In order to save as much money as possible on your insurance, there are three things you must consider:
- The insurance company
- The level of cover you need
- Your own risk factor
Picking an insurance company can be the easy bit, if you use all of the tools at your disposal. Comparison sites such as Gocompare.com and Only Finance offer a great way to compare quotes from a number of insurers However I have always used Graham Sykes. Graham Sykes specialises in kit car insurance, and is great for finding the right policy, whilst Only Finance is great if you want cheap car insurance as a priority. There are a number of other insurance comparison sites, such as Money Supermarket and Confused are also worth looking at. Those over 50’s amongst you, there are special rates available some special deals from companies such as Castle Cover whose motor insurance product is tailored for older (and supposedly safer) drivers.
If it’s a buggy you’re insuring however, your options may not be quite as diverse. We’ve found that Graham Sykes insure buggies.
Deciding on your level cover is entirely down to you, so there’s not a lot that can be done to save you money unless you’re willing to compromise and opt for third-party cover, but this decision should be considered carefully. When it comes to your risk factor (how likely the insurance company thinks you are to have an accident), there are some things you can do to save money.
Try Money Saving Expert’s job picker tool for instance. Put your current job into the tool, and it will show you alternative (but similar) jobs are deemed to be less risky.
There are a number of other money saving tips to help you lower your car insurance premium. Don’t unnecessarily add numerous named drivers onto your policy as this may increase the premium. Normally, new named drivers can be added at a moment’s notice, so perhaps it’s better to wait until the need arises.
Your previous driving record is an important factor in calculating your risk. If you’ve had accidents in the past five years, this will definitely affect your insurance quote. Unfortunately there’s little you can do to change this. If you think you are particularly high-risk, one thing you can do is to pass an advanced driving test, which may improve your risk factor with the insurers.
If you have an alarm / immobiliser fitted, ensure you tell the insurance company – this may reduce your premium.
There are a number of other factors affecting your insurance premium that you cannot control. If you have made a compensation claim, through a personal injury specialist, for example, this should not affect your premium directly, but instead affect everyone’s premiums as personal injury compensation claims have become the largest bill facing motor insurers each year, pushing up the cost of insurance.