How to cut the cost of car insurance cover
1. Shop around for the best deal
Instead of accepting your current insurer’s renewal quote, shop around to see if you can find a cheaper deal elsewhere – we reckon comparing quotes and buying with MoneySuperMarket could save a typical driver over £100 – without compromising on quality. Running a quote on MoneySuperMarket is quick and straightforward, and you can compare dozens of prices in a matter of minutes.
2. Consider paying a higher excess
Car insurance always has an ‘excess’ – which is the amount you pay towards the cost of any claim you make. The excess itself has two parts – one set by the insurance company (the ‘compulsory’ excess) and one chosen by you (the ‘voluntary’ excess). You may be able to reduce your price by making your voluntary excess higher. But do be careful – ending up with a huge bill if you have an accident isn’t ideal.
3. Add a named driver
You can add what’s called a ‘named driver’ to your insurance – this could be a family member or a friend, who will also be insured to drive the car. Insurance companies see this as a way to reduce the risk of an accident, so it may cost you less.
4. Pay up front, not in instalments
If you can afford to pay your whole year’s insurance in one go, it will cost you less. Insurers tend to charge you extra if you choose to pay monthly.
If you don’t have the lump sum saved up, you could consider taking out an interest free purchases credit card, and splitting the cost over the twelve months that you have the policy for.
5. Lose the optional extras
Look out for features that you might not want. If you don’t want legal expenses or personal accident cover for example, simply don’t tick these options. It can cut the price.
6. Keep your car secure
Keeping your car safe at night – by parking on a driveway or in a garage – can keep your price down. And if you fit extra security to your car that might also get you a discount.