With rising petrol prices at garage forecourts here in the UK and pending increasing fuel costs in peoples’ homes it is not good that the average cost of insuring motor vehicles appears to be on the increase. So, what can you potentially do to lower the cost of your motor vehicle insurance? Below we provide some tips that may help achieve this: –
1. Shopping around when either your existing cover is coming up for renewal or you are looking to insure your first vehicle rather than just go to one insurer gives you a better opportunity potentially of obtaining a competitive quotation. If you use one or more price comparison websites you will find that there are usually dozens of insurance companies available to insure your car. It is so quick and easy to use such websites and you can often arrange and pay for cover online.
2. Paying for your car insurance with one annual premium is likely to mean that you will save some money when compared with paying monthly. The reason for this is that insurance companies often charge you interest if you pay monthly as, in effect, you are borrowing the monies from the insurer to pay for your cover and paying them back monthly.
3. Increasing the amount of your voluntary excess should result in you paying a lower premium. This is because, if you claim on your policy, you will have to pay more towards the repair costs of your vehicle should it be damaged in a road traffic accident meaning that the insurer’s outlay is reduced.
4. You could consider buying a car within a lower insurance group as the lower this is the cheaper your premium is likely to be. For instance, on average, it will be cheaper to insure a MINI One than a BMW 225D M Sport as the later will be in a higher insurance group.
5. Drive with care and within the speed limit as if you are caught speeding or are involved in a road traffic accident these things could lead to the cost of your car insurance increasing as you are considered to be a greater risk than a careful driver by insurers.
We hope that the above gives you food for thought.