers (aged 17 to 24). As per rules that came into effect in January 2022, insurance companies have been directed not to charge more premiums for existing policyholders. However, opting for new insurance companies is not harmful as people have been found to benefit by £328 annually on average. Premium seekers can check Confused.com and Moneysupermarket.
Third-Party Cover
Premiums have to be a third-party cover at the minimum, but please know that this is only sometimes the cheapest. Drivers always search for third-party premium rates because they are the most affordable. Since maximum high-risk drivers opt for this category due to low costs, the claims are also very high. So, a fully comprehensive policy is relatively inexpensive.
Black Box Support
You could also opt for a black box policy to reduce your premium costs. This device is installed in your car by the insurance company that provides real-time data to them about your speed, how suddenly you have braked, the number of times you drive etc. The company collates all this to justify what could be the correct premium to charge you. The charges are reduced over time, and you stand to gain in the long run.
Adding a driver to your policy
Be honest about whom you are adding to your policy. If you add a young driver, then be ready to pay a premium on your rates, but don’t lie to the insurance company about the car users. Having a separate policy on the exact vehicle is also a good option. That way, the company faults the driver who was driving at the time of the accident.
Reducing your mileage
One excellent and sure way of reducing the cost of premiums is reducing the hours or distance you drive. Opting for public transport and keeping your car in your garage for most days can reduce the premium. Ensure the mileage claim is as per the Ministry of Transport, or your premium could be rejected.
Avoid modifying your car
Car modifications like alloy wheels, silencer muffling, etc., could increase your premiums as that increase the car’s performance. If your car performance improves, you could be a high-risk driver. Check before you modify your vehicle, or you might land into problems.
Choosing your occupation
Do not lie about who you are in the workplace. Your premiums will be higher if you are a delivery man or a footballer. Select the occupation closest to you. A chef, for instance, can also double up as a caterer, and that could reduce the premium.
The car you drive
You must buy a car that fits with your annual premium. Certain vehicles command a higher premium, and you could choose a car that comes for less. Mini Coopers, for instance, command a high premium as youngsters often buy this car. A Citroen DS3, a small car, has a similar premium to the Range Rover. So, choose your car wisely for affordable premiums.
FAQs:
Which is the most sold car in Britain?
Nissan Qashqai in 2022
Which is the most eco-friendly car in Britain?
Toyota Prius Prime
