Insurance is one of those things that you can’t go without. Since there’s no way to avoid it, getting the most affordable type possible should be your aim.
The average cost of car insurance in the UK for those in their twenties is said to be just over £1,000, while for those in their fifties, it was said to be around £600.
In light of this, finding ways to save and keep your auto insurance costs as low as possible is essential. When you own a business especially, you can’t afford to risk having cars that are uninsured or high insurance.
Keeping your auto insurance low is possible if you take your time to learn the basics and shop around.
Additionally, it may interest you to know that the average car insurance premium has increased by 8% as a result of higher taxes as well as whiplash claims making the average premium for comprehensive cover at least £781.
Although this may not seem so significant to many, it can make a difference when you calculate other business expenses that you need to attend to.
It’s important that you also know which type of insurance and level of coverage is best for your needs.
For instance, for those who own a car business, commercial car insurance is usually the most ideal thing to get as it covers liability and physical damage coverage for vehicles used by your business.
Sometimes people assume that standard vehicle policies cover for work as well, but that isn’t the case most times, as it usually only covers for social use as well as commuting.
One way of cutting costs could be to increase your voluntary excess which means you agree to pay more towards the cost of accident repairs to bring the premium down. In addition to this, if you buy your own personal trailers, you could use them to tow cars that break down instead of paying an external company to do so. You may also need to buy trailer parts from time to time as well in case of any damages.
Following on from the point about accidents, adopting safe driving habits is another piece of advice to consider. The safer you drive, the less likely you are to end up having to deal with hikes in insurance as a result of accidents. The more of a risk you’re seen to be, the higher the chances of you having a higher insurance rate.
Refresh your memory on the rules of the road from time to time and avoid distractions like technology or your phone while you’re on the go and remind staff to do the same.
To find a way around paying too much on insurance, shop around and compare the rates with different providers. Ensure that when you’re shopping around, you compare like-for-like covers. This is because you may end up with a policy that seems cheaper, but actually has a lot less coverage.
No matter what your circumstances are, there are ways to keep your insurance low. It’s about being savvy and looking for ways to reduce costs by getting the right knowledge about insurance.